ICE Credit Adjusts Swap Client Fee Program
Published Date: 7/13/2026
Notice
Summary
ICE Clear Credit just updated its fee schedule to tweak the Client Volume Incentive Program for credit default swaps. This change affects clients who trade these swaps, offering new fee incentives starting right away. No changes hit the participant fees or rules, so it’s a smooth update with potential savings for active clients.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
Much larger fee discounts for big CDS clients
If you are a client that clears credit default swaps (CDS) at ICC and your billed annual fees across CDS products exceed $1,000,000, you become eligible for a larger tiered discount. The discount increases by 1% for each $60,000 in billed fees over $1,000,000, and billed annual fees above $6,940,000 USD equivalent receive a 100% discount (previously the top tier was a 90% discount for fees above $6,400,000).
Discounts apply automatically to clients only
The Client Volume Incentive Program applies automatically to all clients of Clearing Participants based on their clearing activity, so clients do not need to take any action to receive the discount. Clearing Participants themselves are not eligible to participate in the program.
ICC fees billed to your Clearing Participant
All ICC client fees are charged directly to a client's Clearing Participant, so the Clearing Participant receives the invoice for any fees or discounts under the client fee schedule. Clients should expect their Clearing Participant to reflect these charges or discounts in billing arrangements.
Implementation waits on CFTC certification
Although the rule filing was immediately effective upon SEC filing on June 25, 2026, ICC will not implement the updated Client Volume Incentive Program until the change is certified under Commodity Futures Trading Commission Regulation 40.6. The SEC may also temporarily suspend the change within 60 days of filing.
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