SEC Approves Snooze-Worthy Risk Tweaks for Credit Clearing
Published Date: 5/7/2025
Notice
Summary
ICE Clear Credit LLC (ICC) got the green light to update how it sets and reviews the rules that keep financial risks in check when clearing credit contracts. These changes help ICC better manage money safety for its members, with no extra costs or delays expected. This means safer trading for everyone involved, starting right away!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Single-name MADs Updated Daily
ICC will automatically update the risk management mean absolute deviation (MAD) parameters for CDS single-name risk factors daily instead of at least monthly. This change is approved as of May 1, 2025 and is intended to capture rapid single-name market changes and reduce procyclicality in margin calculations.
Index Option APC Calibration Strengthened
ICC expanded and clarified its anti-procyclical condition (APC) calibration for CDS index options, adding asynchronous scenario details and changing how index option underlying price dislocation factors are determined (from a static value to a ratio between peak price decreases and increases). The changes are part of the approved rule revisions filed March 12, 2025 and approved May 1, 2025.
MaxLoss Made More Conservative
ICC revised its risk factor level MaxLoss calculations to make the CDS index and single-name MaxLoss boundary conditions more stable and conservative by (a) considering combined CDS index and index option portfolio loss responses (eliminating index-only components) and (b) incorporating extreme price moves for single names. These revisions were approved May 1, 2025.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-07910 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fee Schedule To Provide a Discount on Fees Assessed to Qualifying Academic Purchasers for Purchases of Ad Hoc Historical U.S. Equity Short Volume and Trades Reports
Cboe BZX Exchange is giving a special discount to qualified academic buyers who want to purchase historical U.S. stock short volume and trade reports. This change helps students and researchers get important market data at a lower cost starting immediately. If you’re part of an academic institution, you can save money on these reports right now!
Next: 2025-07912 — Endangered and Threatened Species; Take of Anadromous Fish
Washington and Oregon fish agencies shared plans to protect special salmon and steelhead under the Endangered Species Act. These plans focus on managing hatcheries to help fish populations grow safely. People can comment on these plans before a final decision is made, which could affect fishing and conservation efforts soon.