ICE Launches Fee Breaks for High-Volume Trade Clearers
Published Date: 4/16/2025
Notice
Summary
ICE Clear Credit is rolling out a new Client Volume Incentive Program that changes how fees work for clients who clear trades through them. This means clients who trade more could pay less in fees, starting right away. The goal? To reward bigger users and keep things fair and simple without changing any other rules.
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Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Tiered CDS Client Fee Discounts
If you are a client clearing credit default swap (CDS) contracts at ICE Clear Credit, and your annual billed fees across index CDS, single-name CDS, and index option CDS exceed $1,000,000 (USD equivalent), you qualify for a tiered fee rebate. For billed fees > $1,000,000 and ≤ $6,400,000 the discount increases by 1% for each $60,000 in fees above $1,000,000 (progressing up to 90%); for billed fees > $6,400,000 the discount is 90%. ICC applies the discount as a fee rebate.
Aggregation for Affiliated Clients
If affiliated clients are managed by one and only one specific asset manager, ICC may aggregate their billed annual fees when determining the discount level so that all such affiliated clients receive the same discount percentage.
Automatic Enrollment; Clearing Participants Excluded
The Client Volume Incentive Program applies automatically to all clients of Clearing Participants without further action by clients or Clearing Participants. All fees are charged directly to a client's Clearing Participant, and Clearing Participants themselves are not eligible to participate in the program.
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