# 2025-08454: ICE Expands Clearing for Emerging Market Credit Swaps

2025-08454, Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the Clearance of Additional Credit Default Swap Contracts, is a Federal Register notice from Securities and Exchange Commission published 2025-05-14, effective The Commission will act within 45 days of publication of this notice in the Federal Register or within such longer period up to 90 days; public comments must be submitted on or before June 4, 2025. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08454
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08454
- Title: Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the Clearance of Additional Credit Default Swap Contracts
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20536
- Published: 2025-05-14
- Effective: The Commission will act within 45 days of publication of this notice in the Federal Register or within such longer period up to 90 days; public comments must be submitted on or before June 4, 2025.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

ICE Expands Clearing for Emerging Market Credit Swaps

## 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.

## Effects PRIA read

- ICC will clear Côte d'Ivoire CDS: benefit, medium. 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 Commi…
- Clearing reduces counterparty risk: benefit, medium. 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…
- Existing margin and risk rules apply: benefit, low. 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 suf…
- Available to all ICC participants; timing noted: benefit, low. 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…

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## Sources
- [2025-08454 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/14/2025-08454/self-regulatory-organizations-ice-clear-credit-llc-notice-of-filing-of-proposed-rule-change-relating)
- [2025-08454 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-14/pdf/2025-08454.pdf)

## Related
- [Previous: 2025-08453, Agency Information Collection Activities: Requests for Comments; Clearance of N…](https://policyrisk.com/federal-register/2025-08453)
- [Next: 2025-08455, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designati…](https://policyrisk.com/federal-register/2025-08455)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08454 (as of 2026-06-08).