SEC Reviews ICE's Tweak to Collateral Haircut Rules
Published Date: 1/13/2026
Notice
Summary
ICE Clear Credit (ICC) is updating its rules on how it manages the risks tied to the collateral it holds, especially how it calculates safety buffers called haircuts. These changes help ICC better handle price swings in collateral assets without changing the main rules. This update affects anyone involved with ICC’s clearing services and aims to keep the system safer and smoother, with no immediate cost changes announced.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
ICC uses Expected Shortfall only
ICC removed outdated references to using more than one risk measure and now relies on Expected Shortfall alone to determine collateral haircut factors. This change was filed December 29, 2025 and is described in the proposed CRMF revisions published January 13, 2026.
Clarified haircut rounding rules
ICC clarified how it rounds estimated haircut factors, describing a rounding interval and which levels within that interval it treats as stable and conservatively biased; it also specifies how final haircut factors are set for currency pairs and sovereign debt. ICC says these clarifications reflect current practice and do not change the underlying haircut methodology.
Back-testing lookback period clarified
ICC added language explaining the rationale for its back-testing lookback periods, including benefits of a maximum lookback to increase sample size, the possibility of using shorter lookbacks if new exceedances occur, and the minimum back-testing window length. ICC says these clarifications are consistent with its Back-Testing Framework.
Daily estimations, monthly reviews, and no cost change
ICC confirms collateral haircut factor estimations are executed daily and reviewed by the ICC Risk Department at least monthly, and states the proposed CRMF clarifications do not amend the collateral assets risk management methodology or affect costs of clearing. The filing was published January 13, 2026 with comments due February 3, 2026.
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
2026-07651 — 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!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2026-00426 — Proposed Data Collection Submitted for Public Comment and Recommendations
The CDC wants your thoughts on updating a system that helps review and understand pregnancy-related deaths to prevent them in the future. This affects Maternal Mortality Review Committees who collect and analyze important data. Comments are open until March 16, 2026, and the update aims to make data collection easier without extra costs.
Next: 2026-00428 — Determination of Overfishing or an Overfished Condition
The government has found that Atlantic herring, Klamath River Chinook salmon, and northern Pacific sardine populations are still overfished, meaning their numbers are too low. This affects fishermen and coastal communities who rely on these fish, and it means stricter rules will stay in place to help these fish bounce back. These changes are based on recent data and will guide fishing limits to protect these species starting now.