SEC approves ICE Clear Credit rule change to update recovery and wind-down plans
The order binds ICE Clear Credit and its clearing participants, effective Oct. 26, 2026
On October 26, 2026 the Securities and Exchange Commission approved a proposed rule change filed by ICE Clear Credit LLC on August 27, 2026 (Release No. 34-106738; File No. SR-ICC-2026-009). The proposal, published for comment on September 14, 2026, received no comments, and the Commission found no reason to withhold approval.
The amendment revises the ICE Clear Credit Recovery Plan and Wind-Down Plan to incorporate references to the firm's newly authorized U.S. Treasury clearing service. It distinguishes between "Clearing Participants" for credit-default-swap (CDS) clearing and "Treasury Participants" for Treasury clearing, updates terminology such as "General Guaranty Fund" and "Treasury Guaranty Fund," and clarifies that the information is current as of March 6, 2026.
Governance language is expanded to reflect a board-level Board Risk Committee and a Treasury Risk Committee, with a revised governance chart and new subsections describing their roles, quorum requirements, and consultation procedures for specified actions related to Treasury clearing.
The plans also remove references to withdrawn regulatory guidance, replacing them with a reference to "industry best practices," and retain the annual review process that presents material amendments to the Risk Committee for recommendation to the Board.
Overall, the approved changes ensure that ICE Clear Credit's recovery and wind-down frameworks are aligned with its expanded service offerings and continue to meet entity-level regulatory capital requirements.
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