Federal Register #SR-ICC-2026-005

SEC Review of ICE Clear Credit LLC Treasury Clearing Service Risk Documentation and Nasdaq ISE Complex Order Rule Change

This opportunity concerns proposed rule changes and risk management documentation updates in the U.S. financial clearing and exchange sector. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - ICE Clear Credit LLC (ICC) - Nasdaq ISE, LLC - Products/Services Requested: - Amendments to ICE Clear Credit LLC's Treasury Clearing Service risk documentation, including: - Initial Margin Approach Model Description Document - Treasury Clearing Service Guaranty Fund and Stress Test Approach Model Description Document - Treasury Clearing Service Risk Parameter Setting and Review Policy - Nasdaq ISE, LLC proposes changes to allow Complex Orders to trade in both nonconforming and conforming ratios on its Complex Order Book and in auctions - Unique or Notable Requirements: - Focus on clarifying and updating risk management methodologies for U.S. Treasury clearing services - Enhancements to documentation readability, transparency, and risk parameter settings - No specific hardware, software, or product quantities are being procured; the notice is for policy and procedural changes only - Changes are in response to feedback and independent validation recommendations - Nasdaq ISE's proposal aims to increase trading flexibility for Complex Orders

Description

This notice pertains to a proposed rule change filed by ICE Clear Credit LLC with the Securities and Exchange Commission. The proposed changes revise documentation governing ICE Clear Credit's U.S. Treasury Clearing Service, including the Initial Margin Approach Model Description, Guaranty Fund and Stress Test Approach Model Description, and Risk Parameter Setting and Review Policy. The revisions aim to enhance clarity, transparency, and risk management practices related to margin requirements, guaranty fund computations, and risk parameter settings. The changes respond to feedback and independent validation recommendations to strengthen the clearing service's financial resource management and risk controls.

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