55 East 52nd Street

New York, NY 10055

Submission No. 23-127

September 14, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Amendments to the MSCI Index Contracts Designated Market Maker

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

40.6

Dear Mr. Kirkpatrick:

Pursuant to Commission Regulation 40.6(a), ICE Futures U.S., Inc. (“IFUS” or

“Exchange”) submits, by written certification, the amendments to the MSCI Designated 

Market Maker Program (“Program”)1set forth in Exhibit A. The amendments will become 

effective on October 1, 2023. 

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 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.

1 See IFUS Submission No. 23-118.
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.
EXHIBIT A

[PARAGRAPH REDACTED]

ICE Futures MSCI Index Contracts Designated Market Maker Program

PROGRAM PURPOSE

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

liquidity in the Exchange’s MSCI Index futures contracts; this enhanced liquidity will benefit all 

participants in the marketplace.

PRODUCT SCOPE

All ICE Futures US MSCI Index futures contracts.

ELIGIBLE PARTICIPANTS

IFUS may designate eight participants in the Program. In order to be considered for selection into 

the Program, potential participants must have maintained a sufficient monthly average volume in 

one or more of the Program contracts over the past six 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 program term shall end on December 31, 2023

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.