ICE Clear Credit files rule change to update recovery and wind-down plans
The proposed amendment, filed Sep. 9, 2026, revises ICC's plans for CDS and new Treasury clearing participants, pending SEC approval.
On September 9, 2026 ICE Clear Credit LLC (ICC) submitted a proposed rule change to the Securities and Exchange Commission (File No. SR-ICC-2026-009, Release No. 34-106308). The filing seeks to revise ICC's Recovery Plan and Wind-Down Plan without amending the underlying ICE Clear Credit CDS Clearing Rules or Treasury Clearing Rules.
The revisions incorporate changes that occurred in the prior year, most notably ICC's expansion into U.S. Treasury securities clearing. ICC was granted registration to provide central counterparty services for Treasury transactions by SEC order on January 30, 2026 (File No. 600-45). The updated plans will distinguish between "Clearing Participants" in the CDS service and "Treasury Participants" in the Treasury service, and will state that the information is current as of March 6, 2026, unless otherwise noted.
Specific amendments include updating terminology throughout the Recovery Plan, adding background on the launch of the Treasury clearing service, removing references to withdrawn Commodity Futures Trading Commission guidance, and revising language on qualifying participants to align with CDS Rule 201(c) and Treasury Rule 201(c). A footnote will clarify that the Treasury clearing service has not yet launched, providing transparency for participants.
The notice appears in the Federal Register, Volume 91, Number 176, pages 58208-58216, and opens a comment period for interested parties. The proposed changes will become effective only after the Commission approves the rule change.
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