SEC Approves ICE Clear's Treasury Risk Updates
Published Date: 6/4/2025
Notice
Summary
ICE Clear Credit LLC (ICC) is updating how it handles money and risks in its daily operations to keep things running smoothly and safely. This change affects ICC and its members who trade credit contracts, making sure collateral and cash moves are managed better. The Securities and Exchange Commission gave the green light on May 29, 2025, with no extra costs or delays expected.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
ICC Adds Appendix 6 for Intraday Calls
ICC added a new Appendix 6 to its Treasury Policy that formally describes three categories of intraday margin calls (Non-routine, Selective, and Discretionary) and how the Risk and Treasury departments will operate them, consistent with Rule 17Ad-22(e)(6)(ii). The change documents existing procedures and was approved on May 29, 2025.
Clearing Participants May Face Intraday Calls
Under the documented procedures, ICC may trigger Non-routine, Selective, or Discretionary intraday margin calls if unrealized losses erode Initial Margin by specified thresholds or markets show elevated volatility. When ICC issues a direct debit message for an intraday margin call, affected Clearing Participants will have up to one hour to pay the call.
CRO Discretion and Documentation Requirement
The Treasury Policy clarifies that the Chief Risk Officer (CRO) or the CRO's designee may use discretion to make intraday margin calls and that if the CRO decides not to initiate a call despite breached thresholds, ICC will create a formal document explaining the reasons for not proceeding.
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