ICE Expands Clearing for Emerging Market Credit Swaps
Published Date: 5/14/2025
Notice
Summary
ICE Clear Credit LLC wants to start clearing more credit default swap contracts tied to emerging market countries. This change helps traders reduce risks and protect their money without shaking up current safety rules. The new contracts could start clearing soon after approval, making the market safer and smoother for everyone involved.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
ICC will clear Côte d'Ivoire CDS
If you trade or clear credit default swaps (CDS), ICE Clear Credit proposes to add a Standard Emerging Market Sovereign single-name CDS for the Republic of Côte d'Ivoire to the list of contracts it clears. ICC proposes to expand clearing for this new EM contract under Subchapter 26D following Commission approval.
Clearing reduces counterparty risk
ICE Clear Credit says clearing the additional emerging-market CDS will provide market participants the benefits of clearing, including a reduction in counterparty risk and safeguarding of margin assets under the clearinghouse rules. The filing states these benefits arise from bringing the contract into ICC's existing clearing arrangements.
Existing margin and risk rules apply
ICC will apply its existing margin methodology and Guaranty Fund to the additional emerging-market CDS and states that no changes to ICC's Risk Management Framework or other policies and procedures are required for clearing the new contract. ICC believes its current resources and procedures are sufficient.
Available to all ICC participants; timing noted
The filing states the additional Côte d'Ivoire EM Contract would be available to all ICC participants for clearing and that ICC does not expect the change to impose burdens on competition. The Commission will act on the proposed rule change within 45 days of the Federal Register notice or up to 90 days, and written comments must be submitted on or before June 4, 2025.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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!
2026-16101, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Amend the Manual Billable Rebate Program and Add a Credit Under the Firm Monthly Fee Cap
Starting August 3, 2026, NYSE American is updating its options fee schedule to rename and tweak the Manual Billable Program, swapping some rebates for a new bonus. They’re also adding a credit for Floor Brokers under the Firm Monthly Fee Cap, which could save some firms money. These changes mainly affect traders and firms using the Exchange’s options services.
2026-16086, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 15g-2
Previous / Next Documents
Previous: 2025-08453, Agency Information Collection Activities: Requests for Comments; Clearance of New Approval of Information Collection: Basic Survival Skills for General Aviation Training Record
The FAA wants to collect info on students' swimming skills for a new survival training course in general aviation. This helps instructors tailor the course and keep everyone safe. Pilots-in-training and instructors will be involved, and the FAA is asking for public feedback before moving forward.
Next: 2025-08455, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the 21Shares Polkadot Trust Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
The SEC is taking extra time to decide if Nasdaq can list and trade shares of the 21Shares Polkadot Trust, a new crypto-based investment. This means investors and traders waiting for this product will have to be patient until June 24, 2025, when the SEC will make its final call. No money changes yet, just a longer review to make sure everything’s in order.