Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Clearing Rules

Table of Contents

EXHIBIT A
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

1. INTERPRETATION

102. Definitions.

Account

The House Account or the Client Origin Account, as applicable.

Additional Amount

The meaning specified in Rule 613(b).

Additional ICC Collateral Deposits

The meaning specified in Rule 801(b)(vi).

Adjusted Net Capital

The meaning specified in Rule 201(b)(2).

Affiliate

With respect to a particular entity, any entity that directly, or indirectly through one 

or more intermediaries, Controls, is Controlled by, or is under common Control 

with, that particular entity.

Approved Products

The meaning specified in Rule 502(a).

Assessment

The meaning specified in Rule 803(b).

Assessment Contribution

The meaning specified in Rule 803(b).

Associate Clearing Participant

The meaning specified in Rule 212.

Authorized Trade Execution/Processing Platform

A designated contract market, swap execution facility, national securities 

exchange, security-based swap execution facility, trade processing facility or other 

similar service or platform authorized by ICE Clear Credit in accordance with 

Rule 314 to submit Trades (whether executed on such an execution facility, market 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

or exchange, executed bilaterally or executed in another manner permitted by law) 

to ICE Clear Credit for clearing.

Automatic Default

The meaning specified in Rule 20-605(a).

Backloaded Trade

A Trade submitted pursuant to Rule 301(c) and identified as such in a manner to 

be specified by ICE Clear Credit that is intended to replace and backload an 

existing agreement on terms equivalent to a Contract either (i) between two

Participants for their own accounts or (ii) to which a Non-Participant Party is party, 

where the relevant Participant is acting for such Non-Participant Party (a 

“Backloaded Client Trade”).

Bankruptcy Code

The meaning specified in Rule 611(c).

Board

The Board of Managers of ICE Clear Credit.

Broker-Dealer

A broker or dealer registered with the SEC.

Business Conduct Committee

The Business Conduct Committee of ICE Clear Credit whose composition, rights 

and responsibilities are described in Chapter 7 of these Rules.

Cash Margin

The meaning specified in Rule 402(a).

CDS Default Committee

The meaning specified in Rule 20-617(a).

CDS Default Committee Member

The meaning specified in Rule 20-617(a).

CDS Default Committee Participant

The meaning specified in Rule 20-617(a).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

CDS Default Committee Participant List

The meaning specified in Rule 20-617(b).

CEA

The U.S. Commodity Exchange Act, as amended.

CFTC

The U.S. Commodity Futures Trading Commission.

Change in Tax Law

The meaning specified in Rule 613(b).

Client Omnibus Margin Account

Any account or accounts maintained by or on behalf of ICE Clear Credit with 

respect to a Participant for the purposes of holding on an omnibus basis Margin 

posted by a Participant in respect of Client-Related Positions (including margin of 

Non-Participant Parties posted to that Participant in respect of such margin 

requirement or property of a Participant posted in lieu thereof in accordance with 

these Rules).

Client Origin Account

The Client-Related Positions and Client Omnibus Margin Account of a Participant, 

as the context may require.

Client-Related Initial Margin

Initial Margin with respect to Client-Related Positions.

Client-Related Position

An Open Position identified as such at the time the related Trade is submitted by 

an FCM Participant (in the case of a swap) or a Broker-Dealer Participant (in the 

case of a security-based swap) to ICE Clear Credit in accordance with Rules 301 

and 302, where such related Trade, at the time established, is entered into by the 

Participant for a Non-Participant Party. ICE Clear Credit will rely on a Participant’s 

designation of an Open Position as a Client-Related Position for purposes of these 

Rules. To the extent permitted by law, a Client-Related Position will include such 

an Open Position entered into by an FCM Participant or a Broker-Dealer 

Participant for another Person (which Person may, but need not, be an Affiliate of 

that Participant or of another Participant) that is itself acting for one or more NonParticipant Parties with respect to such Open Position (such Person in such case, 

a “Client-Carrying Broker”).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Closing-out Process

In connection with the Default of a Participant, the process of termination of Open 

Positions, determination of amounts owing with respect thereto, netting of such 

amounts, liquidation and application of any Margin and/or Collateral and 

application of Post-Default Portability Rules pursuant to Rule 20A-02, if applicable, 

in each case as contemplated by these Rules.

Collateral

At any time, such funds or other property Transferred by a Participant to ICE Clear 

Credit for the General Guaranty Fund pursuant to title transfer or pledge (and not 

released by ICE Clear Credit), in accordance with these Rules and the ICE Clear 

Credit Procedures.

Confidential Material

The meaning specified in Rule 20-617(h).

Conforming Trade

The meaning specified in Rule 309(g).

Contract

An agreement, contract, or transaction that is specifically identified in these Rules 

as a Contract.

Contract Modification

The meaning specified in Rule 616(a).

Contract Modification Effective Date

The meaning specified in Rule 616(a).

Control

With respect to the relationship between or among two or more Persons, the 

possession, directly or indirectly or as trustee, personal representative or executor, 

of the power to direct or cause the direction of the affairs or management of a 

Person, whether through the ownership of voting securities, as trustee, personal 

representative or executor, by contract, credit arrangement or otherwise.

Cooling-off Period

The period commencing on and including the date of the Cooling-off Period Trigger 

Event and terminating 30 calendar days thereafter. A Cooling-off Period shall be 

automatically extended if a subsequent Cooling-off Period Trigger Event occurs 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

30 or fewer calendar days after the previous Cooling-off Period Trigger Event, in 

which case the Cooling-off Period will be extended until the date falling 30 calendar 

days after such subsequent Cooling-off Period Trigger Event.

Cooling-off Period Trigger Event

(i) Any call for an Assessment Contribution to be made pursuant to Rule 803(b) in 

respect of Remaining Reimbursement Obligations arising from a Default or 

Defaults for which amounts have been or are expected to be charged against the 

General Guaranty Fund; or (ii) the occurrence of a Sequential Guaranty Fund 

Depletion.

Cooling-off Termination Period

The period commencing on the date of each Cooling-off Period Trigger Event 

(including a Cooling-off Period Trigger Event occurring during a Cooling-off Period) 

and terminating 10 ICE Business Days thereafter.

Covered Party

The meaning specified in Rule 20-617(h).

Custodial Losses

Losses, liabilities, damages, costs, claims, shortfalls or expenses incurred or 

suffered by ICE Clear Credit (to the extent the same are not otherwise subject to 

Assessment or Replenishment under the Rules) with respect to cash or cash 

deposits in any currency, securities or other assets held or controlled by, on behalf 

of or for the benefit of ICE Clear Credit constituting contributions to the General 

Guaranty Fund, Assessment Contributions or Margin provided by Participants, 

including assets acquired with investments thereof and proceeds of the foregoing 

(collectively, “Custodial Assets”), including losses from declines in the value 

thereof, arising as a result of or in connection with (i) the insolvency, default, failure 

or similar event with respect to any Custodian, system failure with respect to any 

Custodian or breach of agreement or other terms by any Custodian relating to 

Custodial Assets or (ii) embezzlement, defalcation, theft, system intrusion, 

cyberattack or event similar to the foregoing with respect to Custodial Assets by 

any Person (other than ICE Clear Credit or its directors, officers, employees or 

representatives). Notwithstanding the foregoing, “Custodial Losses” shall not 

include Investment Losses.

Custodial Loss Contribution

A contribution by a Participant required under Rule 811(g).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Custodial Loss Resources

Assets of ICE Clear Credit in the amount of $32 million, which may be modified by 

the Board from time to time, which are designated as available to be applied to 

Custodial Losses pursuant to Rule 811(s). The determination of such Custodial 

Loss Resources by the Board will be risk based in light of ICE Clear Credit’s 

potential exposure to Custodial Losses. 

Custodian

Any commercial bank or trust company, securities broker or dealer, central bank, 

custodian, sub-custodian, depository, payment bank, concentration bank, 

nominee, agent, central securities depository or third party settlement system used 

by ICE Clear Credit with respect to the deposit, holding, custody or transfer of 

Custodial Assets.

Customer Account Agreement

The meaning specified in Rule 406(a).

Default

Any event that would constitute a Default under Rule 20-605 or the corresponding 

Rule in any Market or Contract-specific Chapter of these Rules.

Default Auction

An auction that takes place in accordance with the Default Auction Procedures.

Default Auction Priority

The order of priority set forth in the applicable Default Auction Procedures.

Default Auction Procedures

The Default Auction Procedures adopted by ICE Clear Credit, as in effect from 

time to time.

Default Portability Rules

The provisions of Rule 20A-02.

Defaulting CDS Participant

The meaning specified in Rule 20-605(a)(ii).

Defaulting Participant Claims

The meaning specified in Rule 802(c)(iii).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Direct Auction Participant Deposit

A deposit provided by any non-Participant authorized to bid directly in a Default 

Auction in accordance with the Default Auction Procedures.

Direct Liquidation 

The meaning specified in Rule 20-605(d)(v).

Eligibility Determination Period

The meaning specified in Rule 503(a)(vi).

Eligible Employee

The meaning specified in Rule 20-617(a).

Eligible Margin

The meaning specified in Rule 401(d).

Eligible Officer

Any officer of ICE Clear Credit designated by the Board from time to time for 

purposes of the applicable determination, decision or other action contemplated 

by these Rules.

Eligible Participant Group

The meaning specified in Rule 503(a)(vi)(B).

Eligible Transfer Position

The meaning specified in Rule 20A-02(a).

Emergency

The meaning specified in Rule 601(e).

Emergency Resolution

The meaning specified in Rule 601(a).

Excess Net Capital

For a Participant that is an FCM or a Broker-Dealer, its “excess net capital” as 

reported on its Form 1-FR-FCM or FOCUS Report or as otherwise reported to the 

CFTC under CFTC Rule 1.12. For a Participant that is not an FCM or a BrokerDealer, the amount, if any, by which its Adjusted Net Capital exceeds the capital 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

requirement that would be applicable to it if it were an FCM, as determined 

pursuant to a methodology acceptable to ICE Clear Credit.

Excluded Participant

With respect to the application of the General Guaranty Fund, a Participant whose 

Default or Obligation Failure results in such application. 

FCM

A futures commission merchant registered with the CFTC.

FDIA

The meaning specified in Rule 611(b).

FDICIA

The meaning specified in Rule 611(a).

Final Phase Default Resources

Available Assessment Contributions and Additional ICC Collateral Deposits.

Final Phase Remaining Reimbursement Obligations

Those Remaining Reimbursement Obligations arising in connection with a Default 

Auction, Secondary Auction, Partial Tear-Up or Termination under Rule 810, and 

any Post-RGD Payments under Rule 808(m).

Final Possible Loss Distribution Day

The meaning specified in Rule 808(d).

Full Participant

A Participant other than an Associate Clearing Participant.

General Guaranty Fund

At any time, funds or other property set aside and recorded on the books of ICE 

Clear Credit in support of the Obligations of Participants in respect of all Contracts.

Guaranteed Obligations

The meaning specified in Rule 804(b)(i).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

House Account

The House Positions and House Margin Account of a Participant, as the context 

requires.

House Margin Account

Any account or accounts maintained by or on behalf of ICE Clear Credit with 

respect to a Participant for the purposes of holding Margin for House Positions of 

that Participant.

House Position

An Open Position of a Participant that is not a Client-Related Position. For the 

avoidance of doubt, Open Positions resulting from Trades submitted for the 

account of an Affiliate of a Participant shall be House Positions.

ICC Continuing Contribution Replenishment

The meaning specified in Rule 801(b)(ii).

ICE Business Day

Any day (other than Saturdays, Sundays and holidays observed by ICE Clear 

Credit) on which ICE Clear Credit is open for business. References in these Rules 

to a “day” or “ICE Business Day” shall, unless the context otherwise requires, mean 

the “ICE Business Day” corresponding to the trading day declared by the relevant 

Market, if applicable.

ICE Clear Credit

ICE Clear Credit LLC, a Delaware limited liability company (formerly ICE Trust U.S. 

LLC).

ICE Clear Credit Continuing Contribution

The meaning specified in Rule 801(b)(ii).

ICE Clear Credit Default

The meaning specified in Rule 805(a).

ICE Clear Credit Default Maximum

The meaning specified in Rule 802(b)(ii).

ICE Clear Credit Initial Contribution

The meaning specified in Rule 801(b)(i).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

ICE Clear Credit Procedures

The policies, procedures and other provisions established by ICE Clear Credit 

relating to clearing of Contracts, as amended from time to time.

ICE Parent

The meaning specified in Rule 503(a)(iii).

ICE Provisions

The meaning specified in Rule 502(a).

Independence Requirements

The meaning specified in Rule 503(a)(iii).

Independent Accounting Firm

The meaning specified in Rule 503(a)(xii).

Independent ICE Manager

The meaning specified in Rule 503(a)(iii).

Independent ICE Subcommittee Managers

The meaning specified in Rule 511(a)(iii).

Independent Risk Committee Appointees

The meaning specified in Rule 508(a).

Initial Cover Transactions

The meaning specified in Rule 20-605(d)(i).

Initial Margin

The meaning specified in Rule 403.

Initial Margin Categories

The meaning specified in Rule 403.

Initial Payment

The meaning specified in Rule 301(b).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Initial Phase Default Resources

The resources available for application to Reimbursement Obligations under Rules 

802(a) and (b) other than Final Phase Default Resources.

Initial Phase Remaining Reimbursement Obligations

The Remaining Reimbursement Obligations other than Final Phase Remaining 

Reimbursement Obligations.

Insurance Proceeds

The meaning specified in Rule 802(b)(i)(A)(4).

Investing Participant

The meaning specified in Rule 402(k).

Investment Loss Contribution

A contribution by a Participant required under Rule 811(d).

Investment Losses

Losses, liabilities, damages, costs, claims, shortfalls or expenses incurred or 

suffered by ICE Clear Credit (to the extent the same are not otherwise subject to 

Assessment or Replenishment under the Rules) arising in connection with (i) the 

default of the issuer of any instrument and/or the counterparty to any repurchase 

or reverse repurchase contract or similar transaction in respect of any 

investment(s) or re-investment(s) by ICE Clear Credit of assets constituting 

contributions to the General Guaranty Fund, Assessment Contributions or Margin 

provided by Participants (including any such assets transferred by a Defaulting 

Participant) or the proceeds thereof (collectively, “Investments”); and (ii) any other 

losses with respect to Investments including, but not limited to, those caused by a 

change in value of investments due to general market movements (but for the 

avoidance of doubt, shall not include a negative yield or interest rate on an ICE 

Clear Credit investment). Notwithstanding the foregoing, “Investment Losses” shall 

not include: (a) Custodial Losses; or (b) losses, liabilities, damages, costs, claims, 

shortfalls or expenses resulting directly from a failure by ICE Clear Credit to comply 

with its own investment policies. Investment Losses shall be determined 

separately for the House Account and Client Origin Account. 

Investment Loss Resources

Assets of ICE Clear Credit in the amount of $20 million, which may be modified by 

the Board from time to time, which are designated as available to be applied to 

Investment Losses pursuant to Rule 811(s). The determination of such Investment 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Loss Resources by the Board will be risk based in light of ICE Clear Credit’s 

potential exposure to Investment Losses.

Loss Contributions

Investment Loss Contributions and/or Custodial Loss Contributions, as applicable.

Loss Resources

Investment Loss Resources and/or Custodial Loss Resources, as applicable.

Margin

Initial Margin (including Portfolio Risk Margin, Physical Settlement Margin and 

Super and Special Margin) and Mark-to-Market Margin (each as defined in 

Rule 403 or 404) Transferred or Transferable by or to a Participant to or by ICE 

Clear Credit.

Margin Accounts

Each Participant’s House Margin Account and Client Omnibus Margin Account.

Margin Category

The meaning specified in Rule 401(a).

Margin Requirement

The meaning specified in Rule 401(a).

Mark-to-Market Margin

The meaning specified in Rule 404(a).

Mark-to-Market Margin Category

The meaning specified in Rule 404(a).

Mark-to-Market Price

The meaning specified in Rule 404(b).

Markets

A market that is party to an agreement with ICE Clear Credit for the provision of 

clearing services and that is specifically identified in these Rules as a Market.
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Maximum Aggregate Cooling-off Period Contribution

The meaning specified in Rule 806(b).

Minimum Manager Approval

The meaning specified in Rule 20-605(l)(i)(B).

Modify

The meaning specified in Rule 502(a).

NA Instruments

The meaning specified in Rule 212(b).

NA Instrument EU EOD Submissions

The meaning specified in Rule 212(b).

Net Client-Related Mark-to-Market Margin Requirement

The meaning specified in Rule 401(b)(ii).

Net House Margin Requirement

The meaning specified in Rule 401(a).

New General Guaranty Fund

The meaning specified in Rule 810(g).

Non-Default Losses

Losses, liabilities, damages, costs, claims, shortfalls or expenses incurred or 

suffered by ICE Clear Credit that are neither Investment Losses nor Custodial 

Losses, arising in connection with any event other than an Event of Default.

Non-Participant Collateral

The meaning specified in Rule 406(b).

Non-Participant Party

A Person that is not ICE Clear Credit, a Participant or an Affiliate of a Participant 

(provided that a Client-Carrying Broker (including a Client Carrying Broker that is 

an Affiliate of a Participant) acting in its capacity as such will be deemed a NonParticipant Party for purposes of the Rules). Non-Participant Parties include, 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

without limitation, a “cleared swaps customer” as defined in CFTC Rule 22.1 (other 

than a holder of a cleared swaps proprietary account as defined in such rule).

Non-Participant Party Portfolio

The portfolio of rights and obligations under Client-Related Positions allocated to 

a particular Non-Participant Party in the books and records of ICE Clear Credit for 

purposes of CFTC Rule 22.15.

Non-Participant Party Portfolio Initial Margin Requirement

The meaning specified in Rule 401(b)(i).

Novation Time

The meaning specified in Rule 309(a).

Obligation Failure

The meaning specified in Rule 802(a).

Obligations

All obligations of a Participant arising under these Rules or any agreements 

between such Participant and ICE Clear Credit, in each case however created, 

arising or evidenced, whether direct or indirect, absolute or contingent, existing, 

due or to become due.

OFAC

The meaning specified in Rule 208(a)(v).

Offer to the Public

The meaning specified in Rule 407(a)(i).

Officer Emergency Action

The meaning specified in Rule 601(a).

Open Positions or Open CDS Positions

A Participant’s open positions in Contracts with ICE Clear Credit created pursuant 

to Rule 301 or as otherwise provided in these Rules and not offset pursuant to 

Rule 304 or closed pursuant to the Closing-out Process. Both Client-Related 

Positions and House Positions shall constitute Open Positions for the purposes of 

these Rules.
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Parent

The meaning specified in Rule 205.

Partial Tear-Up

The meaning specified in Rule 20-605(f)(iii).

Partial Tear-Up Circular

The meaning specified in Rule 809(b).

Partial Tear-Up Price

The meaning specified in Rule 809(b)(iii).

Partial Tear-Up Time

The meaning specified in Rule 809(b)(iv).

Participant

A person that has been approved by ICE Clear Credit for the submission of 

Contracts and that is party to an agreement with ICE Clear Credit specifically 

relating to transactions in Contracts (a “Participant Agreement”).

Participant Appointees

The meaning specified in Rule 503(a)(iv).

Participant Group

The meaning specified in Rule 503(a)(v).

Participant IM/GF Contribution

With respect to a Participant at any time, the aggregate of its contributions to the 

General Guaranty Fund and the Initial Margin provided by it (for both the House 

Account and Client Origin Account); provided that for a Defaulting Participant, the 

Participant IM/GF Contribution shall exclude any of such amounts that are applied 

by ICE Clear Credit under the Rules as a result of the relevant Default.

Participant Loss Exposure

The meaning specified in Rule 801(a)(i).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Person

An individual, sole proprietorship, partnership, limited liability company, 

association, firm, trust, corporation or other entity, as the context may require.

Physical Settlement Margin

The meaning specified in Rule 403(b).

Pledged Guaranty Collateral

The meaning specified in Rule 804(b)(i).

Pledged Items

The meaning specified in Rule 402(b).

Portfolio Risk Margin

The meaning specified in Rule 403(a).

Post-RGD Payment

The meaning specified in Rule 808(m).

Potential Loss Distribution Day

The meaning specified in Rule 808(d).

President

The President of ICE Clear Credit.

Prepaid Contribution

The meaning specified in Rule 209.

Prohibited Conduct

The meaning specified in Rule 609(a).

Protected Person

The meaning specified in Rule 506.

Regulatory Body

The meaning specified in Rule 20-605(a)(i)(2).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Regulatory Requirement

The meaning specified in Rule 201(b)(i).

Reimbursement Obligations

The meaning specified in Rule 802(a)(ii).

Relevant CDS Default Committee Period

The meaning specified in Rule 20-617(c).

Relevant Member State

The meaning specified in Rule 407(a)(iv).

Relevant Persons

The meaning specified in Rule 407(f).

Remaining Aggregate Specific WWR Contribution

The meaning specified in Rule 802(b)(i)(A)(1).

Remaining Defaulted Positions

The meaning specified in Rule 809(b)(i).

Remaining Participant

With respect to the application of the General Guaranty Fund, each Participant 

other than the Excluded Participant and any Retiring Participant (in the case of a 

Retiring Participant, if the relevant Obligation Failure or Default occurred after such 

Retiring Participant’s Termination Date).

Remaining Reimbursement Obligations

Those Reimbursement Obligations in respect of a Defaulting Participant that 

remain unsatisfied after application of available amounts pursuant to Rule 802(a).

Replenishment Contribution

The meaning specified in Rule 803(a).

Required Contribution

The meaning specified in Rule 801(a)(i).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Retiring Participant

A Participant who has notified ICE Clear Credit pursuant to the terms of its 

Participant Agreement of its intention to terminate its status as a Participant or who 

has been notified by ICE Clear Credit pursuant to the terms of its Participant 

Agreement or these Rules of ICE Clear Credit’s intention to terminate its status as 

a Participant.

Reviewed Application

The meaning specified in Rule 20-605(i).

Risk Committee

The Risk Committee of ICE Clear Credit whose composition, rights and 

responsibilities are described in Chapter 5 of these Rules.

Risk Committee Board Appointees

The meaning specified in Rule 508(a).

Risk Committee Provisions

The meaning specified in Rule 504.

Risk Committee Reconstruction Date

The meaning specified in Rule 503(a)(vi).

Risk Management Subcommittee

The Risk Management Subcommittee of the Risk Committee whose composition, 

rights and responsibilities are described in Chapter 5 of these Rules.

Risk Pool

The meaning specified in Rule 503(a)(xiii).

Rule

References to a “Rule” or “Rules” are references to the Rules of ICE Clear Credit.

SDN List

The meaning specified in Rule 208(a)(v).

SEC

The U.S. Securities and Exchange Commission.
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Secondary Auction

An auction that takes place in accordance with the Secondary Auction Procedures.

Secondary Auction Procedures

The Secondary Default Auction Procedures adopted by ICE Clear Credit, as in 

effect from time to time.

Secondary Default Management Action

The meaning specified in Rule 20-605(f).

Securities Exchange Act

The U.S. Securities Exchange Act of 1934, as amended.

Sequential Guaranty Fund Depletion

In respect of a particular Participant that is not a Defaulting Participant, the 

occurrence of circumstances in which: (i) there has been a Default in respect of 

two or more different Participants within a period of 30 or fewer calendar days; 

(ii) contributions to the General Guaranty Fund from non-Defaulting Participants 

have been applied in respect of at least two such Defaults; and (iii) the total amount 

of Replenishment Contributions that the Participant is as a result obligated to pay 

to ICE Clear Credit to replenish its contributions to the General Guaranty Fund 

exceeds its Required Contribution to the General Guaranty Fund prior to the first 

such Default.

Specific WWR CDS Participant

The meaning specified in Rule 801(a)(iii).

Specific WWR Guaranty Fund Contribution

The meaning specified in Rule 801(a)(iii).

Specified Actions

The meaning specified in Rule 502.

Standard Default Management Action

The meaning specified in Rule 20-605(d).

Statement of Open Positions

The meaning specified in Rule 307.
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Subcommittee Specified Action

The meaning specified in Rule 510.

Super or Special Margin

The meaning specified in Rule 403(c).

Supervisor Authority

The meaning specified in Rule 407(m)(iii).

Swap Customer Segregation Requirements

The meaning specified in Rule 406(c).

Tax

The meaning specified in Rule 613(a).

Tear-Up Positions

The meaning specified in Rule 809(b)(ii).

Termination

In respect of a Contract means termination, liquidation, close-out, exercise, 

abandonment, or expiry pursuant to its terms and under the Rules.

Termination Circular

The meaning specified in Rule 810(c).

Termination Close-Out Deadline Date

(i) Unless clause (ii) applies, in respect of the termination of Participant status of a 

Participant under Rule 207, the date falling 30 Business Days after the Termination 

Notice Time (or, if ICE Clear Credit has terminated the Participant’s status under 

Rule 207, the date so designated by ICE Clear Credit); (ii) in respect of termination 

of clearing membership during a Cooling-off Termination Period, the date falling 

20+x ICE Business Days after the Termination Notice Time where x= the total 

number of unexpired ICE Business Days in the such Cooling-Off Termination 

Period; or (iii) in any case, such later date as the ICE Clear Credit may at its 

discretion permit and notify in writing to the affected Participant.

Termination Date

In respect of the termination of Participant status for a Retiring Participant, the later 

of (i) where applicable, the Termination Close-Out Deadline Date and (ii) the date 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

as of which all of the Retiring Participant’s Open Positions in respect of its House 

Account and Client Origin Account have been terminated or closed out in full and 

all obligations of the Retiring Participant in respect thereof have been satisfied and 

performed in full.

Termination Deposit

The meaning specified in Rule 807(f).

Termination Event

The meaning specified in Rule 207(b).

Termination Notice Time

The time of service by a Participant of a Termination Notice.

Termination Notice

A notice served by the Participant on ICE Clear Credit indicating that such 

Participant intends to withdraw from being a Participant (and thereby becomes a 

Retiring Participant).

Termination Price

The meaning specified in Rule 810(d)(i).

Termination Time

The meaning specified in Rule 810(b).

Top Six Incumbent Participant Group

The meaning specified in Rule 503(a)(vi)(A).

Total Participant IM/GF Contribution

At any time, the sum of the Participant IM/GF Contributions of all Participants 

(including Defaulting Participants).

Trade A

The meaning specified in Rule 301(c).

Trade B

The meaning specified in Rule 301(c).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Trades

Transactions in Contracts.

Trading Activity Limitation

The meaning specified in Rule 203(b).

Transfer

(a) With respect to any Margin, Collateral or other assets required to be delivered by 

a Participant to ICE Clear Credit (i) in the case of cash, payment or delivery by 

wire transfer into one or more bank accounts specified by ICE Clear Credit (which 

may be a relevant Margin Account), (ii) in the case of securities or other financial 

assets that can be paid or delivered by book-entry, the crediting of such securities 

or other financial assets to a securities account specified by ICE Clear Credit 

(which may be a Margin Account), and (iii) in the case of neither cash nor securities 

or other financial assets that can be paid or delivered by book-entry, in accordance 

with the instructions of ICE Clear Credit; and

(b) With respect to any Margin, Collateral or other assets required to be delivered by 

ICE Clear Credit to a Participant, in any manner specified herein including, without 

limitation, (i) in the case of Mark-to-Market Margin, by crediting such Margin to 

such Participant’s House Margin Account or Client Omnibus Margin Account, as 

applicable, deeming such Margin as having been Transferred by such Participant 

to ICE Clear Credit and making such Margin available for withdrawal by the 

Participant, in accordance with the ICE Clear Credit Procedures, (ii) in the case of 

Initial Margin, making such Margin in such Participant’s House Margin Account or 

Client Omnibus Margin Account, as applicable, at ICE Clear Credit available for 

withdrawal by the Participant, in accordance with the ICE Clear Credit Procedures, 

and (iii) in the case of other property to be returned to a Participant from a Client 

Omnibus Margin Account in accordance with Rule 406, by making such property 

available for withdrawal in accordance with the ICE Clear Credit Procedures.

Transfer Confirmation

The meaning specified in Rule 20A-01(b)(iii).

Transfer Date

The meaning specified in Rule 20A-01(b)(iii)(B).

Transfer Time

The meaning specified in Rule 20A-01(b)(iv).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Transferred Transactions

The meaning specified in Rule 20A-01(b)(iii)(A).

Transferee Participants

The meaning specified in Rule 20A-01(a).

Transferor Participant

The meaning specified in Rule 20A-01(a).

Value

The meaning specified in Rule 401(e).

Violations

The meaning specified in Rule 701(a).

Wound-up Contracts

The meaning specified in Rule 810(e).

WWR Contract

The meaning specified in Rule 801(a)(iii).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

2. MEMBERSHIP

201. Qualifications of Participants.

(a) ICE Clear Credit shall determine whether any applicant for status as a Participant, 

or any existing Participant, satisfies the qualifications established by ICE Clear 

Credit. Only Persons found by ICE Clear Credit to be so qualified shall be permitted 

to become or remain, as applicable, Participants. For the purpose of determining 

whether any applicant or Participant is thus qualified, ICE Clear Credit may 

establish minimum capital and other financial requirements for Participants, 

examine the books and records of any applicant or Participant (on the site of such 

applicant or Participant, during normal business hours, with reasonable advance 

notice, and, in the case of a Participant, not more frequently than annually unless 

ICE Clear Credit determines that a more frequent examination of the Participant is 

appropriate for the protection of the clearing system operated by ICE Clear Credit 

pursuant to these Rules), and take such other steps as it may deem necessary to 

ascertain the facts bearing upon the question of qualification. The Risk 

Management Subcommittee will have certain consultation rights over any 

Modification (as defined in Rule 502) to the qualifications for Participants 

contemplated by this Rule 201.

(b) Participants must meet and maintain such standards of business integrity, financial 

capacity, creditworthiness, operational capability, experience and competence as 

may be established by ICE Clear Credit from time to time. Without limitation of the 

foregoing, no applicant shall be admitted or permitted to remain, as applicable, as 

a Participant unless, in ICE Clear Credit’s sole determination:

(i) It is regulated for capital adequacy (the “Regulatory Requirement”) by a 

competent authority such as the CFTC, SEC, Federal Reserve Board, 

Office of the Comptroller of the Currency, European Securities and Markets 

Authority, U.K. Prudential Regulatory Authority or any other regulatory body 

ICE Clear Credit designates from time to time for this purpose, or it is an 

Affiliate of an entity that satisfies the Regulatory Requirement and is subject 

to consolidated holding company group supervision;

(ii) It has a minimum of $50 million of Adjusted Net Capital (provided that this 

requirement may, at the discretion of ICE Clear Credit, be met by a Parent 

if such Parent provides a guarantee pursuant to Rule 205);

For purposes of this clause (ii):

“Adjusted Net Capital” (A) for a Participant that is an FCM, shall be as 

defined in CFTC Rule 1.17 and as reported on its Form 1-FR-FCM or 

FOCUS Report or as otherwise reported to the CFTC under CFTC 

Rule 1.12, (B) for a Participant that is not an FCM but is a Broker-Dealer, 

shall be its “net capital” as defined in SEC Rule 15c3-1 and as reported on 

its FOCUS Report, and (C) for a Participant that is neither an FCM nor a 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Broker-Dealer, shall be the amount of its net capital as determined pursuant 

to a similar risk adjusted capital calculation methodology acceptable to ICE 

Clear Credit;

(iii) At the time of admission, it demonstrates to the Board, upon 

recommendation by ICE Clear Credit senior management after consultation 

with the Risk Management Subcommittee, that it (or, if a Parent has 

provided a guarantee of its obligations pursuant to Rule 205, its Parent) 

satisfies the internal stringent credit criteria established by the Board in its 

discretion, such satisfaction to be confirmed by an examination of its books 

and records;

(iv) At no time after admission does it (or, if applicable, its Parent) cease to 

satisfy the internal credit criteria established by the Board under clause (iii) 

above, after consultation with the Risk Management Subcommittee, upon 

its admission;

(v) It demonstrates that it has sufficient financial ability to make its anticipated 

General Guaranty Fund contributions and provide Margin as required by 

these Rules, and it makes and maintains, so long as it is a Participant, a 

deposit or deposits of Collateral in the General Guaranty Fund as required 

by these Rules;

(vi) It (on its own or through an arrangement acceptable to ICE Clear Credit) 

demonstrates operational capacity with respect to agreements (whether or 

not cleared) substantially similar (as determined by ICE Clear Credit) to 

Contracts, including (A) having the ability to process the expected volumes 

and values of Contracts within the required time frames (including at peak 

times and on peak days), (B) having the ability to submit required pricing 

data within the required time frames and (C) maintaining back-office 

facilities (or entering into a facilities management agreement in form and 

substance acceptable to ICE Clear Credit):

(1) remote from both the exchange floor and/or trading desks;

(2) with adequate systems (including but not limited to computer and 

communication systems) and records;

(3) with adequate number of competent personnel with sufficient 

operational background and experience with procedures for the 

management and clearance of business transacted in the Markets 

and Contracts in which the Participant will participate; and

(4) with such equipment (including computer software and hardware) as 

may be required by ICE Clear Credit.
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

(vii) It (on its own or through an arrangement acceptable to ICE Clear Credit) 

demonstrates risk management competence in such agreements and 

Contracts;

(viii) [Intentionally omitted.]

(ix) It has established relationships with, and has designated to ICE Clear 

Credit, an approved settlement bank for confirmation and payment or 

delivery, as applicable, of all Margin and any other payments or deliveries 

required to be made by it to or from ICE Clear Credit, or has made alternate 

arrangements to facilitate such payments and deliveries in a timely manner 

and in accordance with these Rules and the ICE Clear Credit Procedures;

(x) It has established relationships with one or more swap data repositories 

and/or security-based swap data repositories as necessary for reporting its 

cleared Contracts in accordance with applicable law;

(xi) It provides in a timely manner all reports and information relating to the 

Participant, Persons controlling the Participant, and related or affiliated 

organizations as required by these Rules or otherwise required by ICE Clear 

Credit, and upon becoming aware that any such report or information was 

at the time provided false or misleading in any material respect, it promptly 

provides ICE Clear Credit a correcting amendment of or supplement to such 

report or information; and

(xii) It is (and, if its Parent provides a guarantee pursuant to Rule 205, its Parent 

is) organized in a jurisdiction whose insolvency laws are acceptable to ICE 

Clear Credit.

(xiii) It is not subject to statutory disqualification under Section 8a(2) of the CEA 

or Section 3(a)(39) of the Securities Exchange Act, or otherwise applicable 

CFTC or SEC regulations.

(xiv) It participates in default management simulations, new technology testing 

and other exercises, as notified by ICE Clear Credit from time to time.

(c) For the avoidance of doubt, and without limiting Section 201(b), the following 

categories of persons may be approved by ICE Clear Credit as Participants; 

provided that such applicant meets and maintains the ICE Clear Credit 

participation standards set forth in Rule 201(b) above:

(i) registered broker-dealer;

(ii) registered investment company;

(iii) bank;

(iv) insurance company;
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

(v) registered futures commission merchant; or

(vi) such other person or class of persons that the SEC may designate as 

appropriate.

202. Application for Participant Status.

(a) Persons desiring to clear Trades through ICE Clear Credit shall make application 

in such form as shall be prescribed by ICE Clear Credit. Each applicant must 

execute the Participant Agreement and agree to abide by the Rules and related 

interpretations and the ICE Clear Credit Procedures as in effect from time to time.

Decisions with respect to an application to be a Participant shall be made by the 

Board on the advice of ICE Clear Credit management and the Risk Management 

Subcommittee. An applicant for Participant status shall be conclusively deemed to 

have agreed to have no recourse against ICE Clear Credit, the Board or any 

member of the Risk Management Subcommittee in the event that its application to 

become a Participant is rejected. In the event that an applicant for Participant 

status is denied participation in or is granted limited access to ICE Clear Credit, 

ICE Clear Credit shall provide to such applicant and to the CFTC and SEC a 

statement setting forth the specific grounds on which the applicant was denied or 

the Participant’s access was limited.

(b) Notwithstanding the termination of Participant status, a Person admitted as a 

Participant agrees to be responsible for any Violation (as defined in Rule 701) 

committed by such Person while a Participant and agrees to have any disputes 

that arise while a Participant and that relate to or arise out of any transaction with 

ICE Clear Credit or status of a Participant in ICE Clear Credit resolved in 

accordance with the Rules.

203. Restriction on Activity.

(a) In the event a Participant fails to comply with these Rules or the ICE Clear Credit 

Procedures, ICE Clear Credit may, subject to the requirements of Rule 615(b), 

suspend or revoke such Participant’s clearing privileges. In such case, ICE Clear 

Credit shall provide to the Participant and to the CFTC and SEC a statement 

setting forth specific grounds on which the Participant’s clearing privileges were 

suspended or revoked.

(b) In addition to any other rights granted to ICE Clear Credit under these Rules, for 

the protection of ICE Clear Credit and the Participants, ICE Clear Credit shall be 

authorized: (i) to impose such additional capital, Margin or other requirements on 

a Participant; (ii) to allow such Participant to submit Trades for liquidation only; (iii) 

to limit or restrict the type of Contracts that may be cleared by such Participant in 

any of its accounts with ICE Clear Credit; or (iv) to limit or restrict the aggregate 

notional or other reference amount of positions in Contracts that are permitted to 

be maintained by such Participant in any of its accounts with ICE Clear Credit (any 

limitation imposed under clauses (ii) through (iv), a “Trading Activity Limitation”).
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

204. Financial Statements of Participants.

Each Participant (and, if a Parent has provided a guarantee of its obligations pursuant to 

Rule 205, its Parent) shall submit statements of its financial condition at such times and 

in such manner as shall be prescribed by ICE Clear Credit from time to time. Without 

limiting the foregoing, each Participant that is an FCM shall provide to ICE Clear Credit a 

copy of its Forms 1-FR-FCM or FOCUS Reports, as applicable, as and when filed with 

the National Futures Association or Financial Institution Regulatory Authority, as 

applicable (and any Participant that is not an FCM or a Broker-Dealer shall provide to ICE 

Clear Credit a copy of such forms as ICE Clear Credit may determine to be necessary on 

a comparable schedule to that which an FCM would be required to follow in filing such 

forms with the National Futures Association).

205. Parent Guarantee.

A Participant shall be approved for the clearing of Contracts only if it meets the capital, 

regulatory and other requirements as specified by ICE Clear Credit from time to time, or, 

if it fails to meet such requirements itself, it has a direct or indirect parent that is acceptable 

to ICE Clear Credit (a “Parent”) that meets such requirements (including without limitation 

under Rules 201(b)(ii)-(iv) and (xi)) as determined by ICE Clear Credit and that 

unconditionally guarantees the Participant’s obligations relating to Contracts. The form, 

substance and amount of any such guarantee must be acceptable to ICE Clear Credit 

and ICE Clear Credit must be satisfied that the guarantee is enforceable against the 

Parent under applicable law (including relevant insolvency law), and in connection 

therewith ICE Clear Credit may require Participant or Parent to procure an opinion of 

counsel in form and substance acceptable to ICE Clear Credit to such effect. ICE Clear 

Credit will not accept a Parent guarantee pursuant to this Rule 205 unless ICE Clear 

Credit is satisfied that the Parent will be able to meet its financial obligations under the 

guarantee, based upon such financial or other information as is reasonably requested by 

ICE Clear Credit.

206. Notices Required of Participants.

(a) Each Participant shall immediately notify ICE Clear Credit in writing of:

(i) Any material adverse change in the Participant’s financial condition 

including, but not limited to, a decline in Adjusted Net Capital (as defined in 

Rule 201(b)(ii)) equal to 20% or more from such amount determined as of 

the end of the previous calendar month, or if such Participant knows or has 

reason to believe that its Adjusted Net Capital has fallen below ICE Clear 

Credit’s capital requirement in Rule 201(b)(ii);

(ii) Any proposed material reduction (and, in all cases, if the reduction is 30% 

or more from such amount determined as of the end of the previous 

calendar month) in the Participant’s operating capital or Adjusted Net 

Capital, including the incurrence of a contingent liability that would 

materially affect the Participant’s capital or other representations contained 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

in the latest financial statement submitted to ICE Clear Credit should such 

liability become fixed;

(iii) With respect to the Participant, any refusal of admission to, withdrawal of 

any application for membership in, any suspension, expulsion, bar, fine, 

censure, denial of membership, registration or license, withdrawal of any 

application for registration, cease and desist order, temporary or permanent 

injunction, denial of trading privileges, or, to the extent detrimental to the 

ability of the Participant (or of any Parent that has provided a guarantee for 

such Participant pursuant to Rule 205) to fulfill its duties and obligations 

hereunder, any other sanction or discipline through an adverse 

determination, voluntary settlement or otherwise, by the U.S. Commodity 

Futures Trading Commission, the U.S. Securities and Exchange 

Commission, the European Securities and Markets Authority, the U.K. 

Prudential Regulatory Authority, any commodity, securities or swap 

exchange or trading facility, clearing organization, the National Futures 

Association, the Financial Industry Regulatory Authority, any other 

regulatory, self-regulatory or other entity or organization with regulatory 

authority, whether U.S. or non-U.S. and governmental or otherwise, having 

jurisdiction over the Participant, or other business or professional 

association;

(iv) The imposition of any restriction or limitation on the business conducted by 

the Participant on or with any securities, futures or swap clearing 

organization or exchange (including, without limitation, any contract market, 

securities exchange, swap execution facility, security-based swap 

execution facility or other trading facility), other than restrictions or 

limitations imposed generally on all Participants of or participants in such 

clearing organization or exchange;

(v) Any failure by the Participant to perform any of its material contracts, 

obligations or agreements, unless such failure is the result of a good faith 

dispute by such Participant;

(vi) Any determination that the Participant will be unable to perform any of its 

material contracts, obligations or agreements;

(vii) The Participant becomes insolvent or is unable to pay its debts or fails or 

admits in writing its inability generally to pay its debts as they become due;

(viii) The institution of any proceeding by or against the Participant or any Affiliate 

of the Participant, under any provision of the bankruptcy laws of the United 

States, Title II of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act, the Securities Investor Protection Act of 1970, the Federal 

Deposit Insurance Corporation Improvement Act of 1991, the Federal 

Deposit Insurance Act or any other statute or equitable power of a court of 

like nature or purpose, whether domestic or foreign, in which such 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Participant or Person is designated as the bankrupt, debtor or equivalent, 

or a receiver, conservator, trustee or similar official is appointed for the 

Participant, such Affiliate, or its or their property;

(ix) The receipt by the Participant, or the filing by the Participant with a selfregulatory organization, of a notice of material inadequacy; and

(x) The receipt by the Participant from its independent auditors of an audit 

opinion that is not unqualified.

(b) Each Participant shall provide prior written notice to ICE Clear Credit of:

(i) Any changes in the Participant’s name, business address, its telephone or 

facsimile number, electronic mail address, or any number or access code 

for any electronic communication device used by it to communicate with ICE 

Clear Credit; and

(ii) Any proposed material change in the organizational or ownership structure 

or senior management of the Participant (and the Participant shall promptly 

furnish to ICE Clear Credit such documents related to such events as ICE 

Clear Credit may from time to time request), including:

(A) the merger, combination or consolidation between the Participant 

and another Person;

(B) the assumption or guarantee by the Participant of all or substantially 

all of the liabilities of another Person in connection with the direct or 

indirect acquisition of all or substantially all of the assets of such 

Person;

(C) the sale of a significant part of the Participant’s business or assets to 

another Person; and

(D) a change in the direct or indirect beneficial ownership of 10% or more 

of the equity of the Participant.

(c) Each Participant that is an FCM shall notify ICE Clear Credit of any matter required 

to be notified to the CFTC under CFTC Rule 1.12, within the time and in the 

manner specified in that rule. Each Participant that is a Broker-Dealer shall notify 

ICE Clear Credit of any matter required to be notified to the SEC under Rule 17a11 or to FINRA under FINRA Rule 4530(a)(1)(A),(C),(E) and 4530(b) (or any 

similar rules), within the time and in the manner specified in those rules. (Any 

Participant that is not an FCM or a Broker-Dealer shall provide notices to ICE Clear 

Credit pursuant to the second preceding sentence as though it were an FCM.)

(d) Each Participant shall promptly notify ICE Clear Credit in writing if it becomes 

subject to statutory disqualification under Section 8a(2) of the CEA or Section 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

3(a)(39) of the Securities Exchange Act, or otherwise applicable CFTC or SEC 

regulations.

. . . Interpretations and Policies:

.01 As used in this Rule, the term “Participant” shall be deemed to include any 

Parent of the Participant providing a guarantee pursuant to Rule 205 and 

the Participant and such Parent shall be jointly obligated to deliver all 

notices required by this Rule relating to events occurring with respect to the 

Participant or such Parent.

207. Termination of Participant Status.

(a) Upon the occurrence of a Termination Event (as defined herein), ICE Clear Credit 

may, in its sole discretion, impose limitations, conditions and restrictions upon a 

Participant or, subject to the requirements of Rule 615(b), terminate the status of 

the Participant. In such circumstances, ICE Clear Credit may, in its sole discretion, 

(i) decline to accept new Trades in the case of Termination Events described in 

subparagraphs (b)(i), (b)(ii) (provided such Retiring Participant has no remaining 

Open Positions) or (b)(v) of this Rule, (ii) cause Open Positions to be transferred 

to another clearing organization designated by the Market, if applicable, or that 

provides clearing services for agreements equivalent to Contracts, with such 

security against claims and liabilities as ICE Clear Credit shall deem necessary for 

its protection, (iii) impose a Trading Activity Limitation (as defined in Rule 203), (iv) 

prior to the occurrence of a Default, require the Participant to cause all Open 

Positions to be closed out (or, in the case of Client-Related Positions, transferred 

to another Participant in accordance with Chapter 20A-01 of these Rules by a date 

specified by ICE Clear Credit (which, in the case of a Retiring Participant, shall be 

no later than such Retiring Participant’s Termination Close-Out Deadline Date), 

with the failure of the Participant to do so constituting a default under the 

Participant’s Contracts with ICE Clear Credit, and (v) otherwise take or omit to take 

such actions, or any combination thereof, not inconsistent with these Rules as it 

deems necessary or appropriate in the circumstances; provided that nothing in this 

paragraph (a) shall limit the rights granted to ICE Clear Credit upon the Default of 

a Participant or the rights and obligations of ICE Clear Credit and such Participant 

under Rule 807.

(b) As used herein, “Termination Event” shall mean the occurrence of any of the 

following:

(i) The expiration or termination of the agreement for clearing services 

between ICE Clear Credit and the relevant Market;

(ii) The Participant becomes a Retiring Participant by delivery to ICE Clear 

Credit of a Termination Notice;

(A) A representation or warranty made by the Participant (or any Parent 

of Participant providing a guarantee pursuant to Rule 205) to ICE 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

Clear Credit under or in connection with any agreement between ICE 

Clear Credit and the Participant (or such Parent) shall be false or 

misleading in any material respect as of the date on which made;

(B) an Eligible Officer determines that the Participant (or, if applicable, 

such Parent) has failed to satisfy the ongoing requirements to retain 

its status as a Participant under Rule 201(b)(i), (ii), (iv), (v), (viii), (ix), 

(x) or (xi); or

(C) the Board determines, by a two-thirds majority of those voting, in a 

vote excluding members of the Board who are employees of such 

Participant or any Affiliate and with a quorum of at least fifty percent 

of the remaining members of the Board, that (1) the Participant (or, 

if applicable, such Parent) has failed to satisfy any other ongoing 

requirements to retain its status as a Participant, including under 

Rule 201(b)(vi) or (vii), or (2) it appears, in the Board’s judgment, that 

the Participant (or, if applicable, such Parent) is likely to fail to satisfy 

any ongoing requirements to retain its status as a Participant if any 

proposed material change in the organizational or ownership 

structure or senior management of the Participant (or, if applicable, 

such Parent) referred to in Rule 206(b)(ii) were effected;

(iii) The material breach by the Participant of the Rules or any of the terms or 

provisions of any agreement between ICE Clear Credit and the Participant 

which is not remedied promptly after notice from ICE Clear Credit; or

(iv) The Participant is in Default.

(v) The Participant becomes subject to statutory disqualification under Section 

8a(2) of the CEA or Section 3(a)(39) of the Securities Exchange Act, or 

otherwise applicable CFTC or SEC regulations.

(c) A Retiring Participant’s status as a Participant hereunder shall be terminated upon 

the Retiring Participant’s Termination Date.

208. AML Compliance.

(a) Anti-Money Laundering and Customer Identification Program. As of each ICE 

Business Day, regardless of whether Participant submits Contracts to be cleared 

by ICE Clear Credit, each Participant that is subject to the Bank Secrecy Act (31 

U.S.C. 5311, et seq.), the USA PATRIOT Act, and the regulations promulgated 

thereunder hereby represents and warrants that it has developed and implemented 

a written anti-money laundering program, which has been approved in writing by 

senior management of Participant, and is reasonably designed to promote and 

monitor Participant’s compliance with the applicable requirements of the Bank 

Secrecy Act (31 U.S.C. 5311, et seq.), the USA PATRIOT Act, and the regulations 

promulgated thereunder. Such anti-money laundering program shall, at a 

minimum:
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

(i) establish and implement policies, procedures and internal controls 

reasonably designed to promote compliance with the applicable provisions 

of the Bank Secrecy Act and the implementing regulations thereunder;

(ii) establish policies, procedures and internal controls reasonably designed to 

detect and report circumstances where Participant may be used as a 

vehicle for money laundering, including the monitoring of Participant’s 

customers for suspicious activity;

(iii) require Participant to take appropriate action once suspicious activity is 

detected and make reports to government authorities in accordance with 

applicable laws;

(iv) require the performance of due diligence on Participant’s customers and, 

where appropriate, performance of enhanced due diligence on customers 

using a risk-based approach;

(v) require screening of customers for compliance with U.S. sanctions 

administered by the U.S. Treasury’s Office of Foreign Assets Control 

(“OFAC”), including screening customer names against OFAC’s List of 

Specially Designated Nationals and Blocked Persons (“SDN List”);

(vi) designate an anti-money-laundering compliance officer;

(vii) provide for independent testing for compliance to be conducted by the 

Participant’s personnel or by a qualified outside party; and

(viii) provide periodic training for appropriate personnel.

(b) If Participant becomes aware that Participant’s customer and/or the beneficial 

owner of a Trade, is prohibited pursuant to an economic or trade sanctions 

program administered and enforced by the Office of Foreign Assets Control of the 

U.S. Department of the Treasury or is listed on the SDN List, Participant will notify 

the ICE Clear Credit Legal and/or Compliance Department as soon as is 

reasonably practicable or as may otherwise be required by law.

209. Risk-Based Capital Requirement.

If at any time and for so long as a Participant has a Required Contribution to the General 

Guaranty Fund that exceeds 25% of its Excess Net Capital, ICE Clear Credit may (in 

addition to imposing the Trading Activity Limitations provided for in Rule 203(b)) require 

such Participant to prepay and maintain with ICE Clear Credit an additional contribution

(the “Prepaid Contribution”) to the General Guaranty Fund equal to the Termination 

Deposit that would be applicable to it under Rule 807 at such time if it were a Retiring 

Participant. Payment of the Prepaid Contribution shall not limit such Participant’s

obligations to make additional contributions to the General Guaranty Fund as otherwise 

required by the Rules, provided that if such a Participant becomes a Retiring Participant 

it may apply the Prepaid Contribution to its obligation to make additional contributions to 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

the General Guaranty Fund up to the limits set forth in Rules 806 and 807, as applicable.

Notwithstanding anything to the contrary herein, except in the case of a Default with 

respect to such Participant, the Prepaid Contribution will not be deemed to be part of the 

General Guaranty Fund for purposes of Rule 802(b) until such time as it is applied to the 

Participant’s obligations to make additional contributions to the General Guaranty Fund 

as provided in the preceding sentence.

210. [Intentionally Omitted]

211. Regulatory Reporting of Swap Data.

For all swaps cleared by ICE Clear Credit, and resulting positions, ICE Clear Credit shall 

report creation and continuation data to Intercontinental Exchange, Inc.’s swap data 

repository for purposes of complying with applicable CFTC rules governing the regulatory 

reporting of swaps. Upon the request of a Participant that is a counterparty to a swap 

cleared at ICE Clear Credit, ICE Clear Credit shall provide the same creation and 

continuation data to a swap data repository selected by the counterparty as ICE Clear 

Credit provided to Intercontinental Exchange, Inc.’s swap data repository under the 

preceding sentence.

212. Associate Clearing Participants.

ICE Clear Credit may establish an additional category of clearing participant on the terms 

and conditions set forth in this Rule 212 (such clearing participants, “Associate

Clearing Participants”).

(a) Each Associate Clearing Participant shall be a Participant for all purposes under

the Rules and ICE Clear Credit Procedures, with and subject to all rights,

obligations, limitations, conditions, restrictions, representations, warranties and 

acknowledgements of a Participant hereunder and thereunder and subject to the

initial and ongoing qualifications and requirements for being a Participant

hereunder and thereunder, except in each case as provided in this Rule 212 or in 

the ICE Clear Credit Procedures.

(b) ICE Clear Credit may establish additional or different price submission

requirements for Associate Clearing Participants pursuant to the ICE Clear Credit 

Procedures, including the following:

(i) With respect to Contracts relating to North American reference entities or 

indices (as identified by ICE Clear Credit) and such other Contracts as ICE 

Clear Credit may determine (“NA Instruments”), ICE Clear Credit may 

establish a new London end-of-day price submission window for which 

Associate Clearing Participants will be required to make price submissions 

(“NA Instrument EU EOD Submissions”). Associate Clearing Participants 

will not be required to make North American end-of-day price submissions 

with respect to NA Instruments. ICE Clear Credit may establish firm trade 

requirements between Associate Clearing Participants with respect to their 
Copyright © 2009-2022. ICE Clear Credit LLC.

All rights reserved.

Rev. 05MM/02DD/2022YYYY

NA Instrument EU EOD Submissions. Full Participants may, but will not be 

required to, make NA Instrument EU EOD Submissions (and will not be 

subject to firm trade requirements in connection with any such 

submissions).

(ii) With respect to all other Contracts, Associate Clearing Participants will, for 

the avoidance of doubt, be required to make end-of-day price submissions 

on the same basis as Full Participants.

(c) ICE Clear Credit may establish pursuant to the ICE Clear Credit Procedures

different daily deadlines for submission of Trades by Associate Clearing

Participants as compared to Full Participants. Such Trades submitted by an

Associate Clearing Participant after the applicable deadline will be rejected by ICE 

Clear Credit.

(d) ICE Clear Credit may establish pursuant to the ICE Clear Credit Procedures

different or supplemental margin requirements or related parameters applicable to 

Associate Clearing Participants as compared to Full Participants.

(e) An Associate Clearing Participant shall be permitted to submit Trades solely for its 

own account or the account of an Affiliate as House Positions. No Associate

Clearing Participant may submit or clear Client-Related Positions.

(f) ICE Clear Credit may establish alternative or additional standards of business

integrity, financial capacity, creditworthiness, operational capability, experience

and competence for Associate Clearing Participants, as compared to those for Full 

Participants, from time to time. Except with respect to any such alternative or 

additional standards, Rule 201 shall apply to Associate Clearing Participants.

(g) For purposes of Rule 202(a), ICE Clear Credit may require a separate form of

Participant Agreement for Associate Clearing Participants.

(h) A Person that is an Affiliate of a Participant will not be eligible to be an Associate

Clearing Participant.

(i) Nothing in this Rule 212 shall affect the rights or obligations of Full Participants.