55 East 52nd Street

New York, NY 10055

Submission No. 23-115

July 28, 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: Delisting of Certain Futures and Options Products - Submission Pursuant to Section 5c(c)(1) 

of the Act and Regulation 40.6(a) 

Dear Mr. Kirkpatrick:

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

Commodity Futures Trading Commission (“Commission”) Regulation 40.6(a), ICE Futures U.S., Inc. 

(“Exchange”) submits notice to the Commission that, effective as of the close of business Friday, July 28, 

2023, the Exchange delisted all expiration months after the September 2023 expiry of the BakktTM Bitcoin 

(USD) Monthly Futures Contract. The two remaining futures contract months (August 2023 and September 

2023) will continue to be listed for trading until their regular last trading day. Also, as of the close of 

business today, the Exchange delisted all expiration months of the Bakkt Bitcoin (USD) Monthly Options 

Contract. There was no open interest in any of the futures or options expiration months that were delisted, 

and no new futures or options expiration months will be listed for trading going forward. Amendments 

deleting the terms and conditions of the option contract are attached as Exhibit A. The Exchange will 

submit a separate filing deleting the terms and conditions of the futures contract after the last trading day 

of the August 2023 expiration month. 

The Exchange certifies that, concurrent with this filing, a copy of this submission was posted on 

the Exchange’s website and may be accessed at (https://www.theice.com/futures-us/regulation). 

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.
EXHIBIT A

DIGITAL CURRENCY FUTURES CONTRACTS

TABLE OF CONTENTS

Rule Subject

39.1 Scope of Chapter

39.2 Definitions

39.3 Policy on Certain Events Relating to Digital Currency Asset

39.4 Bakkt Warehouse Operations

Chapter A BAKKTTM BITCOIN (USD) MONTHLY FUTURES CONTRACT

39.A.1 Scope of Chapter

39.A.2 Contract Specifications

39.A.3 Trading Specifications

39.A.4 Notices of Intention to Deliver and Receive

39.A.5 Timing and Method of Delivery and Payment

39.A.6 Alternative Delivery Procedures

39.A.7 Arbitration of Disputes

Chapter B BAKKTTM BITCOIN (USD) MONTHLY OPTION CONTRACTS

39.B.01 Scope

39.B.02 Obligations of Option Purchaser

39.B.03 Obligations of Option Grantors

39.B.04 Months Traded

39.B.05 Last Trading Day

39.B.06 Strike Prices

39.B.07 Premium Quotations

39.B.08 Exercise of Options

39.B.09 Expiration

39.B.10 Assignment

***
BAKKTTMBITCOIN (USD) MONTHLY OPTION CONTRACT RULES

Rule 39.B.01. Scope

Rules 39.C.01 through 39.C.10 shall apply to the trading of Options on Bakkt Bitcoin (USD) Monthly Futures 

Contracts. 

Rule 39.B.02. Obligations of Option Purchasers

(a) The Purchaser of an Option shall cause such Option to be submitted by a Clearing Member to 

the Clearing Organization for clearance in accordance with the Clearing Organization Rules.

(b) The Purchaser which clears an Option shall pay in full the Premium to the Clearing Organization 

in accordance with the Clearing Organization Rules, and shall collect from the Person for whom it clears 

such Option the full amount of the Premium in accordance with the Rules and the Clearing Organization 

Rules.

(c) The Purchaser of an Option shall, upon exercising such Option in accordance with the Rules, 

enter into a long position (in the case of a Call Option) or a short position (in the case of a Put Option) in 

the Underlying Futures Contract deliverable in the Option Month, at the Strike Price specified in such 

Option; provided, however, that any such contract entered into upon exercise shall be entered into for 

the account of the Person having purchased the Option.

Rule 39.B.03. Obligations of Option Grantors

(a) The Grantor which grants an Option shall cause such Option to be submitted by a Clearing 

Member to the Clearing Organization for clearance in accordance with Clearing Organization Rules.

(b) The Grantor which clears an Option shall make such Margin deposits as the Clearing 

Organization may require.

(c) The Grantor of an Option shall, upon being assigned an Exercise Notice, enter into a short 

position (in the case of a Call Option) or a long position (in the case of a Put Option) in the Underlying 

Futures Contract deliverable in the Option Month, at the Strike Price specified in such Option; provided, 

however, that any such contract entered into upon assignment of an Exercise Notice shall be entered into 

for the account of the Person having granted the Option.

Rule 39.B.04. Months Traded

The number of Option Contract Months listed for trading at any time shall be as determined by the 

Exchange, and the Underlying Futures Contract for each Option Month shall be the named Futures 

Contract Month. 

Rule 39.B.05. Last Trading Day
The Last Trading Day shall be the second (2nd) Business Day prior to the Last Trading Day of the Underlying 

Futures Contract month.

Rule 39.B.06. Strike Prices

(a) Strike Prices for Options shall be quoted in dollars per bitcoin, and trading shall only be 

conducted in Options having Strike Prices determined in accordance with this Rule.

(b) Strike Prices shall be at levels (the “prescribed levels”) set at intervals of $250.00.

(i) On the day Options for any Option Month are first listed for trading pursuant to these Rules, 

the Exchange will establish Strike Prices as follows:

(A) one (1) Strike Price that is a prescribed level that is closest to the Settlement Price of the 

Underlying Futures Contract on the previous day; provided that, if two (2) such prescribed levels are 

equally close to the Settlement Price, the smaller prescribed level shall be used; and

(B) additional Strike Prices that are at prescribed levels may be listed at the discretion of the 

Exchange on any trading day.

Rule 39.B.07. Premium Quotations

(a) Premiums for Options shall be quoted in dollars per bitcoin, to two decimal places. The 

minimum price fluctuation in Premiums shall be $2.50 per bitcoin ($2.50 per contract), except that trades 

may occur at a price of $1.00 per contract if such trades result in the liquidation of Positions for both 

parties to the trade.

Rule 39.B.08. Exercise of Options

Options on Bakkt Bitcoin (USD) Monthly Futures Contracts are European style options and may only be 

exercised on the Last Trading Day of the Option Month.

Rule 39.B.09. Expiration

Options on Bakkt Bitcoin (USD) Monthly Futures Contracts shall expire at 6:00 pm on the Last Trading Day, 

provided however that any Option which is at least one (1) tick in-the-money at that time shall be 

automatically exercised by the Clearing Organization. No Option that is not at least one tick in- themoney may be exercised by the Buyer.

Rule 39.B.10. Assignment

(a) The Clearing Organization shall assign Exercise Notices to Clearing Members with open short 

Option Positions of the same type as the one being exercised.
(b) A Clearing Member which has been assigned an Exercise Notice shall be notified of such 

assignment by the Clearing Organization as soon as practicable after such notice is assigned.

(c) The Clearing Member receiving an Exercise Notice shall be assigned a short position in the 

Underlying Futures Contract if a Call is exercised or a long Position in the Underlying Futures 

Contract if a Put is exercised. The Clearing Member representing the Option buyer shall be 

assigned a long position in the Underlying Futures Contracts if a Call is exercised or a short position 

in the Underlying Futures Contract if a Put is exercised.

(d) All Bakkt Bitcoin (USD) Monthly Futures Contract positions shall be assigned at a price equal to 

the Strike Price of the Option.