ICE Clear Credits Backup Plans with Rule Refresh
Published Date: 3/5/2025
Notice
Summary
ICE Clear Credit is updating its rules to make it clearer how they pick backup contracts if the original ones can’t be used. This change affects traders and firms using these contracts, aiming to keep things smooth and fair. The new rules kick in soon and help avoid money mix-ups during contract swaps.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Rule 20-601: Clarifies ICC’s selection role
ICE Clear Credit is proposing a new Rule 20-601 that limits ICC’s role as Calculation Agent for identifying substitute Contract Reference Obligations to only the functions set out in the new Procedures. The change codifies how ICC will pick substitute reference obligations and defines “Contract Reference Obligation” for the covered single-name CDS transaction types.
Formalizes OWG and TAG consultation process
The Procedures formalize that proposed Contract Reference Obligations will be shared with the Operations Working Group (OWG) and Trading Advisory Group (TAG), which typically meet weekly, and that OWG/TAG members may object either at meetings or by email before the ICC-identified "Objection Date." There is no limit on the number of Clearing Participant personnel who may participate in OWG or TAG reviews.
Public posting and objection rights added
The new Procedures require ICC to publish any proposed original or substitute Contract Reference Obligation on its website and invite market participants to submit objections. This expands consultation beyond internal groups to allow any interested market participant to register objections to a proposed Contract Reference Obligation.
Shortened or different review for certain events
The Procedures state exceptions where the normal selection review may be shortened or not apply, including Succession Events that follow industry timelines, renaming of a Reference Entity, and Restructuring Credit Events (for which Contract Reference Obligations for new trades are determined under the Rules).
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