55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-129

September 19, 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: Amendments to PJM Flat Fee Option Volume Liquidity Provider 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, notice that the 

Exchange is amending the PJM Flat Fee Option Volume Liquidity Provider Program (“Program”), 

as set forth in Exhibit A. 

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 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 is not aware of any opposing views with regard to the amendments, which 

will become effective on October4, 2023, and further certifies that, concurrent with this filing, a 

copy of this submission was posted on the Exchange’s website at (https://www.theice.com/futuresus/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

ICE Futures U.S. PJM Flat Fee Option Volume Liquidity Provider 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

[PJM,] PMI, and PMJ Options.

Eligible Participants

[REDACTED]

Program Term

The Program shall end on September 30, 2024, 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

Participants are required to provide the Exchange with information acceptable to the Exchange detailing 

Participants’ trading activity under the program, and the Exchange may require an additional third party 

verification report. 

Program Incentives

[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.