55 East 52nd Street

New York, New York 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-167

December 15, 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: Weekly Notification of Rule Changes

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

Dear Mr. Kirkpatrick:

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

Regulation 40.6(d), ICE Futures U.S., Inc. (“Exchange”) submits notification to the Commission that,

during the preceding week, the Exchange corrected the description of the minimum price fluctuation in 

certain Regional Greenhouse Gas Initiative option on futures contracts to align with the minimum price 

fluctuation for the applicable underlying futures contract and other of the Exchange’s Physical 

Environmental option on futures contracts, which represent the minimum price fluctuation per RGGI CO2

Allowance. Additional non-substantive conforming amendments were made to align the product’s terms 

and conditions with other Physical Environmental futures and option on futures contracts. No other 

amendments were made to the products’ terms and conditions. All amendments were non-substantive in 

nature and are provided in Exhibit A.

Further, in the preceding week, the Exchanged update the aggregation requirements for certain of 

the Exchange’s auction clearing price futures to reflect updated underlying futures contracts. As an 

example, the terms and conditions of the California Carbon Allowance Current Auction Price (“ACP”) 

provide that the deliverable instruments underlying the futures contract is a futures contract with a vintage 

equal to the current calendar year and an expiry month following the month the auction is held. As such, 

for ACP, the aggregation requirements have been updated to reflect aggregation with the California Carbon 

Allowance Vintage 2024 Future (“CB4”) contract. (See ICE Futures U.S. Submission Nos. 19-49 through 

19-51) The amendments were non-substantive in nature and no other amendments were made to the 

Resolution. No amendments were made to the terms and conditions of the products. The amendments to 

Resolution No. 2 to Chapter 18 are provided in Exhibit B.

Lastly, the Exchange corrected typographical errors in Resolution No. 2 to Chapter 19 to correct 

the spot month position limit and single and all month accountability levels for the Normal Butane, OPIS 

LST ISOM Grade Future (“BUE”), from 900 contracts to 600 contracts. The contract currently has no open 

interest and no amendments were made to the terms and conditions of the product. The amendments to 

Resolution No. 2 to Chapter 19 is also provided in Exhibit B.
If you have any questions or need further information, please contact me at 312-836-6745 or at 

patrick.swartzer@ice.com.

Sincerely,

Patrick Swartzer

Director

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
Exhibit A

(In the text of the amendments below, additions are shown underscored 

and deletions are bracketed and lined through.)

Rule 18.E.047 Option on Regional Greenhouse Gas Initiative Future

Contract Description: An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

Future. 

Contract Symbol: Vintage 2020: RGS, Vintage 2021: RGT, Vintage 2022: RGU [Vintage 2022], 

Vintage 2023: RJ3

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 Regional Greenhouse Gas Initiative Futures Contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI CO2

A[a]llowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to 

this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

Last Trading Day: At 4:00pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the delivery month.

Option Style: European 

Exercise Method: Automatic

Exercise Procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules

Exercise Time: 5:30 pm EPT on the Last Trading Day
18.E.155 Option on Regional Greenhouse Gas Initiative Future [Vintage 2022] (Futures Style 

Margining)

Description: A Futures Style Margin (FSM) Option on the corresponding month of the Regional 

Greenhouse Gas Initiative Future

Contract Symbol: RHA: Vintage 2022[;], RHB: Vintage 2023, Vintage 2024: RJ4

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 Regional Greenhouse Gas Initiative Futures Contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI CO2

Allowance [metric ton]; minimum price fluctuation may vary by trade type. Please see Table in 

Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other 

calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, 

August, September, October, November and December

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the delivery month.

Options Style: European

Options Premium: Futures Style

Exercise: Automatic

Exercise Procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules

Exercise Time: 5:30 pm EPT on the Last Trading Day

MIC Code: IFED

Clearing Venue: ICEU

[REMAINDER OF RULEBOOK UNCHANGED]
Exhibit B

(In the text of the amendments below, additions are shown underscored 

and deletions are bracketed and lined through.)

Resolution No. 2 to Chapters 18 and 19

Rule Contract Name

Commodity 

Code Market Type

Contract 

Size

Unit of 

Trading

Spot Month 

Limit

Single Month 

Accountability 

Level

All Month 

Accountability 

Level

Aggregate 

1 (Positive 

Correlation)

Aggregate 

2 (Negative 

Correlation)

Exchange 

Reportable 

Level

CFTC 

Referenced 

Contract

19.D.82

Normal Butane, 

OPIS LST ISOM 

Grade Future

BUE

North 

American & 

International 

NGL

1,000 Barrels 600 [900] 600 [900] 600 [900] BUE 25 N

18.D.047

California Carbon 

Allowance Current 

Auction Clearing 

Price

ACP Physical 

Environmental 1

California 

Carbon 

Allowances 

futures 

contract

25,000 25,000 30,000 [CB1] CB41 25 N

18.D.049

Regional 

Greenhouse Gas 

Initiative Allowance 

Auction Clearing

RCP Physical 

Environmental 1

Regional 

Greenhouse 

Gas 

Initiative 

futures 

contract

25,000 25,000 25,000 [RJ3] RJ41 25 N

1Demonstrates the current iteration of product aggregation, however, subsequent expirations’ aggregation requirements will be applicable to relevant vintage-year.

[REMAINDER OF RESOLUTION UNCHANGED]