ICE Bolsters Defenses Against Tariff Turmoil in Clearing Stress Tests
Published Date: 12/18/2025
Notice
Summary
ICE Clear Credit is updating its stress testing and liquidity risk plans to include new scenarios based on recent U.S. tariff changes. These updates help the company better prepare for tough market times without changing its main rules. The changes affect financial firms using ICC’s services and aim to keep things safe and smooth, with no immediate cost impact announced.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New U.S. Tariffs Stress Scenarios
ICE Clear Credit filed on December 1, 2025 to add new "U.S. Tariffs Crisis Scenarios" to its stress testing (STF) and liquidity risk (LRMF) frameworks. The scenarios are based on observed spread widening and tightening in the second quarter of 2025 and will be added to STF sections 5.1, 5.3, 5.4 and LRMF sections 3.3.2–3.3.4; ICC says the changes apply uniformly to all market participants and does not believe they will affect clearing costs or access. Implementation will proceed after SEC approval (the Commission will act within 45 days of publication or up to 90 days); comments are due January 8, 2026.
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