ICE Clear Credit Refines Plans for Handling Market Crises
Published Date: 6/4/2025
Notice
Summary
ICE Clear Credit LLC is updating its Recovery and Wind-Down Plans to better handle big money problems like credit losses or cash shortages. These changes affect everyone involved with ICE Clear Credit and aim to keep things running smoothly or close down in an orderly way if needed. The new rules will kick in soon after SEC approval, helping protect the financial system and participants.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Liquid Equity Buffer Requirement in Plans
The Plans, consistent with Rule 17Ad-22(e)(15), include maintaining liquid net assets funded by equity equal to the greater of six months of ICC's current operating expenses or an amount determined by the Board, and require a Board‑approved plan updated at least annually to raise equity if equity falls close to or below the required amount.
Plans Updated to Cite New SEC Rules
ICC updated both its Recovery Plan and Wind-Down Plan to add references and summaries of SEC Rule 17Ad-26 and SEC Rule 17Ad-25 throughout the documents. The amended Plans are stated to be current as of December 31, 2024 and the changes become effective following Commission approval.
Governance Structure Changes at ICC
ICC updated governance in the Plans to reflect several 2024 changes: a new Nominating Committee (minimum of three (3) Board members, a majority meeting independence standards, and one chair), the Risk Committee expanded from twelve (12) to fourteen (14) members with two (2) additional seats reserved for representatives of customers of Clearing Participants, and a new Risk Advisory Working Group (chaired by the Chief Risk Officer with at least two (2) Clearing Participant representatives and two (2) customer representatives). ICC also removed the Advisory Committee and the Risk Management Subcommittee and updated Board manager names and titles.
More Frequent and Inclusive Testing
ICC revised the Plans to clarify that testing of the Recovery Plan and Wind-Down Plan will occur at least every twelve (12) months and will include participation of Clearing Participants and, when practical, other stakeholders. The changes also state testing is in addition to annual default management drills and that ICC will consider including stakeholders in non-default scenario testing.
Stronger Service-Provider Risk Management
The Recovery and Wind-Down Plans were amended to rename 'vendors' to 'service providers', to describe a two‑pronged assessment approach for internal and external service providers for core services (SPCS), and to identify the role of ICC committees (including the BCP and DR Oversight Committee) and staffing roles necessary to support core services during recovery or wind-down.
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
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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!
2026-17283, Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the CDS Instrument On-Boarding Policies and Procedures
ICE Clear Credit LLC is updating how it adds new credit default swap (CDS) contracts for clearing. This change makes the process clearer and smoother for everyone involved, including the companies that use these contracts. The update kicks in soon and helps keep things running efficiently without extra costs.
Previous / Next Documents
Previous: 2025-10114, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule To Amend the Fees for Ports
MIAX Pearl is changing how it charges for trading ports by removing free tiers and charging the same fee for all FIX, MEO, and FXD ports. Traders using these ports will see a simpler, fairer fee schedule starting immediately, with fees similar to or lower than other exchanges. This means no more free ports and no more fee waivers, so plan your trading costs accordingly!
Next: 2025-10116, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rule 7165 Regarding In-Kind Exchange of Options Positions and ETF Shares and UIT Units
BOX Exchange is rolling out a new rule that lets traders swap options positions for ETF shares or UIT units without selling them first. This smooth move helps authorized participants and broker-dealers trade more easily at the net asset value price, making big trades faster and potentially saving money. The rule is already in effect as of May 15, 2025, so market players can start using it right away!