The US Internal Revenue Service (IRS) announced the revenue ruling, which designates Ice Futures as a “qualified board or exchange”, thereby providing 60/40 tax treatment to US participants trading in Ice Futures markets. This means that US customers trading on Ice Futures will receive the same tax treatment as they receive on US futures exchanges. Market users of the New York Board of Trade, Ice’s US regulated futures subsidiary, already receive 60/40 tax treatment.Under this tax treatment 60% of gains (or losses) on Ice Futures’ contracts will be treated as long-term capital gain (or loss), and 40% of such gains (or losses) will be treated as short-term capital gain (or loss). This is a more favourable rate for traders than the ordinary income tax rate. Ice Futures has a growing customer base in the US, and the ruling means it will be competing more equally with US exchanges for US traders, said an Ice spokesperson. However, Ice does not believe investors make trading decisions based exclusively on tax considerations, and it is unlikely that the ruling will affect most corporate filers.