ICE Clear Credit Updates CDS Contract Onboarding Policies and Procedures
Published Date: 8/25/2026
Notice
Summary
ICE Clear Credit LLC is updating how it adds new credit default swap (CDS) contracts for clearing. This change makes the process clearer and smoother for everyone involved, including the companies that use these contracts. The update kicks in soon and helps keep things running efficiently without extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New $500M Threshold Lets More CDS Clear
If your firm clears credit-default-swap (CDS) contracts through ICE Clear Credit LLC (ICC), ICC will now consider single-name CDS for clearing when the reference entity has at least $500,000,000 (USD) or €500,000,000 outstanding debt notional. This change lets ICC consider a broader set of CDS instruments that were not constituents of currently clearable indices.
May Increase Central Clearing, Lower Counterparty Risk
By allowing consideration of additional single-name CDS (including those meeting the $500 million/€500 million threshold) and keeping governance, risk, pricing, and operations reviews in place, ICC may enable Clearing Participants to centrally clear more transactions and mitigate bilateral counterparty exposures. This is intended to promote prompt and accurate clearance and safeguard funds ICC holds.
Clarified On-boarding Wording to Avoid Delays
ICC revised punctuation and wording in its CDS Instrument On-boarding Policy so it is clear that an instrument needs to meet only one of the listed criteria to be considered for clearing. The clearer language is intended to reduce the chance of delays or disruptions in bringing new instruments into clearing.
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