Clearing House Updates Treasury Money Handling Rules
Published Date: 4/16/2025
Notice
Summary
ICE Clear Credit is updating its Treasury Operations Policies to improve how its Treasury Department handles daily money matters. These changes won’t affect the main clearing rules but aim to keep things running smoothly and safely. The updates were filed on April 2, 2025, and could impact how funds are managed, benefiting everyone involved in clearing credit trades.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Formalized Intraday Margin Rules
If you are a Clearing Participant, ICC will add 'Appendix 6' to its Treasury Policy to formally describe intraday margin call procedures. Appendix 6 defines three intraday margin call types—Non-routine, Selective, and Discretionary—and explains triggers such as IM erosion, intraday price moves, and position-size changes.
Intraday Calls: Payment Mechanics
If ICC issues an intraday margin call, the Treasury Department will enter the call amount into its system and may send a direct debit message to the Clearing Participant's designated bank. Clearing Participants will have up to one hour to pay the intraday margin call after the direct debit message is issued.
CRO Discretion and Documentation Requirement
The Chief Risk Officer (CRO) (or designee) has discretion to decide not to initiate an intraday margin call if a trigger occurs later in the day, and ICC will document and communicate the reasons for not proceeding. ICC will copy senior management, Compliance, and Client Services on intraday call instructions and on decisions to forgo a call.
ICC Says No Change to Costs or Access
ICC states the proposed Treasury Policy amendments do not change its intraday margin call practices or methodology and would apply uniformly across all Clearing Participants. ICC also states it does not believe the amendments would affect clearing costs, participant rights or obligations, access to clearing, or competition.
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