ICE Clear Speeds Up Swaps: Yawn-Worthy Policy Tweak
Published Date: 9/26/2025
Notice
Summary
ICE Clear Credit LLC (ICC) got the green light to update how it brings new credit default swap (CDS) contracts onboard. These changes affect ICC and its clearing participants by speeding up some steps, like shortening the quote submission period, and making the process clearer and more efficient. The updates kick in soon, helping everyone work smarter without changing fees or costs.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Broader eligibility for clearing CDS names
ICC will consider for clearing instruments that are constituents of currently clearable indices whether those indices are On-The-Run (OTR) or not. This changes a guiding principle that previously focused only on OTR indices and may lead ICC to consider more single-name CDS instruments for clearing.
Lower volume and interest thresholds to consider names
ICC lowered the on-boarding thresholds it uses to consider single-name instruments: it may consider instruments with any uncleared gross notional open interest (rather than a specified threshold); it uses average cleared volume across the same product type over the last 12 months (removing a prior minimum of five contracts per week); and it will consider instruments with bilateral open interest held by at least three Affiliate Groups (removing a 'half of AGs' requirement).
Faster quote period for certain new instruments
For instruments outside the standard on-boarding process, ICC shortened the voluntary quote submission period collected from Clearing Participants from at least two weeks to at least one week before beginning to clear the instrument. ICC states this change promotes timely clearing of constituents of new index series around the index roll date.
New index series cleared from roll date
ICC clarified that for a new index series of an already-cleared CDS index (with updated reference entity constituents), it will begin clearing the new series from the index roll date and will begin clearing corresponding new reference entity constituents once ICC reviews the pricing parameters and analysis with the Trading Advisory Group and the risk parameters with the Risk Working Group.
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