ICE Clear Credit Tweaks Fees for Credit Default Swap Clients
Published Date: 11/9/2026
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 using the CDS Clearing Service and kicks in right away, aiming to keep fees fair and encourage more trading. No changes hit clearing participants or the official rules, so it’s a smooth, money-smart update for clients.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New additional client discounts in 2027
Starting January 1, 2027, ICC will make extra discounts available under its Client Volume Incentive Program. Clients that achieved a 100% discount in the prior calendar year qualify for a lower fee cap of $3,000,000 (USD equivalent) for the calendar year, and any client whose paid clearing fees after rebate reach $3,000,000 (USD equivalent) by September 30 of a calendar year will not be charged additional clearing fees for the remainder of that year.
Existing tiered discount schedule retained
ICC's existing Discount Schedule remains in place: clients with billed annual fees above $1,000,000 (USD equivalent) get a progressive discount that increases 1% for each $60,000 in billed fees above $1,000,000 up to $6,940,000 (USD equivalent), and billed annual fees above $6,940,000 (USD equivalent) receive a 100% discount. Achieving the 100% discount (at billed fees of $6.94 million USD equivalent) results in a client's paid clearing fees capping at $3,970,000 (USD equivalent).
Discounts apply only to clients (not participants)
The Client Volume Incentive Program applies automatically to clients clearing CDS contracts and continues to be available only to clients; Clearing Participants are not eligible. All client fees are charged directly to a client's Clearing Participant per ICC's fee schedule.
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