55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-168

December 18, 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 ICE Futures U.S. MSCI New Participant 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, an amendment 

extending the term of the MSCI New Participant Program (“Program”), which is set forth in Exhibit 

A. The Program was launched in May of this year to replace the MSCI Contract New Member 

Exchange Fee Program (see ICE Futures U.S. Submission No. 23-54). The Exchange believes that 

the Program has incentivized new participants to trade the Exchange’s complex of MSCI Index 

futures contracts and is extending it for another year. All other Program terms remain unchanged.

The Exchange certifies that the amended Program, which will become effective on January 

5, 2024, 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 New Participant Program

The program offers entities that execute proprietary trades in MSCI Index futures and MICRO

NYSE FANG+TM Index futures discounted Exchange and Clearing fees for their program volume 

in MSCI futures each month. The Program is designed to allow new participants an opportunity to 

benefit from MSCI rebates as they scale up their trading volume.

Eligible participants include firms that have averaged less than 10,000 MSCI sides/month for the 

previous 12 months. For participants who fall below the foregoing volume threshold prior to 

joining the Program, the amount of the discounted Exchange and Clearing Fees for MSCI futures

earned in a calendar month is based on the participant’s MSCI total contract volume in the month, 

as shown below:

[PARAGRAPHS REDACTED]

NFA Registration ID (if applicable):_________________________________

Please identify the proprietary account/s you will be using for trading ICE Futures U.S. products.

ICE Futures U.S. Clearing Member Proprietary Trading Account Number

Clearing Member Contact: ___________________Phone:___________ email: _________________

Only transactions in MSCI Index contracts executed by the Participant in its proprietary 

account(s) are eligible for discounted fees in this program; block trades and EFP transactions in 

these contracts are eligible for discounted fees. The difference between the discounted rate earned 

by the participant in this Program and the standard customer fees for the contracts will be rebated to 

the Program participating firm through the participating firm’s clearing member.

 Any requests by the participant or its Clearing Member to adjust the amount of the rebate for 

any reason, including account errors and omissions, must be submitted to ICE Futures audit 

personnel by the 7th business day of the 2nd calendar month following the month in which the 

trading occurred. Requests not submitted by such time will be denied by the Exchange.

The Program continues through trade date December 31, 202[3]4, or until further notice, but in 

no case for a period to exceed three years. ICE Futures U.S. reserves the right to remove any 

participant from the Program at its discretion, and to terminate or amend the program terms at any 

time.

As a qualified representative of the Exchange member applying to participate in the Program, I 

hereby certify that the information provided above is true and correct. I hereby acknowledge and 

understand that ICE Futures U.S., including but not limited to the Market Regulation Department, 

will be reviewing trading in the proprietary account(s) listed above to determine whether the 
participant continues to meet the requirements of the Program and whether the participant should 

continue or be renewed as a participant in the Program. I authorize ICE Futures U.S. to contact the 

clearing member of the participant from time to time to confirm its continued eligibility for the 

program and authorize its clearing member to release all trading information related to the 

proprietary account(s) listed above to ICE Futures U.S.

Signature: ________________________________________________ Date: __________

Printed Name: _________________________________________

Title:

____________________________________________Firm:______________________________

Telephone Number: _________________________________

E-Mail Address: ____________________________________

Please call Ted Doukas (312.836.6712) or Laura Brandeis (212.323.8874) with questions 

about the program. The application should be returned to ted.doukas@theice.com or 

laura.brandeis@theice.com.