Federal Register #SR-ICC-2026-013

SEC notice on ICE Clear Credit’s proposed CDS clearing client fee incentives

This SEC notice concerns a proposed change to ICE Clear Credit LLC’s fee incentives for CDS clearing, not a government purchase or contract award. - Government agency: Securities and Exchange Commission (SEC); no procuring agency or sub-agency is identified. - Company named: ICE Clear Credit LLC (ICC), the clearing organization proposing the change. No OEMs, resellers, or product vendors are identified. - Proposal: Keep the existing tiered Client Volume Incentive Program discount schedule and add a $3 million fee cap for qualifying clients that received a full discount in the prior calendar year, subject to requalification. Eligible clients whose paid fees after rebates reach $3 million by the end of the third quarter would owe no additional clearing fees for the rest of that calendar year. - Coverage and exclusions: Applies to client clearing of index CDS, single-name CDS, and index-option CDS. Clearing participants are excluded. The participant fee schedule and ICC CDS Clearing Rules remain unchanged. - Procurement status: No products, services, quantities, part numbers, contract value, or performance period are specified. The notice invites public comments on the proposed rule change.

Description

ICE Clear Credit LLC proposes changes to its Client Volume Incentive Program within its credit default swap client fee schedule for the CDS Clearing Service. The proposal retains the existing tiered discount schedule and adds discounts for clients meeting specified prior-year or current-year fee thresholds. The proposed changes are intended to begin in 2027, subject to applicable regulatory review or approval, and do not change the participant fee schedule or ICC CDS Clearing Rules. The SEC notice invites comments on the proposed rule change.

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