SEC Reviews ICE's Bid to Clear Treasury Trades Smoothly
Published Date: 8/21/2025
Notice
Summary
ICE Clear Credit LLC wants to officially register as a clearing agency to handle U.S. Treasury securities transactions, like buying and selling government bonds. This change affects banks and traders who deal with these securities, aiming to make the process smoother and safer. The SEC is reviewing the application now, so keep an eye out for updates that could impact how these deals get cleared and settled.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Minimum $20M Treasury Guaranty Fund Contribution
ICC will maintain a Treasury Guaranty Fund sized to Cover-2 standards and require Treasury Participants to contribute on a risk-based basis; each participant's contribution is calculated on net exposure and is subject to a $20,000,000 minimum contribution. The Treasury Guaranty Fund is distinct from ICC's CDS guaranty fund.
Clearing-for-Others Means Principal Liability
If you clear trades through an ICC "Treasury Participant" for a non-participant, the Treasury Participant becomes fully and directly liable as principal (not as guarantor or surety) for all obligations to ICC for that transaction. To clear at ICC you must be approved, sign a transaction-specific agreement, and follow ICC's rules.
Margin, Membership, And Risk Requirements
ICC's Application says Treasury Participants must meet fitness, financial, and operational membership standards and carry appropriate regulatory registrations; ICC may impose additional capital, margin, or other requirements. Participants must provide initial margin and variation payments, and ICC will offer net or gross margin accounts and use a direct settlement model.
ICC Seeks To Clear U.S. Treasuries
On August 1, 2025, ICE Clear Credit LLC filed to register as a clearing agency to provide central counterparty clearing services for secondary cash market transactions in U.S. Treasury securities and repurchase/reverse repurchase agreements. The SEC is soliciting comments on the Application through October 6, 2025 while it reviews whether ICC meets Exchange Act registration requirements.
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