Clearing House Tweaks CDS Onboarding Paperwork
Published Date: 7/13/2026
Notice
Summary
ICE Clear Credit is updating how they add new credit default swap (CDS) instruments to their system. These changes affect companies that trade or clear CDS contracts and aim to make the onboarding process smoother and clearer, without changing the main rules. The update was filed in June 2026 and is open for public comments before it takes effect.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New $500M Threshold for Single-Name CDS
ICC will add a new criterion to consider single-name credit default swap (CDS) instruments for clearing if the reference entity has at least $500 million or €500 million of outstanding debt notional. This change makes instruments that meet that dollar or euro threshold eligible to be considered under ICC's Instrument On-boarding Policy.
Clarifies One-Criterion Test for Selection
ICC clarified the Instrument On-boarding Policy punctuation so that an instrument considered under the applicable guiding principle needs to satisfy only one of the listed criteria to be considered for clearing. ICC explicitly said it will replace periods with semicolons and add "or" before the third sub-bullet to emphasize that only one of the sub-bullets is required.
Cleared Instruments Available to All CPs
ICC stated that additional instruments selected for clearing under the revised guiding principles will be available to all ICC Clearing Participants (CPs) for clearing. ICC also stated that clearing such additional instruments does not prevent other market participants from offering those instruments for clearing.
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