55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 13-109

November 14, 2013

Ms. Melissa Jurgens

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Submission No. 23-164

December 14, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Extension of the FX Market Maker Program -

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

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended, and Commission 

Regulation 40.6(a), ICE Futures U.S., Inc. (“Exchange”) submits, by written certification, notice that the 

Exchange is extending the term of the FX Market Maker Program (“the Program”) through December 31,

2025, as set forth in Exhibit A. The Program was launched in May 2011 and was scheduled to terminate 

on December 31, 2023. As explained in Exhibit A, the Exchange believes that the Program has helped 

tighten markets in the covered products and that termination of the program may reduce liquidity. As 

such, the Exchange is extending the Program for two additional years; provided, however, that the 

Exchange in its sole discretion may cancel the Program prior to December 31, 2025. The extension will 

become effective on January 1, 2024. All other Program terms remain unchanged. 

The Exchange certifies that the Program complies with the requirements of the Commodity 

Exchange Act and the rules and regulations promulgated thereunder. In particular, the amendments 

comply with Core Principle 4 (Monitoring of Trading), Core Principle 9 (Execution of Transactions) and 

Core Principle 12 (Protection of Market Participants). The Program is structured so that it does not create 

incentives for participants to engage in market abuses such as manipulative trading or wash sales; nor 

does it 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 redacted copy of this submission (consistent with the petition 

for Confidential Treatment filed contemporaneously with the Commission) may be accessed at 

(https://www.theice.com/futures-us/regulation#rule-filings). 
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

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

[PARAGRAPH REDACTED]

ICE Futures U.S. FX Contracts Market Maker Program

Program Purpose

The purpose of the Program is to incentivize participants to increase central limit order book liquidity in 

the products listed below; this enhanced liquidity will benefit all participants in the marketplace.

Product Scope

U.S. Dollar Index futures and options contract and all currency pair futures contracts.

Eligible Participants

IFUS may designate an unlimited number of participants in the Program, who may be Exchange members 

or non-members. In order to be considered for selection into the Program, potential participants must 

have maintained a sufficient monthly average volume in program or other Exchange contracts over the 

past three months at the time of application. Notwithstanding the foregoing the Exchange may add or 

subtract from the aforementioned criteria as it deems necessary.

Program Term

The start date for the Program shall be the Effective Date; the end date shall be December 31, 202[3]5.

Obligations

[PARAGRAPH REDACTED]

Program Incentives

[PARAGRAPH 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.