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Clearing Rules

Table of Contents

EXHIBIT A
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26D. Standard Emerging Market Sovereign (“SES”) Single Name.

The rules in this Subchapter 26D apply to the clearance of SES Contracts.

26D-102. Definitions.

Eligible SES Reference Entities

Each particular Reference Entity included in the List of Eligible SES Reference 

Entities as determined by ICE Clear Credit to be eligible (specifically, the 

Federative Republic of Brazil, the United Mexican States, the Bolivarian Republic 

of Venezuela, the Argentine Republic, the Republic of Turkey, the Russian 

Federation, Hungary, the Republic of South Africa, the Republic of Chile, the 

Republic of Peru, the Republic of Colombia, the Republic of Poland, the Republic 

of Panama, Abu Dhabi, Dubai, the State of Israel, the State of Qatar, the 

Kingdom of Saudi Arabia, the Republic of Kazakhstan, the Lebanese Republic, 

the Republic of Croatia, and Ukraine, Arab Republic of Egypt, Kingdom of 

Bahrain, and Sultanate of Oman). For the avoidance of doubt, if there are 

multiple Reference Entity Database codes (as published by Markit Group Limited 

or any successor thereto, such codes “RED Codes”) for a particular Reference 

Entity listed in the List of Eligible SES Reference Entities, each such RED Code 

shall be treated as a separate Eligible SES Reference Entity.

Eligible SES Reference Obligations

With respect to any SES Contract Reference Obligation for any Eligible SES 

Reference Entity, the Reference Obligations determined by ICE Clear Credit to 

be eligible and listed under the heading “Eligible Reference Obligations” for such 

SES Contract Reference Obligation and Eligible SES Reference Entity in the List 

of Eligible SES Reference Entities. In the case of a 2014-Type CDS Contract 

where “Standard Reference Obligation” is applicable to the SES Reference Entity 

and ICE Clear Credit has implemented the Standard Reference Obligation, the 

Standard Reference Obligation shall be an Eligible SES Reference Obligation.

List of Eligible SES Reference Entities

The list of Eligible SES Reference Entities, maintained, updated and published 

by the Board or its designee on the ICE Clear Credit website, specifying the 

following information (and the permissible combinations thereof, which may 

distinguish, where applicable, between 2003-Type CDS Contracts and 2014-

Type CDS Contracts) with respect to each Eligible SES Reference Entity:

(a) the name of such Eligible SES Reference Entity and the RED Code(s) for 

such Eligible SES Reference Entity;

(b) each Relevant Physical Settlement Matrix and relevant Transaction Type;
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(c) each SES Contract Reference Obligation and each Eligible SES 

Reference Obligation for each such SES Contract Reference Obligation;

(d) each eligible “Scheduled Termination Date”; and

(e) the Sector “Government” (as published by Markit Group Limited or any 

successor thereto).

(f) the eligible Applicable Credit Derivatives Definitions for such Contract.

(g) in the case of a 2014-Type CDS Contract, the eligible Seniority Levels.

(h) in the case of a 2014-Type CDS Contract, whether “Standard Reference 

Obligation” is applicable.

Permitted SES Fixed Rates

The Fixed Rates permitted for a SES Contract, as determined from time to time 

by the Board or its designee and notified to CDS Participants.

Relevant Physical Settlement Matrix

With respect to a SES Contract, the “Credit Derivatives Physical Settlement 

Matrix” applicable to such SES Contract, as specified in the combination of 

characteristics listed as eligible for the relevant Eligible SES Reference Entity in, 

and permitted by, the List of Eligible SES Reference Entities.

SES Contract

A credit default swap in respect of any Eligible SES Reference Entity having a 

combination of characteristics listed as eligible for such Eligible SES Reference 

Entity in, and permitted by, the List of Eligible SES Reference Entities. A SES 

Contract is a CDS Contract for purposes of Chapter 20.

SES Contract Reference Obligations

With respect to any Eligible SES Reference Entity, the Reference Obligation(s) 

listed under the heading “SES Contract Reference Obligations” for such Eligible 

SES Reference Entity in the List of Eligible SES Reference Entities (which, for 

the avoidance of doubt, may indicate “No Reference Obligation”, indicating that 

no obligation is specified as a Reference Obligation). In the case of a 2014-Type 

CDS Contract where “Standard Reference Obligation” is applicable to the SES 

Reference Entity and ICE Clear Credit has implemented the Standard Reference 

Obligation, the SES Contract Reference Obligation shall thereafter be such 

Standard Reference Obligation, subject to Section 2.9 of the 2014 Definitions.
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SES Rules

The rules set forth in Chapters 1 through 8, 20 through 22, inclusive, and the 

CDS Restructuring Rules, as modified by the provisions of this Subchapter 26D.

26D-203. Restriction on Activity.

(a) In addition to the other rights granted to ICE Clear Credit in Rule 203, in the 

event a CDS Participant (or a Non-Participant Party for whom such CDS 

Participant is acting) is subject to an event or agreement described in Rule 26D206 or in the event such CDS Participant submits a Trade of the type described 

in Rule 26D-309(c) that is not a Conforming Trade and such Trade is cleared 

pursuant to these Rules (in each case, an “SR CDS Participant”), ICE Clear 

Credit may conduct an auction process to replace all of the SR CDS Participant’s 

Open CDS Positions in the affected CDS Contracts (including, if applicable, 

those on behalf of any such Non-Participant Party) (each auction in such 

process, an “SR Auction”). ICE Clear Credit shall have the authority to 

determine the timing and other particular characteristics of each SR Auction in 

consultation with the CDS Default Committee, including determining the size of 

the bid/offer spread and/or of the CDS Contracts to be auctioned, whether one or 

more SR Auctions are to be held and the timing and structure of such auctions 

and whether CDS Participants other than the SR CDS Participant will be required 

to submit actionable quotations in an SR Auction.

(b) ICE Clear Credit shall enter into Trades in one or more CDS Contracts with the 

CDS Participant(s) and in the amount determined pursuant to the SR Auction, at 

which time the corresponding Open CDS Positions of the SR CDS Participant 

shall be reduced or terminated, as applicable. The SR CDS Participant and the 

other CDS Participants shall be obligated to submit to Deriv/SERV or another 

service specified by ICE Clear Credit the terms of such reduction, termination or 

Trade, as applicable. Amounts owed by the SR CDS Participant to (or receivable 

by the SR CDS Participant from) ICE Clear Credit in connection with any such 

reduction or termination shall be determined by ICE Clear Credit using the prices 

determined pursuant to the SR Auctions. In addition, any Initial Payments, 

Margin, or other payments or deliveries owed (including the dates of settlement 

with respect thereto) relating to the Open CDS Positions increased, created, 

reduced or terminated pursuant to this Rule 26D-203(b) shall be as determined 

by ICE Clear Credit with reference to the SR Auction and, notwithstanding Rules 

301 or 303, Initial Payments may be owed in respect to CDS Contracts entered 

into by ICE Clear Credit pursuant to an SR Auction.

26D-206. Notices Required of Participants with respect to SES Contracts.

In addition to the notice requirements contained in Rule 206, a CDS Participant shall 

provide notice to ICE Clear Credit in the event that such CDS Participant (or a NonParticipant Party for whom such CDS Participant is acting) or an Eligible SES 

Reference Entity consolidates or amalgamates with, or merges into, or transfers all or 
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substantially all of its assets to, the Eligible SES Reference Entity or such CDS 

Participant (or Non-Participant Party for whom such CDS Participant is acting), as 

applicable, or such CDS Participant (or Non-Participant Party for whom such CDS 

Participant is acting) and an Eligible SES Reference Entity are the same entity or are or 

become Affiliates, or, subject to any restrictions on such disclosure imposed by law or 

regulation, such CDS Participant (or Non-Participant Party for whom such CDS 

Participant is acting) is subject to an agreement pursuant to which any of the foregoing 

is reasonably likely to occur.

26D-303. SES Contract Adjustments.

In addition to the adjustments described in Rule 303, upon clearance of a Trade 

otherwise equivalent to a SES Contract but that:

(a) specifies an Eligible SES Reference Obligation as the “Reference Obligation”, 

such Trade shall become an Open CDS Position in the SES Contract with the 

SES Contract Reference Obligation specified for such Eligible SES Reference 

Obligation in the List of Eligible SES Reference Entities;

(b) an Event Determination Date has occurred with respect to a Restructuring, such 

Trade shall become an Open CDS Position in the SES Contract for which no 

such Event Determination Date has occurred; and/or

(c) specifies a Transaction Type other than Standard Latin America Sovereign or 

Standard Emerging European and Middle Eastern Sovereign, such Trade shall 

become an Open CDS Position in the SES Contract otherwise equivalent to such 

Trade but specifying Standard Latin America Sovereign or Standard Emerging 

European and Middle Eastern Sovereign as the Transaction Type.

26D-309. Acceptance of SES Contracts by ICE Clear Credit.

(a) In addition to the acceptance process described in Rule 309, ICE Clear Credit’s 

notice to the relevant CDS Participants that it has accepted a Trade submitted for 

clearance shall include any adjustment that will be made by ICE Clear Credit 

pursuant to Rule 26D-303. Such CDS Participants’ resubmission of the terms of 

such Trade, as provided in Rule 309, shall include the adjustments described by 

ICE Clear Credit in such notice.

(b) A CDS Participant shall make all reasonable efforts to not submit a Trade for 

clearance as a SES Contract, and any such Trade shall not be a Conforming 

Trade, if the Novation Time would be:

(i) at a time when the Fallback Settlement Method is applicable to such SES 

Contract;

(ii) at or after the close of business on the calendar day following the Auction 

Final Price Determination Date for such SES Contract; or
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(iii) on or after the calendar day following the day on which the Final List (as 

defined in the DC Rules) is published for a Restructuring CDS Contract 

and at or before the close of business on the calendar day following the 

CDS Regional Business Day following the latest possible Exercise Cut-off 

Date for the related Relevant Restructuring Credit Event under such 

Restructuring CDS Contract;

(such time with respect to any SES Contract, the “Clearance Cut-off Time”); 

provided that ICE Clear Credit may, by written notice to all CDS Participants 

following consultation with the Risk Committee, designate a time other than the 

time determined pursuant to clauses (i) through (iii) above as the Clearance Cutoff Time with respect to any SES Contract.

(c) A CDS Participant may not submit a Trade for clearance as a SES Contract, and 

any such Trade shall not be a Conforming Trade, if the time of submission of the 

Trade or acceptance or the Novation Time would be at a time when the CDS 

Participant (or any Non-Participant Party for whom such CDS Participant is 

acting) is, or is an Affiliate of, the Eligible SES Reference Entity for such SES 

Contract or is subject to an agreement under which it is reasonably likely that the 

CDS Participant (or any such Non-Participant Party) will become, or will become 

an Affiliate of, the Eligible SES Reference Entity for such SES Contract. ICE 

Clear Credit will not accept a Trade for clearance and settlement if at the time of 

submission or acceptance of the Trade or at the time of novation the Participant 

submitting the Trade is domiciled in the country of the Eligible SES Reference 

Entity for such SES Contract.

(d) A CDS Participant shall as soon as reasonably practicable notify ICE Clear 

Credit if any Trade it has submitted for clearance was not at the time of 

submission, or ceases to be prior to the Novation Time, a Conforming Trade.

(e) If ICE Clear Credit determines that any Trade submitted for clearance would 

have been subject to a Succession Event (in the case of a 2003-Type CDS 

Contract) or circumstances giving rise to a Successor and a Succession Date (in 

the case of a 2014-Type CDS Contract) but will no longer be subject to such 

Succession Event or such circumstances, as the case may be, upon clearance 

because of the Trade Date that would be specified with respect to the related 

Open CDS Position, ICE Clear Credit shall take such action as it deems 

necessary to ensure that such Succession Event is given effect or such 

circumstances are given effect, as the case may be, with respect to such Trade, 

including, without limitation, declining to accept such Trade for clearance or 

specifying an alternate Trade Date for purposes of Section 2.1 of the Applicable 

Credit Derivatives Definitions with respect to the relevant portion of the related 

Open CDS Position.
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26D-315. Terms of the Cleared SES Contract.

(a) Any capitalized term used in this Subchapter 26D but not defined in these SES 

Rules shall have the meaning provided in the Credit Derivatives Definitions.

(b) For purposes of the CDS Committee Rules, for an SES Contract where the 

Transaction Type is Standard Latin America Sovereign the CDS Region is the 

North American Region; where the Transaction Type is Standard Emerging 

European and Middle Eastern Sovereign the CDS Region is the European 

Region.

(c) The definitions and provisions contained in the Applicable Credit Derivatives 

Definitions (for the purposes of the SES Rules only, the “Credit Derivatives 

Definitions”) are incorporated into the SES Rules. In the event of any 

inconsistency between the Credit Derivatives Definitions or the Confirmation 

(including in electronic form) for a SES Contract and these SES Rules, these 

SES Rules will govern.

(d) The following provisions shall apply if the Applicable Credit Derivatives 

Definitions are the 2003 Definitions:

(i) If a Convened DC (as defined in the DC Rules) resolves, pursuant to the 

DC Rules, (i) a question of interpretation regarding the provisions of the 

July 2009 Protocol (as defined in the DC Rules) or (ii) to make any 

amendments to Schedule 1 of the July 2009 Protocol, in each case that 

affect a SES Contract, ICE Clear Credit shall, as promptly as practicable, 

make conforming changes to these Rules in order to implement such 

resolutions. Notwithstanding anything to the contrary in Rule 616, any 

change made to the Rules in accordance with this paragraph (d) shall not 

constitute a Contract Modification.

(ii) Section 3.2(c)(i) of the Credit Derivatives Definitions is hereby amended 

by replacing the “or” at the end of subparagraph (B) thereof with an “and” 

and adding the following as a new subparagraph (C):

“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve (i.e., 

determined without regard to any Effectiveness Convention or any time of 

effectiveness specified in a Presented Position) that a Credit Event has 

occurred for which there is Publicly Available Information, as described in 

CDS Committee Rule 2101-02(a)(iii), with respect to such SES Contracts; 

or”.

(iii) Except for purposes of Section 1.23 of the Credit Derivatives Definitions, a 

Credit Event Notice and Notice of Publicly Available Information with 

respect to a SES Contract will be deemed to have been effectively 

delivered by the Notifying Party for a Credit Event other than Restructuring 

on the relevant Event Determination Date determined under the CDS 
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Committee Rules only when the Resolution is effective, under the CDS 

Committee Rules, that a Credit Event other than Restructuring has 

occurred for which there is Publicly Available Information, as described in 

CDS Committee Rule 2101-02(a)(iii), with respect to such SES Contract. 

Notwithstanding anything to the contrary in the Credit Derivatives 

Definitions, any delivery of a Credit Event Notice and/or Notice of Publicly 

Available Information by a CDS Participant (other than (i) the deemed 

delivery as provided in this Rule 26D-315(f) or (ii) notices with respect to a 

Relevant Restructuring Credit Event as provided in the CDS Restructuring 

Rules) shall not be valid.

(iv) (A) Section 1.8(a)(ii)(A)(I)(3)(y) of the Credit Derivatives Definitions is 

hereby modified by replacing the term “Auction Final Price 

Determination Date” with the phrase “date that is one Relevant City 

Business Day prior to the Auction Settlement Date”.

(B) Section 1.30 of the Credit Derivatives Definitions is hereby modified 

by replacing the term “Auction Final Price Determination Date” in 

clause (ii) of the last sentence thereof with the phrase “date that is 

one Relevant City Business Day prior to the Auction Settlement 

Date”.

(v) With respect to SES Contracts for which it is Resolved by the applicable 

Regional CDS Committee (or applicable Dispute Resolver) or Credit 

Derivatives Determinations Committee that a Credit Event has occurred 

for which there is Publicly Available Information, as described in CDS 

Committee Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may 

not deliver a Notice of Physical Settlement until after it is determined that 

the method of settlement for a particular Credit Event is the Fallback 

Settlement Method due to the occurrence of one of the events in Section 

12.1 of the Credit Derivatives Definitions and as further provided in the 

CDS Physical Settlement Rules. For the avoidance of doubt, the 

effectiveness of any Notice of Physical Settlement and obligations relating 

thereto are subject to the suspension and finality provisions of Sections 

6.5 and 9.1(c)(iii) of the Credit Derivatives Definitions.

(vi) Notwithstanding Section 2.9 of the Credit Derivatives Definitions, the initial 

Fixed Rate Payer Calculation Period shall commence on, and include, the 

Fixed Rate Payer Payment Date falling on or immediately prior to the 

calendar day immediately following the Trade Date.

For purposes of this provision, Section 2.10 of the Credit Derivatives 

Definitions shall be deemed amended by deleting the words “during the 

term of the transaction”.

(e) The following provisions shall apply if the Applicable Credit Derivatives 

Definitions are the 2014 Definitions:
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(i) Section 8.10(a) of the 2014 Definitions is hereby amended by replacing 

the “.” at the end of subparagraph (B) thereof with an “; and” and adding 

the following as a new subparagraph (C):

“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve (i.e., 

determined without regard to any Effectiveness Convention or any time of 

effectiveness specified in a Presented Position) that a Credit Event has 

occurred for which there is Publicly Available Information, as described in 

CDS Committee Rule 2101-02(a)(iii), with respect to such SES 

Contracts.”.

(ii) Except for purposes of Section 1.39 of the 2014 Definitions, a Credit Event 

Notice and Notice of Publicly Available Information with respect to a SES 

Contract for a Credit Event other than M(M)R Restructuring will be 

deemed to have been effectively delivered by the Notifying Party on the 

relevant Event Determination Date determined under the CDS Committee 

Rules only when the Resolution is effective, under the CDS Committee 

Rules, that a Credit Event other than M(M)R Restructuring has occurred 

for which there is Publicly Available Information, as described in CDS 

Committee Rule 2101-02(a)(iii), with respect to such SES Contract. 

Notwithstanding anything to the contrary in the 2014 Definitions, any 

delivery of a Credit Event Notice and/or Notice of Publicly Available 

Information by a CDS Participant (other than (i) the deemed delivery as 

provided in this Rule 26D-315(e)(ii) or (ii) notices with respect to a 

Relevant Restructuring Credit Event as provided in the CDS Restructuring 

Rules) shall not be valid.

(iii) For the purposes only of Section 1.16(a)(ii)(A)(II) of the 2014 Definitions, 

Section 1.17 of the 2014 Definitions is hereby modified by replacing the 

term “Auction Final Price Determination Date” with the phrase “date that is 

one Relevant City Business Day prior to the Auction Settlement Date”.

(iv) With respect to SES Contracts for which it is Resolved by the Regional 

CDS Committee (or applicable Dispute Resolver) or Credit Derivatives 

Determinations Committee that a Credit Event has occurred for which 

there is Publicly Available Information, as described in CDS Committee 

Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may not deliver 

a Notice of Physical Settlement until after it is determined that the method 

of settlement for a particular Credit Event is the Fallback Settlement 

Method due to the occurrence of one of the events in Section 6.1 of the 

2014 Definitions, and as further provided in the CDS Physical Settlement 

Rules. For the avoidance of doubt, the effectiveness of any Notice of 

Physical Settlement and obligations relating thereto are subject to the 

suspension and finality provisions of Sections 10.1 and 10.2 of the 2014 

Definitions.
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(v) Section 11.4 of the Credit Derivatives Definitions shall not apply.

(f) The Settlement Method for particular SES Contracts will be Auction Settlement 

and the Fallback Settlement Method will be Physical Settlement in accordance 

with the CDS Physical Settlement Rules.

(g) The following terms will apply to each SES Contract:

(i) The “Agreement” is the Participant Agreement between the relevant CDS 

Participant and ICE Clear Credit.

(ii) The “Calculation Agent” is ICE Clear Credit, except as provided in the 

CDS Committee Rules.

(iii) The “Fixed Rate Payer Payment Dates” will be March 20, June 20, 

September 20 and December 20.

(iv) The “Initial Payment Date” will be the date that is the first Business Day 

immediately following the Trade Date; provided that with respect to a SES 

Contract that is accepted for clearing pursuant to Rule 309 after the Trade 

Date thereof, the “Initial Payment Date” will be the date that is the first 

Business Day following the date as of which such SES Contract is 

accepted for clearing pursuant to Rule 309.

(h) For each SES Contract, the following terms will be determined according to the 

particular SES Contract submitted for clearing, subject to Rule 26D-303:

(i) Which of the Eligible SES Reference Entities is the “Reference Entity”.

(ii) Which of the SES Contract Reference Obligations specified for the 

Reference Entity in the List of Eligible SES Reference Entities is the 

“Reference Obligation”.

(iii) The “Trade Date”.

(iv) The “Effective Date”.

(v) Which of the eligible Scheduled Termination Dates specified for the 

“Reference Entity” in the List of Eligible SES Reference Entities is the 

“Scheduled Termination Date”.

(vi) The “Floating Rate Payer Calculation Amount”.

(vii) The “Floating Rate Payer”.

(viii) The “Fixed Rate Payer”.

(ix) The “Fixed Rate”.
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(x) The “Transaction Type”, which may be Standard Latin America Sovereign 

or Standard Emerging European and Middle Eastern Sovereign.

(xi) If applicable, the Matrix Publication Date for the Relevant Physical 

Settlement Matrix.

(xii) The “Initial Payment Payer”.

(xiii) The “Initial Payment Amount”.

(xiv) Which of the eligible Applicable Credit Derivatives Definitions applies.

(xv) In the case of a 2014-Type CDS Contract, which of the eligible Seniority 

Levels applies.

26D-316. Relevant Physical Settlement Matrix Updates.

(a) Where ISDA publishes a version of the Credit Derivatives Physical Settlement

Matrix (a “New SES Matrix”) that is subsequent to the version that is specified as 

the Relevant Physical Settlement Matrix for any SES Contract(s), and the Board 

or its designee determines that updating such SES Contract(s) to reference the 

New SES Matrix would not constitute a Contract Modification as provided in 

Rule 616 (the date of such determination, the “SES Matrix Update Date” and 

each prior Credit Derivatives Physical Settlement Matrix subject to such 

determination, a “Superseded SES Matrix”) and so notifies CDS Participants, 

such SES Contracts shall, as of the close of business on the SES Matrix Update 

Date, become SES Contracts referencing the New SES Matrix as the Relevant 

Physical Settlement Matrix and the List of Eligible SES Reference Entities shall 

be updated accordingly. Any Trade referencing a Superseded SES Matrix 

submitted for clearing as a SES Contract shall, upon acceptance for clearing, 

become a SES Contract referencing the New SES Matrix.

(b) The Board or its designee may determine a different SES Matrix Update Date 

applicable to individual SES Contracts or groups of SES Contracts or may 

determine a SES Matrix Update Date applicable to all SES Contracts referencing 

a Superseded SES Matrix, as it deems appropriate.

26D-502. Specified Actions.

Notwithstanding anything to the contrary in Rule 502(a) but without limiting the 

application of Rule 616 to any Modification (including the requirement of consultation 

with the Risk Committee, as provided in Rule 502(a), prior to determining that a 

Modification is not a Contract Modification), none of the following shall constitute a 

Specified Action: (a) adding and/or Modifying Permitted SES Fixed Rates, (b) adding 

new Eligible SES Reference Entities and related Transaction Types, and adding and/or 

Modifying any other entries in any of the fields in the List of Eligible SES Reference 

Entities or (c) an update to the List of Eligible SES Reference Entities, as described in 

Rules 26D-316 and 26D-616.
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26D-616. Contract Modification.

(a) It shall not constitute a Contract Modification if the Board or its designee updates 

the List of Eligible SES Reference Entities (and modifies the terms and 

conditions of related SES Contracts) to give effect to determinations by the 

applicable Regional CDS Committee (or applicable Dispute Resolver) or a Credit 

Derivatives Determinations Committee, including, without limitation, 

determinations of Succession Events or circumstances that give rise to 

Successors and Succession Dates, or Substitute Reference Obligations or 

implementation of Standard Reference Obligations (or changes thereto). In 

addition, the determination that “Standard Reference Obligation” will be 

applicable to an Eligible SES Reference Entity shall not constitute a Contract 

Modification.

(b) Notwithstanding anything to the contrary herein (including Rule 616(b)), with 

respect to Open Positions in SES Contracts that are Converting Contracts, 

effective as of the 2003/2014 Changeover Effective Date and without need for 

further action or determination by the Board, the terms of each such Contract will 

be deemed amended such that it is a 2014-Type CDS Contract under these 

Rules, the Applicable Credit Derivatives Definitions are the 2014 Definitions and 

it references the New SES Matrix with an SES Matrix Update Date of the 

2003/2014 Changeover Effective Date. The amendments made by this rule 26D616 shall apply as of the 2003/2014 Changeover Effective Date regardless of 

whether any relevant transaction record in Deriv/SERV is updated to reflect such 

amendments.

(c) Notwithstanding anything to the contrary herein (including Rule 616(b)), with 

respect to Open Positions in SES Contracts for which the Reference Entity is the 

Bolivarian Republic of Venezuela, effective as of October 20, 2017 (or such later 

date as may be designated by ICE Clear Credit Circular) (the “Venezuela 

Additional Provisions Effective Date”) and without need for further action or 

determination by the Board, the terms of each such Contract will be deemed 

amended such that (i) the Additional Provisions for Certain Venezuelan Entities: 

Excluded Obligation and Excluded Deliverable Obligations, as published by ISDA 

on September 19, 2017, shall apply to such Contract and (ii) such Contract 

references the New SES Matrix with an SES Matrix Update Date of September 

19, 2017. The amendments made by this Rule 26D-616(c) shall apply as of the 

Venezuela Additional Provisions Effective Date regardless of whether any 

relevant transaction record in Deriv/SERV is updated to reflect such 

amendments.

(d) Notwithstanding anything to the contrary herein (including Rule 616(b)), with 

respect to Open Positions in SES Contracts for which the Reference Entity is the 

Russian Federation, effective as of April 25, 2022 (or such later date as may be 

designated by ICE Clear Credit Circular) (the “Russia Additional Provisions 

Effective Date”) and without need for further action or determination by the 

Board, the terms of each such Contract will be deemed amended such that (i) the 
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Additional Provisions for Certain Russian Entities: Excluded Obligations and 

Excluded Deliverable Obligations, as published by ISDA on March 25, 2022, 

shall apply to such Contract and (ii) such Contract references the New SES 

Matrix with an SES Matrix Update Date of the Russia Additional Provisions 

Effective Date. The amendments made by this Rule 26D-616(d) shall apply as of 

the Russia Additional Provisions Effective Date regardless of whether any 

relevant transaction record in Deriv/SERV is updated to reflect such 

amendments.