ICE Announces Its Treasury Clearing Application and Rulebook Have been Published by the U.S. Securities and Exchange Commission
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that the application and rulebook of ICE Clear Credit to expand its current registered clearing agency designation to add U.S. Treasury clearing has been published by the U.S. Securities and Exchange Commission (SEC). This publication is a key step in the regulatory approval process needed for the company's plans to launch a U.S. Treasury clearing service. Subject to regulatory approval, ICE Clear Credit plans to launch its Treasury clearing service later this year, which will give the market an opportunity to voluntarily clear for a period before the mandate goes into effect.
"We're thrilled to see this next milestone as we work to familiarize customers with our plans to launch a Treasury clearing service later this year," said Paul Hamill, Chief Commercial Officer of ICE Clear Credit. "The rulebook underpins our access model, allowing customers to clear U.S. Treasury securities the same trusted way Credit Default Swap (CDS) products are currently cleared. This model allows us to leverage the industry-accepted tools we already have in place, such as ICE Link, for trade matching, porting and connectivity across platforms."
ICE's proposed service will leverage its leading global clearing house, ICE Clear Credit, which currently clears CDS instruments, to offer clearing for U.S. Treasury securities and repurchasing agreements. The Treasury clearing service is being established as a distinct offering from the current CDS clearing service with a separate rulebook, membership, risk management framework, financial and liquidity resources, and risk committee.
ICE's Treasury clearing solution will allow for both ‘Done Away' and ‘Done With' implementation, which allows market participants to choose their preferred clearing method. This is the same process that is used daily to trade and clear financial products through ICE's global clearing houses.
"By leveraging our experience to establish and operate ICE Clear Credit, as well as several other exchanges and clearing houses, we've been able to expediently develop a robust and flexible solution that will provide market participants with the ability to clear U.S. Treasury securities in a trusted and capital efficient environment," said Stan Ivanov, President of ICE Clear Credit. "ICE Clear Credit has become the leading global clearing house for credit derivatives, and we believe our newly developed clearing offering will provide a solid foundation to support the risk management needs of participants throughout the Treasury market."
ICE Clear Credit, launched by ICE in 2009 to bring centralized clearing to the CDS market, enables clearing of more than 670 Single Name, Index, and Index Option CDS instruments referencing corporate and sovereign debt. ICE Clear Credit clearing has reduced counterparty risk exposure for parties to trades with a combined notional amount of over $385 trillion, with current open interest at ICE Clear Credit over $2 trillion. ICE Clear Credit has been designated a systemically important financial market utility (SIFMU) by the Financial Stability Oversight Council, and is a qualified central counterparty under U.S. bank capital rules.
For more information about ICE's proposed U.S. Treasury clearing service, please visit: https://www.ice.com/clear-credit/us-treasury-clearing.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE's futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.
Category: Fixed Income and Data Services
SOURCE: Intercontinental Exchange
View source version on businesswire.com: https://www.businesswire.com/news/home/20250819114082/en/
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