ICE Clear Credit Files Immediate Rule Change to Update CDS Model Validation Framework
ICE Clear Credit's proposed revisions to its CDS clearing model validation and treasury policies are effective upon filing on Aug. 25, 2026.
On August 25, 2026, ICE Clear Credit LLC ("ICC" or "ICE Clear Credit") filed a proposed rule change with the Securities and Exchange Commission pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, identified as Release No. 34-106279; File No. SR-ICC-2026-010, was immediately effective upon filing, and the Commission is publishing this notice on September 4, 2026 to solicit comments.
The proposal revises the Model Validation Framework (MVF) and the Treasury Operations Policies and Procedures for the CDS Clearing Service. The changes do not alter the ICC CDS Clearing Rules and are described as clarification and clean-up to reflect current practices. ICC proposes to rename the MVF to "CDS Clearing Service Model Validation Framework" and the Treasury Operations Policy to "ICE Clear Credit LLC CDS Clearing Service Treasury Operations Policies & Procedures."
Specific amendments include replacing references to the generic "Risk Committee" with "CDS Risk Committee" in Sections 1.2, 1.3, 2.2, 2.4, 3.2, 3.2.1.a, 3.2.1.b, 3.2.2.b, 3.2.2.c, 3.4, 3.5, and 3.5.2. The proposal also adds references to the Board Risk Committee and the Risk Advisory Working Group in Sections 2.4 and 3.2.1, respectively, to memorialize their governance roles. Additionally, Section II of the Treasury Operations Policy is amended to reflect that the Treasury Director now reports directly to the ICC President, removing the prior reference to the Chief Operating Officer.
Implementation of the revisions will not occur until the changes are certified in accordance with Commodity Futures Trading Commission Regulation 40.6. The SEC invites interested persons to submit comments on the proposed rule change during the comment period.
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