55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-160

November 20, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: New MSCI India Index NTR Futures Contract Incentive 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, the terms of the

new MSCI India Index NTR Futures Contract Incentive Program (“Program”), which are set forth 

in Exhibit A. The Exchange believes that the Program will incentivize new participants to trade the 

Exchange’s MSCI India Index NTR futures contract. 

The Exchange certifies that the Program, which will become effective on December 5, 

2023, 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 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. 
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
EXHIBIT A

ICE Futures U.S.®, Inc. MSCI India Index NTR Futures Contract

Incentive Program

Program Purpose

The purpose of the Program is to incentivize participants to provide volume and 

increase liquidity in the Exchange’s MSCI India Index NTR futures contract. This 

enhanced liquidity will benefit all participants in the marketplace.

Product Scope

MSCI India Index NTR Futures 

Eligible Participants

IFUS may designate ten 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 MSCI Index futures 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, 2024.

Program Obligations

[PARAGRAPHS REDACTED]

Program Incentives

[PARAGRAPHS 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.