December 21, 2022

BY ELECTRONIC TRANSMISSION

Mr. Christopher Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Submission Pursuant to Section 5c(c)(1) of the Commodity Exchange Act and 

Commission Regulation 40.6(a) - Amendments to the ICE Clear U.S., Inc. Clearing 

Member Default Management Procedures

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and 

Commodity Futures Trading Commission (“Commission”) Regulation 40.6(a), ICE Clear U.S., Inc. 

(“ICUS”) is submitting this self-certification to amend the ICUS Rules,

1 specifically the ICUS 

Clearing Member Default Management Procedures (“Default Management Procedures”). ICUS 

intends to revise the Default Management Procedures no sooner than the tenth business day 

following the filing of this submission with the Commission, or such later date as ICUS may 

determine. 

1. Overview

The proposed changes to the Default Management Procedures are designed to reflect changes 

to ICUS’s Rules and additional changes following their periodic review. 

2. Details of Rule Changes

ICUS is proposing to amend the Default Management Procedures to reflect an additional Event 

of Default that was added to the ICUS Rules earlier in the year. And, in addition, to memorialize 

an increase in the listing exchange skin-in-the-game. Finally, ICUS is proposing to add additional 

details to the draft notices that it would use in the event of a Clearing Member default.2 ICUS has 

respectfully requested confidential treatment for the Default Management Procedures revisions

which were submitted concurrently with this submission.

1 Capitalized terms used and not defined in this submission have the meaning set forth in the ICUS Rules.

2

ICUS is also proposing to make some conforming changes, as well as some non-substantive, stylistic 

changes. 
3. Compliance with the Act and Regulations

ICUS reviewed the foregoing amendments and determined that they comply with the 

requirements of the Act and the rules and regulations promulgated by the Commission in 

implementing the Act. In this regard, ICUS reviewed the derivatives clearing organizations core 

principles (“Core Principles”) and determined that the amendments are potentially relevant to the 

following Core Principle and the applicable regulations of the Commission thereunder:

Default Rules and Procedures (Core Principle G): The proposed amendments to the Default 

Management Procedures clarify and add detail to those procedures and will make them more 

efficient if they have to be implemented. As a result, these amendments are consistent with the 

requirements of Core Principle G and Commission Regulation 39.16.

 

4. Certifications

ICUS certifies that the amendments to the Default Management Procedures, comply with the Act 

and the rules and regulations promulgated by the Commission thereunder. ICUS is not aware of 

any substantive opposing views expressed regarding the amendments. ICUS further certifies 

that, concurrent with this filing, a copy of the submission was posted on ICUS’s website and may 

be accessed at https://www.theice.com/clear-us/regulation.

If you or your staff have any questions or require further information regarding this submission, 

please do not hesitate to contact the undersigned at (212) 748-3964 or 

Eamonn.Hahessy@ice.com.

Sincerely,

Eamonn Hahessy

General Counsel and Chief Compliance Officer