Another Exchange Files the Same Paperwork
Published Date: 6/3/2026
Notice
Summary
NYSE National is updating the official papers of Intercontinental Exchange (ICE) to include new rules about special trading platforms called security-based swap execution facilities (SBSEFs). This change won’t cost anyone extra or change how the Exchange itself runs, but it keeps ICE up-to-date with the latest regulations. The update took effect right after filing on May 20, 2026, so ICE is ready to roll with the new rules now!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
20% Ownership Limit and Forced Repurchase
For so long as ICE controls any SBSEF, no SBSEF Member (alone or with Related Persons) may own 20% or more of any class of voting securities. If an SBSEF Member and its Related Persons ever beneficially own voting securities in excess of the 20% SBSEF Concentration Limitation, the SBSEF Member and its Related Persons are obligated to sell promptly and the Corporation is obligated to purchase promptly at a price equal to the par value of the excess shares, and repurchased shares become treasury shares.
New 20% SBSEF Voting Cap
If ICE directly or indirectly controls a security-based swap execution facility (an "SBSEF"), any SBSEF Member and its Related Persons may not vote, cause to be voted, or give consent for more than 20% of the voting power of any class of securities in the corporation. Any votes cast in excess of the 20% SBSEF Voting Limitation will be disregarded; this change is tied to the Proposed Eighth Amended and Restated Certificate becoming effective as filed with the Delaware Secretary of State.
Certificate Edits: No Exchange Impact Claimed
The Exchange says the amendments update ICE's certificate to reflect Regulation SE for SBSEFs and make non-substantive conforming changes, and that none of the proposed changes will substantively impact the Exchange or impose a burden on competition. The Exchange filed the proposed rule change with the Commission on May 20, 2026 under Section 19(b)(3)(A) and Rule 19b-4(f)(6).
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