New York Stock Exchange Amends ICE Certificates for Swap Trading Compliance
Published Date: 7/1/2025
Notice
Summary
The New York Stock Exchange (NYSE) is updating the official documents for Intercontinental Exchange (ICE) and its holding company to follow new rules about special trading platforms called security-based swap execution facilities. They’re also updating their Delaware office address and making some small fixes. These changes took effect right away on June 16, 2025, and don’t impact any fees or costs.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New 20% Voting and Ownership Cap for SBSEF Members
If ICE directly or indirectly controls a security-based swap execution facility (SBSEF), any SBSEF Member and its related persons may not vote more than 20% of any class of securities or own 20% or more of any class of voting securities. If an SBSEF Member exceeds the 20% ownership limit, the certificate requires that the member promptly sell the excess and the corporation promptly purchase shares at par value to reduce ownership below 20%. These certificate changes became effective on June 16, 2025.
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