5 Aug 2025
⚖️ICC Finalizes Changes to Clearing Procedures for Default Management
Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to ICC's Clearing Participant Default Management Procedures & ICC Clearing Rules
Summary
The SEC approves ICE Clear Credit LLC's proposed rule changes regarding its Clearing Participant Default Management Procedures and ICC Clearing Rules. The updates aim to enhance efficiency by eliminating Direct Liquidation mechanisms and implementing an automated Default Management System for improved default management and position porting processes.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change affects ICC's default management procedures, specifically by removing Direct Liquidation transactions, which alters compliance requirements for Clearing Participants (CPs). Additionally, implementing an automated Default Management System (DMS) enhances operational efficiency, impacting financial and operational processes for businesses dealing with ICC.