Federal Register #SR-ICC-2026-006

SEC Notice of Proposed Rule Change to ICE Clear Credit LLC's CDS Clearing Service Risk Management Model

This notice announces a proposed rule change submitted by ICE Clear Credit LLC to the Securities and Exchange Commission (SEC) regarding its Credit Default Swap (CDS) clearing service risk management model. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - No OEMs, vendors, or commercial manufacturers are mentioned; this is a regulatory notice, not a procurement. - Products/Services Requested: - No products or services are being requested or procured. - Notable Requirements and Details: - The proposed rule change introduces the Profit Given Default (PGD) concept to enhance the contagion risk methodology in ICE Clear Credit's CDS clearing service. - The update aims to provide portfolio benefits and improve capital efficiency for clearing participants. - References for banking sector categorization and country of domicile assignment will now be based on publicly available sources. - The notice is regulatory in nature and does not solicit goods or services.

Description

The Securities and Exchange Commission (SEC) has published a notice regarding a proposed rule change by ICE Clear Credit LLC. The rule change pertains to the risk management model description for the Credit Default Swap (CDS) clearing service. The proposed change aims to enhance the contagion risk methodology by introducing a new term, Profit Given Default (PGD), to provide portfolio benefits and improve risk management. The notice includes details about the docket, document number, and links to the full text in HTML, XML, and PDF formats.

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