55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-72

May 30, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21

st Street, NW

Washington, DC 20581

Re: Amendments to ICE Futures U.S. USGC Crude Program - Submission Pursuant to 

Section 5c(c)(1) of the Act and Regulation 40.6

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC”) Regulation 40.6(a), ICE 

Futures U.S., Inc. (“IFUS” or “Exchange”) hereby submits by written certification, the amendments 

to the USGC Crude Program (“Program”) set forth in Exhibit A. The Program, which was 

launched in August of 2022 (see ICE Futures U.S. Submission No. 22-129), was scheduled to 

terminate on May 31, 2023. However, the Exchange believes that the program will continue to help 

tighten markets and build interest in the covered products and is, therefore, extending the Program 

for an additional two-years, provided, however, that the Exchange in its sole discretion may cancel 

the Program prior to that time. 

The Exchange certifies that the extension, which will become effective on June 15, 2023,

complies with the requirements of the Commodity Exchange Act and the rules and regulations 

promulgated thereunder. In particular, the Program complies with Core Principle 4 (Monitoring of 

Trading), Core Principle 9 (Execution of Transactions) and Core Principle 12 (Protection of Market

Participants). The Program does not impact order execution priority or otherwise give participants 

any execution preference or advantage. In addition, the Exchange’s Market Regulation Department 

actively monitors for trading abuses using electronic exception reports and will take appropriate 

action against any participants engaging in market abuses. 

The Exchange further certifies that, concurrent with this filing, a notice of pending 

certification was posted on the Exchange’s website. A copy of this submission may be accessed at 
((https://www.theice.com/futures-us/regulation#rule-filings). The Exchange is not aware of any 

opposing views with respect to the Program. 

If you have any questions or need further information, please contact me at 212-748-4021 

or at jason.fusco@theice.com.

Sincerely,

Jason V. Fusco

Assistant General Counsel

Enc.

cc: Division of Market Oversight
EXHIBIT A

ICE FUTURES U.S. INC. USGC CRUDE PROGRAM 

Program Purpose

The purpose of the program is to support liquid USGC futures markets. 

Product Scope

Specified USGC Crude futures contracts.

Eligible Participants

 

The Program is open to up to 20 proprietary trading participants who have demonstrated the ability 

to trade significant volumes of USGC futures contract or similar contracts. ICE Futures U.S. 

(“IFUS” or “Exchange”), in its sole discretion, will use a variety of factors in determining whether 

a prospective participant is selected to participate in the Program, including the prospective 

participant’s overall historical volume in the products. The Exchange may from time to time add 

or subtract from these factors as it deems necessary.

Program Term

The Program will end on May 31, 202[3]5, unless extended by the Exchange. The Exchange 

reserves the right to amend or end the program and/or to terminate any participant at any time prior 

to that date.

Obligations 

[SECTION REDACTED]

Program Incentives

[SECTION REDACTED]

Monitoring and Termination of Status

The Exchange shall monitor trading activity and Participants' performance and shall retain the right 

to revoke Participants' status if it concludes from review that a Program Participant has failed to

meet its obligations or no longer meets the eligibility requirements of this Program.