ICE Clear Credit Expands to New CDS Contracts
Published Date: 5/27/2026
Notice
Summary
ICE Clear Credit is planning to start clearing more credit default swap contracts, especially for some emerging market and Asia/Pacific countries. This change affects traders and investors who use these contracts to manage risk. The new rules could kick in soon, making it easier and safer to trade these financial products.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
ICC Adds Specific Sovereign CDS
ICE Clear Credit filed on May 12, 2026 to add Standard Emerging Market Sovereign single-name CDS for the Republic of Ecuador, the Republic of Guatemala, the Republic of El Salvador, the Oriental Republic of Uruguay, the Republic of Costa Rica, the Republic of Kenya, and the Republic of Angola (Subchapter 26D), and an Asia/Pacific Sovereign single-name CDS for the Islamic Republic of Pakistan (Subchapter 26L). ICC proposes to expand clearing of these contracts following SEC approval; the Commission will act within 45 days of publication (or up to 90 days).
Clearing Reduces Counterparty Risk
ICC states that clearing the additional Sovereign Contracts will provide market participants the benefits of clearing, including reduction in counterparty risk and safeguarding of margin assets pursuant to clearing house rules.
Existing Margin Methodology Will Apply
ICC will apply its existing margin methodology to the new Sovereign Contracts and stated that clearing them will not require changes to ICC's Risk Management Framework; ICC also stated its Guaranty Fund together with required initial margin will support clearing the additional contracts.
Available to All ICC Participants; No Competition Burden
ICC stated the additional Sovereign Contracts will be available to all ICC participants for clearing and that clearing by ICC does not preclude other firms from offering these contracts; ICC does not believe the proposed amendments will impose any burden on competition.
Operational and Default Procedures Remain in Place
ICC said its existing operational and managerial resources, settlement procedures, account structures, and default management policies will be used for the additional Sovereign Contracts, and that these resources will be sufficient to clear the new contracts.
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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2026-10450, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Temporary Rule 7.34-E(T) To Provide for an Overnight Trading Session and To Amend the Hours for the Exchange's Early Trading Session and the Late Trading Session, and To Make Corresponding Changes to Other Rules
NYSE Arca is shaking up its trading hours by adding a brand-new Overnight Trading Session and tweaking the start and end times of its Early and Late Trading Sessions. This means traders get more chances to buy and sell stocks outside regular hours, making the market more flexible and lively. These changes kicked in right away on May 12, 2026, giving everyone more time to trade and potentially more opportunities to make money.
Next: 2026-10452, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Amend Non-Transaction Fees
MIAX Pearl Options Exchange is updating its non-transaction fees to match what other similar exchanges charge. These changes affect traders using the MIAX Pearl options platform and take effect immediately, aiming to keep fees fair and competitive. If you trade options here, expect some fee updates soon, but no surprise costs—just a fresh, fair fee schedule.