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ice.com ICE Futures US, Inc. a designated contract market under 

the Commodity Exchange Act, as amended.

Submission No. 22-77

May 4, 2022

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 ICE Futures U.S. Rules 8.51, 9.41 and 11.22 -- Option Trading 

Months 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. (“IFUS” or “Exchange”) hereby certifies the amendments to Exchange Rules 8.51, 9.41 and 

11.22, which are set forth in Exhibit A. As discussed below, the amendments clarify the listing 

date for Serial Option Months on Coffee, Sugar and Cocoa futures contracts.

Currently, the relevant rule for each product provides that new serial options on Coffee, Sugar 

and Cocoa futures contracts are listed three (3) calendar months before the “Serial Option 

Month.” Historically, the Exchange has interpreted the “Serial Option Month” to be the month in 

which the option expires rather than the named month for such contract. For example, the First 

Trading Day (“FTD”) for August serial options (which exercise into September futures) is April 1st

because those serial options expire during the month of July. In order to eliminate any 

ambiguity, the Exchange is amending Rules 8.51, 9.41 and 11.22 to expressly state that “a new 

Serial Option Month shall be listed for trading on the first (1st) trading day of the third (3rd) 

calendar month preceding the month in which such Serial Option Month will expire.”

The Exchange certifies that the amendments to Rules 8.51, 9.41 and 11.22, which will become 

effective on May 20, 2022, comply with the requirements of the Act and the rules and 

regulations promulgated thereunder. The Exchange has reviewed the designated contract 

market core principles ("Core Principles") as set forth in the Act and has determined that the 

amendments comply with the following relevant Core Principles:

COMPLIANCE WITH RULES

The amendments to Rules 8.51, 9.41 and 11.22 will be enforced by the Exchange.

AVAILABILITY OF INFORMATION

As required by Core Principle 7, the text of amended Rules 8.51, 9.41 and 11.22 shall be 

codified in the Exchange’s rules and made available on the Exchange’s Website.
 

The Exchange is not aware of any opposing views with regard to the amendments 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/futures-us/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.
 

EXHIBIT A

[Additions have been underlined and deletions have been struck trough]

Rule 8.51. Trading Months

(1) Monthly Options

(a) Except as the Board may from time to time prescribe otherwise, Coffee Options shall be traded with 

respect to Option Months determined in accordance with the following:

(i) Trading shall be conducted in an Option traded on the March futures which shall expire the 

preceding February, an Option traded on the May futures which shall expire the preceding April, an 

Option traded on the July futures which shall expire the preceding June, an Option traded on the 

September futures which shall expire the preceding August, and an Option traded on the December 

futures which shall expire the preceding November, hereinafter referred to as the "Regular Option 

Months"; and

(ii) Trading shall also be conducted in an Option traded on the March futures which shall expire in 

December, an Option traded on the March futures which shall expire in January, an Option traded on 

the May Futures which shall expire in March, an Option traded on the July futures which shall expire 

in May, an Option traded on the September futures which shall expire in July, an Option traded on the 

December futures which shall expire in September, and an Option traded on the December futures 

which shall expire in October, hereinafter referred to as the "Serial Option Months".

(b) If trading has commenced in the Underlying Futures Contract, a new Option shall be listed for 

trading as follows:

(i) a new Regular Option Month shall be listed for trading on the first (1st) trading day following the 

first (1st) trading day for the Underlying Futures Contract month; and

(ii) a new Serial Option Month shall be listed for trading on the first (1st) trading day of the third (3rd) 

calendar month preceding the month in which such Serial Option [Month] shall expire.

Rule 9.41. Trading Months

(a) Except as the Board may from time to time prescribe otherwise, Cocoa Options shall be traded with 

respect to Option Months determined in accordance with the following:

(i) Trading shall be conducted in an Option traded on the March futures which shall expire the 

preceding February, an Option traded on the May futures which shall expire the preceding April, an 

Option traded on the July futures which shall expire the preceding June, an Option traded on the 

September futures which shall expire the preceding August, and an Option traded on the December 

futures which shall expire the preceding November, hereinafter referred to as the "Regular Option 

Months"; and

(ii) Trading shall also be conducted in an Option traded on the March futures which shall expire in 

December, an Option traded on the March futures which shall expire in January, an Option traded on 
 

the May futures which shall expire in March, an Option traded on the July futures which shall expire 

in May, an Option traded on the September futures which shall expire in July, an Option traded on the 

December futures which shall expire in September, and an Option traded on the December futures 

which shall expire in October, hereinafter referred to as the "Serial Option Months".

(b) If trading has commenced in the Underlying Futures Contract, a new Option shall be listed for 

trading as follows:

(i) a new Regular Option Month shall be listed for trading on the first (1st) trading day following the 

first (1st) trading day for the Underlying Futures Contract month; and

(ii) a new Serial Option Month shall be listed for trading on the first (1st) trading day of the third (3rd) 

calendar month preceding the month in which such Serial Option [Month] shall expire.

Rule 11.22. Trading Months

(1) Monthly Options:

(a) Except as the Board may from time to time prescribe otherwise, Sugar Options shall be traded with 

respect to Option Months determined in accordance with the following:

(i) Trading shall be conducted in an Option traded on the March futures which shall expire the 

preceding December, an Option traded on the March futures which shall expire the preceding February, 

an Option traded on the May futures which shall expire the preceding April, an Option traded on the 

July futures which shall expire the preceding June, and an Option traded on the October futures which

shall expire the preceding September hereinafter referred to as the "Regular Option Months"; and

(ii) Trading shall also be conducted in an Option traded on the March futures which shall expire in 

January, an Option traded on the May futures which shall expire in March, an Option traded on the July 

futures which shall expire in May, an Option traded on the October futures which shall expire in July, 

an Option traded on the October futures which shall expire in August, an Option traded on the March 

futures which shall expire in October, and an Option traded on the March futures which shall expire in 

November hereinafter referred to as the "Serial Option Months."

(b) If trading has commenced in the Underlying Futures Contract, a new Option shall be listed for 

trading as follows:

(i) a new Regular Option Month shall be listed for trading on the first (1st) trading day following the 

first (1st) trading day for the Underlying Futures Contract month, and

(ii) a new Serial Option Month shall be listed for trading on the first (1st) trading day of the third (3rd) 

calendar month preceding the month in which such Serial Option [Month] shall expire.