Swap Data Repository Rulebook

ICE Trade Vault

July 11December 5, 20161

This material may not be reproduced or redistributed in whole or in part without the express, 

prior written consent of ICE Trade Vault, LLC

 Copyright ICE Trade Vault, LLC 20162. 

All Rights Reserved. 
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Table of Contents 

KEY TERMS & DEFINITIONS................................................................................................................................4

2.1 GOVERNANCE ...............................................................................................................................................6

2.1.1 Committees..............................................................................................................................................6

2.1.2 Chief Compliance Officer........................................................................................................................6

2.2 OVERVIEW OF REGULATORY REQUIREMENTS ..............................................................................................7

2.3 SDR RULES; CONFLICTS WITH APPLICABLE LAW.........................................................................................7

2.4 SYSTEM AVAILABILITY AND SUPPORT; HOURS OF OPERATION ....................................................................7

2.5 SERVICE, COMMITMENT AND CONTINUITY...................................................................................................8

2.6 INSURANCE ...................................................................................................................................................8

2.7 ICE SDR SERVICE PRICING ..........................................................................................................................8

2.8 EMERGENCY AUTHORITY .............................................................................................................................8

2.8.1 Authority..................................................................................................................................................8

2.8.2 Circumstances Requiring Invocation of Emergency Authority ...............................................................8

2.8.3 Emergency Authority Procedures............................................................................................................9

2.9 DISCIPLINARY RULES ...................................................................................................................................9

2.9.1 Jurisdiction...............................................................................................................................................9

2.9.2 CCO Powers and Duties ..........................................................................................................................9

2.9.3 Board of Directors’ Disciplinary Authority ...........................................................................................10

2.9.4 Notice of Charges; Right to Hearing......................................................................................................10

2.9.5 Hearing on Penalty; Failure to Request Hearing Deemed Acceptance of Penalty.................................11

2.9.6 Liability for Expenses............................................................................................................................11

2.9.7 Effective Date of Penalties.....................................................................................................................11

2.10 CONFLICTS OF INTEREST.............................................................................................................................12

2.10.1 Definitions.........................................................................................................................................12

2.10.2 Prohibition.........................................................................................................................................12

2.10.3 Disclosure..........................................................................................................................................12

2.10.4 Procedure and Determination ............................................................................................................12

ACCESS, CONNECTIVITY AND USE OF DATA...............................................................................................13

3.1 FAIR AND EQUAL ACCESS POLICY ..............................................................................................................13

3.1.1 Participant, Broker and Trusted Source Access.....................................................................................13

3.1.2 Public Access.........................................................................................................................................13

3.1.3 Regulator Access ...................................................................................................................................13

3.1.4 Third-Party Service Providers................................................................................................................14

3.2 REVOCATION OF ACCESS ............................................................................................................................14

3.3 REINSTATEMENT OF SUSPENDED USER; REVOCATION OR MODIFICATION OF OTHER ACTIONS;

TERMINATION OF STATUS ........................................................................................................................................14

3.4 CONNECTIVITY ...........................................................................................................................................14

3.5 COMMERCIAL AND NON-COMMERCIAL USE OF DATA................................................................................14

ACCEPTANCE OF DATA AND REPORTING PROCEDURES........................................................................16

4.1 ASSET CLASSES ..........................................................................................................................................16

4.2 TRADE DATA AND DATA PROCESSING........................................................................................................16

4.2.1 General...................................................................................................................................................16

4.2.2 Reporting Entities and Trusted Sources.................................................................................................16

4.2.3 Required Submissions............................................................................................................................16

4.2.4 Special Provisions for Block Trades......................................................................................................17

4.3 DATA TRANSLATION AND DEFAULT DATA.................................................................................................17

4.4 TRADE STATUS ...........................................................................................................................................18

4.5 LIFECYCLE EVENT STATUS .....................................................................................................................1918

4.6 VERIFICATION OF ACCURACY FOR DATA FROM TRUSTED SOURCES.......................................................2019
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4.7 VERIFICATION OF SINGLE-SIDED TRADE DATA ..........................................................................................20

4.8 NO INVALIDATION OR MODIFICATION OF VALID SWAP DATA....................................................................20

4.9 CORRECTION OF ERRORS IN TRADE RECORDS; DISPUTE RESOLUTION PROCESS ........................................20

4.10 DUTY TO MONITOR, SCREEN AND ANALYZE SWAP DATA ......................................................................2120

4.11 POSITION LIMITS: CALCULATIONS AND REPORTING ...................................................................................21

5.1 NO ADVANCE DISCLOSURE ........................................................................................................................22

5.2 ERRORS AND OMISSIONS ............................................................................................................................22

5.3 COMPLIANCE WITH REAL-TIME DISSEMINATION REQUIREMENTS ..............................................................22

5.4 UNTIMELY DATA ........................................................................................................................................22

5.5 ADDITIONAL TIME-STAMP REQUIREMENTS................................................................................................22

6.1 UNIQUE SWAP IDENTIFIERS (USIS).............................................................................................................23

6.2 LEGAL ENTITY IDENTIFIERS (LEIS) ............................................................................................................23

6.3 UNIQUE PRODUCT IDENTIFIERS (UPIS).......................................................................................................23

6.3.1 Creating New UPIs................................................................................................................................23

7.1 DATA RETENTION, ACCESS AND RECORDKEEPING .....................................................................................24

7.2 BUSINESS CONTINUITY AND DISASTER RECOVERY ....................................................................................24
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ICE Trade Vault Swap Data Repository Rulebook

Key Terms & Definitions

 Ancillary Services: All services offered by ICE Trade Vault other than the ICE SDR 

Service.

 API: Application Programming Interface.

 Applicable CFTC Regulations: Rules promulgated by the CFTC that are applicable to the 

ICE SDR Service, including but not limited to rules pertaining to: Swap Data 

Repositories (17 CFR Part 49); Swap Data Recordkeeping and Reporting Requirements 

(17 CFR Part 45); Real-Time Public Reporting of Swap Transaction Data (17 CFR Part 

43); Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for 

Swap Dealers and Major Swap Participants (17 CFR Part 23); and End-User Exception 

to Mandatory Clearing of Swaps (17 CFR Part 39).

 Applicable Law: Any and all applicable domestic and foreign governmental laws and 

regulations (including but not limited to Applicable CFTC Regulations), judicial orders or 

decisions, and rules, regulations, interpretations and protocols, as amended from time to 

time.

 CEA: The Commodity Exchange Act, as amended from time to time.

 CFTC: The U.S. Commodity Futures Trading Commission.

 End-Users: Participants that rely on the end-user exception from mandatory clearing 

requirements under 17 CFR Part 39 of Applicable CFTC Regulations.

 ICE: IntercontinentalExchange, Inc., a publicly traded company.

 ICE eConfirm Service: The electronic platform utilized for (i) the matching and 

confirming of previously executed trades with other counterparties, and (ii) the matching 

of trade data with a third party broker responsible for arranging the trade.

 ICE Real-Time Ticker: An architectural component of the ICE SDR Service which will 

publicly disseminate trade data in real-time as prescribed by 17 CFR Part 43 of 

Applicable CFTC Regulations. 

 ICE SDR Service: The regulated swap data repository (“SDR”) service offered by ICE 

Trade Vault utilized for the collection, storage and regulatory reporting of a 

comprehensive range of trade data in respect of swaps.

 ICE Trade Vault: ICE Trade Vault, LLC.

 ICE Trade Vault Service: Collectively, the ICE eConfirm Service and the ICE SDR 

Service.

 Legal Entity Identifier (“LEI”): As defined in the Applicable CFTC Regulations, the 

assigned value used for unique identification of a counterparty to any swap.

 Non-Swap Dealer/Major Swap Participant (“Non-SD/MSP”): A Participant that is not 

classified as a Swap Dealer or a Major Swap Participant. 

 Participant: An entity that has validly enrolled in the ICE SDR Service with ICE Trade 

Vault. 
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 Regulator: An Appropriate Domestic Regulator or an Appropriate Foreign Regulator, as 

defined in the Applicable CFTC Regulations, acting within the scope of its jurisdiction.

 SDR Information: As defined in the Applicable CFTC Regulations, any information that 

the ICE Trade Vault SDR receives from Participants or maintains on their behalf.

 Section 8 Material: As defined in the Applicable CFTC Regulations, the business 

transactions, trade data or market positions of any person and trade secrets or names of 

customers.

 Trusted Source: A Swap Execution Facility, a Designated Contract Market or a 

Derivatives Clearing Organization that has a duly executed user agreement in effect with 

ICE Trade Vault.

 Unique Product Identifier (“UPI”): As defined in the Applicable CFTC Regulations, the 

assigned value used for categorization of swaps with respect to the underlying products 

referenced therein.

 Unique Swap Identifier (“USI”): As defined in the Applicable CFTC Regulations, the 

value created and assigned to a swap and used to identify that particular swap 

transaction throughout its existence.

The following terms have the meanings set forth in the CEA and CFTC regulations, as 

amended from time to time: Appropriate Domestic Regulator; Appropriate Foreign 

Regulator; Derivatives Clearing Organization (“DCO”); Designated Contract Market (“DCM”); 

Eligible Contract Participant (“ECP”); Major Swap Participant: (“MSP”); Swap Data 

Repository (“SDR”); Swap Dealer (“SD”); and Swap Execution Facility (“SEF”).
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General Provisions

2.1 Governance 

ICE Trade Vault, LLC, is organized as a limited liability company in the state of Delaware and is 

a wholly owned subsidiary of ICE.

ICE Trade Vault is governed by a minimum three-member Board of Directors (“Board of 

Directors”), of which at least one director shall be a “Public Director” as defined in the Applicable 

CFTC Regulations. The Board of Directors shall (i) be the governing body of ICE Trade Vault; 

(ii) designate and authorize specific appointed officers to act on behalf of the Board of Directors; 

(iii) fix, determine and levy all SDR fees, when necessary; (iv) make and amend the rules of the 

SDR; (v) have the power to act in emergencies; and (vi) delegate any such power to the 

appropriate party. 

2.1.1 Committees 

The Advisory Committee provides non-binding guidance to the Board of Directors with respect 

to the ICE SDR Service. The Advisory Committee is comprised of 15 members: 12 members 

are nominated from participating organizations and institutions that represent active Participants 

(including Swap Dealers, Major Swap Participants and End-Users, among others) and three 

members represent ICE Trade Vault’s management. Annual meetings and quarterly conference 

calls provide the Advisory Committee with opportunities to provide feedback regarding all 

aspects of the ICE SDR Service. The Advisory Committee may, as it sees fit, empanel working 

groups to provide recommendations and guidance to the Advisory Committee.

2.1.2 Chief Compliance Officer 

The Chief Compliance Officer (“CCO”) of ICE Trade Vault is appointed by, and reports directly 

to, the President of ICE Trade Vault. The Board of Directors approves the compensation of the 

CCO and meets with the CCO at least annually. The CCO also works directly with the Board of 

Directors in certain instances, for example, when resolving conflicts of interest. The CCO has 

supervisory authority over all staff acting at the direction of the CCO and his or her 

responsibilities include, but are not limited to: (i) preparing and signing a compliance report 

which shall be provided to the CFTC at least annually in accordance with CFTC regulations §§ 

49.22(e) and (f); (ii) overseeing and reviewing ICE Trade Vault’s compliance with Section 21 of 

the CEA and any related rules adopted by the CFTC (including reviewing ICE Trade Vault’s 

compliance with Core Principles 2 (“Governance Arrangements”) and 3 (“Conflicts of Interest”) 

applicable to SDRs pursuant to CFTC regulations §§ 49.20(d) and 49.21(c) respectively); (iii) 

establishing and administering written policies and procedures reasonably designed to prevent 

violations of the CEA, the core principles applicable to SDRs and Applicable Law; (iv) in 

consultation with the Board of Directors, resolving any conflicts of interest that may arise

including (a) conflicts between business considerations and compliance requirements; (b) 

conflicts between business considerations and the requirement that ICE Trade Vault provide fair 

and open access as set forth in CFTC regulation § 49.27; and (c) conflicts between ICE Trade 

Vault’s management and members of the Board of Directors; (v) establishing and implementing

procedures for the remediation of noncompliance issues; (vi) taking reasonable steps to ensure 

compliance with the CEA and Applicable CFTC Regulations relating to agreements, contracts, 

or transactions, and with CFTC regulations under Section 21 of the CEA, including 

confidentiality and indemnification agreements entered into with foreign or domestic regulators 

pursuant to Section 21(d) of the CEA; (vii) establishing procedures for the remediation of 

noncompliance issues identified by the CCO through a compliance office review, look-back, 

internal or external audit finding, self-reported error, or validated complaint; (viii) establishing 
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and following appropriate procedures for the handling, management response, remediation, 

retesting, and closing of noncompliance issues; (ix) establishing and administering a written 

code of ethics designed to prevent ethical violations and to promote honesty and ethical 

conduct; and (x) ensuring ICE Trade Vault maintains sufficient information technology systems, 

staff and other resources to fulfill its duty to monitor, screen and analyze swap data in a manner 

consistent with CFTC regulations §§ 49.13 and 49.14. 

Pursuant to CFTC regulation § 49.22, removal of the CCO requires the approval of the Board of 

Directors and notice to the CFTC of the CCO’s removal within two business days of such

removal. ICE Trade Vault shall further notify the CFTC within two business days of the 

appointment any new CCO, whether interim or permanent.

Any compliance questions and concerns regarding the ICE SDR Service may be submitted to 

TradeVaultChiefComplianceOfficer@theice.com. 

2.2 Overview of Regulatory Requirements 

The CEA requires that all swap transaction data, without exception, be reported to an SDR. The 

fundamental purpose of an SDR is to provide transparency to the swaps market and deliver 

real-time, public disclosure of transaction data. An SDR is required to register with the CFTC, 

comply with all core principles applicable to an SDR under Applicable CFTC Regulations and 

Applicable Law, meet compliance requirements by reporting economic terms of a swap 

transaction and reporting and recording lifecycle events related to that transaction, manage data 

reporting obligations, and maintain policies and procedures to ensure data security. An SDR 

also interacts directly with a range of market participants and is required to engage in the 

following core duties: (i) acceptance and confirmation of data; (ii) recordkeeping; (iii) real-time 

reporting; (iv) monitoring, screening and analyzing data; (v) maintaining data privacy and 

integrity; and (vi) permitting access to regulators.

2.3 SDR Rules; Conflicts with Applicable Law

The rules of the ICE SDR Service consist of, collectively, this SDR Rulebook and all other 

documents incorporated by reference herein. Consistent with Applicable CFTC Regulations, 

ICE Trade Vault may voluntarily request that the CFTC approve any and all ICE SDR Service 

rules, or ICE Trade Vault may self-certify to the CFTC that present and/or future rules or rule 

amendments comply with the CEA and Applicable CFTC Regulations. 

Any Applicable Law affecting the (i) duties or obligations of ICE Trade Vault or (ii) the 

performance of any Participant or Trusted Source shall take precedence over the rules of the 

ICE SDR Service. In the event of a conflict between Applicable Law and the rules of the ICE 

SDR Service, Applicable Law shall prevail. 

2.4 System Availability and Support; Hours of Operation

The ICE SDR Service and ICE Real-Time Ticker Service are available seven days per week, 24 

hours a day. ICE Trade Vault reserves the right to take the services offline, only if necessary, 

between the hours of 9:00 PM ET and 11:59 PM ET on any weekday and from 9:00 PM ET on 

Friday through 7:00 PM ET on Sunday, if more extensive maintenance or upgrades are 

necessary. ICE Trade Vault will provide Participants with advanced notice of any scheduled 

maintenance in accordance with CFTC Regulation § 43.3(f)(3). All data submitted during system 

down time is stored and processed once the service has resumed.

The ICE Trade Vault help desk is available to receive customer calls in Atlanta, Georgiathe 

United States from 8:00 AM ET to 6:00 PM ET, on all local business days, and in London from 
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8:00 AM GMT to 6:00 PM GMT, Monday through Friday, on all local business days. To reach 

the help desk, contact: TradeVaultSupport@theice.com or 1.770.738.2102.

2.5 Service, Commitment and Continuity

ICE Trade Vault shall notify all Participants and Trusted Sources using the ICE SDR Service of 

its intention to cease operation of the ICE SDR Service for any reason at least three months in 

advance or, if ICE Trade Vault intends to cease operations in less than three months, as soon 

as practicable. 

2.6 Insurance

ICE Trade Vault maintains and will continue to maintain in force business liability coverage in 

the minimum amount of $10 million for each and every claim and in the annual aggregate, to 

protect itself from a claim due to negligence on its part relating to the ICE Trade Vault Service. 

ICE Trade Vault will provide, upon request by a Participant or Trusted Source, a certificate of 

insurance evidencing the insurance requirements have been satisfied and will provide 

Participants and Trusted Sources 30 days’ advance notice of any cancellation or material 

reduction in coverage. 

2.7 ICE SDR Service Pricing

In accordance with CFTC Regulation § 49.27(b), any fees or charges imposed by ICE Trade 

Vault in connection with the ICE SDR Service and any other supplemental or ancillary services 

shall be equitable and established in a uniform and non-discriminatory manner. Fees or charges 

shall not be used as an artificial barrier to access to the ICE SDR Service. ICE Trade Vault shall 

not offer preferential pricing arrangements for the ICE SDR Service to any market participant on 

any basis, including volume discounts or reductions unless such discounts or reductions apply 

to all market participants uniformly and are not otherwise established in a manner that would 

effectively limit the application of such discount or reduction to a select number of market 

participants.

2.8 Emergency Authority

2.8.1 Authority

ICE Trade Vault is authorized to determine, in its sole discretion, whether an emergency exists

with respect to or otherwise threatens the ICE SDR Service (an “Emergency”) and whether 

emergency action is warranted to mitigate such circumstances. ICE Trade Vault may also

exercise emergency authority if ordered to do so by the CFTC or other regulatory agency of 

competent jurisdiction. 

2.8.2 Circumstances Requiring Invocation of Emergency Authority

Circumstances requiring the invocation of emergency authority include: (i) any occurrence or 

circumstance which ICE Trade Vault determines to constitute an Emergency; (ii) any “Physical 

Emergency” (such as a fire or other casualty, bomb threats, terrorist acts, substantial inclement 

weather, power failures, communications breakdowns, computer system breakdowns, or 

transportation breakdowns); (iii) any occurrence or circumstance which threatens or may 

threaten the proper functionality of the ICE SDR Service; (iv) any occurrence or circumstance

which may materially affect the performance of the ICE Trade Vault systems; (v) any action 

taken by any governmental body or any regulator, Trusted Source or Participant which may 

have a direct impact on the ICE Trade Vault systems; and (vi) any other circumstance which 

may impact ICE Trade Vault in a materially adverse manner. 
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2.8.3 Emergency Authority Procedures

If the President, or any individual designated by the President or the Board of Directors, 

determines that an Emergency has arisen, the President or such designee, as the case may be, 

may, consistent with conflict of interest policies detailed herein, declare an Emergency with 

respect to the ICE SDR Service or the systems and facilities of ICE Trade Vault and take or 

place into immediate effect a temporary emergency action or rule. Any such rule may remain in 

effect for up to 30 business days, after which time it must be approved by the Board of Directors

to remain in effect. The CCO will be consulted in the event any emergency action may raise 

potential conflicts of interest. Any such action or rule may provide for, or may authorize ICE 

Trade Vault, the Board of Directors or any committee thereof to undertake, actions deemed

necessary or appropriate by the President or its designee to respond to the Emergency, 

including, but not limited to, the following:

 modifying or suspending any relevant provision of the ICE SDR Service rules;

 extending, limiting or changing the operating hours of the ICE SDR Service;

 temporarily limiting or denying access to the ICE SDR Service, including access to any 

relevant ICE Trade Vault system or facilities; or

 requiring re-submission of any data lost or otherwise affected due to such Emergency.

Any such action placed into effect in accordance with the preceding paragraph may be reviewed 

by the Board of Directors at any time and may be revoked, suspended or modified by the Board

of Directors.

If, in the judgment of the President, or any individual designated by the President and approved 

by the Board of Directors, the physical functions of the ICE SDR Service are, or are threatened 

to be, materially adversely affected by a Physical Emergency, such person may take any action 

that he or she may deem necessary or appropriate to respond to such Physical Emergency, 

including suspending the ICE SDR Service. 

In the event that any action has been taken pursuant to this Section 2.8, any person who is 

authorized to take such action may order the removal of any restriction ultimately imposed upon 

a determination by such person that the Emergency that gave rise to such restriction has 

sufficiently abated to permit the ICE SDR Service to operate in an orderly manner; provided that 

any order pursuant to this paragraph will be subject to review, modification or reversal by the

Board of Directors. 

In accordance with the requirements of CFTC regulation § 49.23(e), ICE Trade Vault will notify 

the CFTC as soon as practicable of any action taken, or proposed to be taken, pursuant to this 

rule. The decision-making process with respect to, and the reasons for, any such action will be 

recorded in writing. ICE Trade Vault will also notify Participants and Trusted Sources via email 

as soon as practicable of any action taken, or proposed to be taken, pursuant to this rule.

2.9 Disciplinary Rules

2.9.1 Jurisdiction

ICE Trade Vault shall have the authority to conduct investigations and prosecute and impose 

sanctions for any violations of this Rulebook and Applicable Law (“Violations”) committed by 

Participants and Trusted Sources as provided in this Section 2.9.

2.9.2 CCO Powers and Duties

The CCO is responsible for enforcing these disciplinary rules and he or she shall have the 
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authority to inspect the books and records of all Participants or Trusted Sources that are 

reasonably relevant to any investigation carried out pursuant to this Rule 2.9. The CCO also has 

the authority to require any Participant or Trusted Source to appear before him or her to answer 

questions regarding alleged Violations. The CCO may also delegate such authority to ICE Trade 

Vault employees, including officers, and such other individuals (who possess the requisite 

independence) as ICE Trade Vault may hire on a contract basis. 

The CCO shall conduct investigations of possible Violations, prepare written reports with 

respect to such investigations, furnish such reports to the Board of Directors and conduct the 

prosecution of such Violations. 

If, in any case, the CCO (or another ICE Trade Vault employee designated for this purpose by 

ICE Trade Vault) concludes that a Violation may have occurred, he or she may: 

 issue a warning letter to the Participant or Trusted Source informing it that there may 

have been a Violation and that such continued activity may result in disciplinary 

sanctions; or 

 negotiate a written settlement agreement with the Participant or Trusted Source, 

whereby the Participant or Trusted Source, with or without admitting guilt, may agree to

(i) a cease and desist order or a reprimand; (ii) a fine for each Violation plus the 

monetary value of any benefit received as a result of the Violation; and/or (iii) a 

suspension or revocation of SDR privileges or a termination of Participant or Trusted 

Source status. 

Any settlement recommended by the CCO shall be subject to the approval of the Board of 

Directors and shall become final and effective pursuant to Rule 2.9.5.

2.9.3 Board of Directors’ Disciplinary Authority

The Board of Directors shall have the power to direct that an investigation of any suspected 

Violation be conducted by the CCO and shall hear any matter referred to it by the CCO 

regarding a suspected Violation.

In any case where the Board of Directors concludes that a Violation has occurred, the Board of 

Directors shall advise the Participant or Trusted Source of that fact pursuant to Rule 2.9.4 and 

may: (i) refer or return the matter to the CCO with instructions for further investigation; (ii) 

approve a settlement agreement negotiated pursuant to this rule with such Participant or 

Trusted Source (which may provide for a penalty other than that recommended by the CCO);

and/or (iii) issue charges that include, but are not limited to, 

 a cease and desist order or a reprimand; 

 a fine for each Violation plus the monetary value of any benefit received as a result of 

the Violation; and/or 

 a suspension or revocation of SDR privileges or a termination of Participant or Trusted 

Source status.

2.9.4 Notice of Charges; Right to Hearing

Pursuant to instructions from the Board of Directors, the CCO shall serve a Notice of Charges (a 

“Notice”) on the Participant or Trusted Source responsible for a Violation (the “Respondent”). 

Such Notice shall state: (i) the acts, practices or conduct in which the Respondent is charged; 

(ii) how such acts, practices or conduct constitute a Violation; (iii) that the Respondent is 

entitled, upon written request filed with ICE Trade Vault within twenty days of service of the 

Notice, to a formal hearing on the charges; (iv) that the failure of the Respondent to request a 
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hearing within twenty days of service of the Notice, except for good cause shown, shall be 

deemed a waiver of its right to a hearing; (v) that the failure of the Respondent to file a written 

answer to the Notice with the CCO within twenty days of service of the Notice shall be deemed 

an admission of all of the acts, practices or conduct contained in the Notice; and (vi) that the 

failure of the Respondent to expressly deny a particular charge contained in the Notice shall be 

deemed an admission of such acts, practices or conduct.

Any hearing requested by Respondent shall be conducted pursuant to rules and procedures 

adopted by the Board of Directors, which, in the judgment of the Board of Directors, are 

sufficient to give such Respondent an opportunity to fully and fairly present to the Board of 

Directors the Respondent’s case. No member of the hearing panel shall hear a matter in which 

that member, in the determination of the CCO, has a direct financial, personal or other interest 

in the matter under consideration. 

2.9.5 Hearing on Penalty; Failure to Request Hearing Deemed Acceptance of Penalty.

In the event (i) the Respondent fails to file an answer or admits to or fails to deny any charge of 

a Violation contained in the Notice or (ii) after a hearing conducted pursuant to Rule 2.9.4 the 

Board of Directors determines that any charged Violation did in fact occur with respect to a 

Respondent, the Board of Directors shall find the Respondent guilty of each such Violation and 

may impose a penalty for each such Violation. The CCO shall promptly notify the Respondent of 

any such penalty and of the Respondent’s right to a hearing on the penalty. Failure to request a 

hearing on the penalty in a timely manner, absent good cause shown, shall be deemed to be 

acceptance of the penalty.

2.9.6 Liability for Expenses 

In addition to any penalty which may be imposed upon a Respondent pursuant to Rule 2.9.5 a 

Respondent found to have committed a Violation may, in the discretion of the Board of 

Directors, be required to pay to ICE Trade Vault an amount equal to any and all out-of-pocket 

expenses incurred by ICE Trade Vault in connection with the prosecution of such Violations..

2.9.7 Effective Date of Penalties 

If a Respondent enters into a settlement agreement, the terms of which have been approved by 

the Board of Directors, any penalty included as a part of such settlement agreement shall 

become final and effective on the date that the Board of Directors approves or enters into such 

settlement agreement. 

Any decision (including any penalty) by the Board of Directors shall be the final decision of ICE 

Trade Vault and shall become effective fifteen days, or such longer time as the Board of 

Directors may specify, after a copy of the written decision of the Board of Directors has been 

served on the Respondent; provided, however, that in any case where the user has consented 

to the action taken and to the timing of its effectiveness, the Board of Directors may cause the 

decision involving any disciplinary action (including any penalty) to become effective prior to the 

end of the fifteen day period. 

Any fine imposed by the Board of Directors shall be due and payable on the effective date of the 

decision imposing such fine (or on such later date as the Board of Directors may specify) and 

shall bear interest from such effective date until paid at a rate of LIBOR + 2%. 
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2.10 Conflicts of Interest

2.10.1 Definitions

For purposes of this Rule 2.10 the following definitions shall apply:

The term “Family Relationship” shall mean the person's spouse, former spouse, parent, 

stepparent, child, stepchild, sibling, stepbrother, stepsister, grandparent, grandchild, uncle, aunt, 

nephew, niece or in-law.

The term “Named Party in Interest” shall mean a person or entity that is identified by name as a 

subject of any matter being considered by the Board of Directors or a committee thereof.

2.10.2 Prohibition

No member of the Board of Directors or of any committee thereof which has authority to take

action for and in the name of ICE Trade Vault shall knowingly participate in such body's 

deliberations or voting in any matter involving a Named Party in Interest where such member (i) 

is a Named Party in Interest, (ii) is an employer, employee, or guarantor of a Named Party in 

Interest or an affiliate thereof, (iii) has a Family Relationship with a Named Party in Interest or 

(iv) has any other significant, ongoing business relationship with a Named Party in Interest or an 

affiliate thereof. 

2.10.3 Disclosure

Prior to consideration of any matter involving a Named Party in Interest, each member of the 

deliberating body shall disclose to the CCO, or his designee, whether such member has one (1) 

of the relationships listed in Section 2.10.2 of this Rule with a Named Party in Interest.

2.10.4 Procedure and Determination

The CCO shall determine whether any member of the deliberating body is subject to a 

prohibition under Rule 2.10.2. Such determination shall be based upon a review of the following 

information: (i) information provided by the member pursuant to Rule 2.10.3, and (ii) any other 

source of information that is maintained by or reasonably available to ICE Trade Vault.
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Access, Connectivity and Use of Data

3.1 Fair and Equal Access Policy

Consistent with Applicable Law, ICE Trade Vault provides access to the ICE SDR Service on a 

fair, open and equal basis. Access to, and usage of, the ICE SDR Service is available to all 

market participants that validly engage in swap transactions and does not require the use of any 

other Ancillary Service offered by ICE Trade Vault. 

Access to ICE Trade Vault is strictly limited to users with valid permissions and security

access. Participants shall only have access to their own data and data that ICE Trade Vault is 

required to make publicly available (“Public Data”). 

3.1.1 Participant, Broker and Trusted Source Access 

Access to the ICE SDR Service is provided to parties that have a duly executed user agreement 

in effect with ICE Trade Vault. 

When enrolling with ICE Trade Vault, Participants and Trusted Sources must designate a 

master user (“Administrator”). The Administrator will create, permission and maintain all user 

IDs for their firm.

3.1.2 Public Access

Public users will have the ability to access the ICE Trade Vault website and view Public Data in 

accordance with Part 43 of Applicable CFTC Regulations at www.icetradevault.com. 

3.1.3 Regulator Access 

Any Regulator requiring or requesting access to the ICE SDR Service should contact the Chief 

Compliance Officer (via email: TradeVaultChiefComplianceOfficer@theice.com) to request 

access and the necessary documentation and certify that it is acting within the scope of its 

jurisdiction. ICE Trade Vault shall promptly notify the CFTC regarding any request received from 

a Regulator for access to the swap data maintained by ICE Trade Vault. 

Following notification to the CFTC of the request for data access for a Regulator and due 

execution of necessary documentation, ICE Trade Vault shall provide access to the requested 

swap data consistent with Applicable CFTC Regulations. Each Regulator’s designated master 

user (“Regulator Administrator”) will manage the Regulator’s user access to the ICE SDR 

Service. Such access may include, where applicable, proper tools for the monitoring, screening 

and analyzing of swap transaction data, including, but not limited to, web-based services and

services that provide automated transfer of data to Regulators. The ICE SDR Service shall 

provide Regulators the ability to view individual Participants’ data and aggregated data sets. 

Consistent with CFTC regulation § 49.18, a Regulator will be required to execute a written 

agreement stating that the Regulator shall abide by the confidentiality requirements described in 

Section 8 of the CEA relating to the swap data that is provided prior to the Regulator’s receipt of 

any requested data or information. In addition each such regulator shall agree to indemnify ICE 

Trade Vault and the CFTC for any expenses arising from litigation relating to the information 

provided under Section 8 of the CEA. 

The requirements set forth in the preceding paragraph shall not apply to certain Regulators with 

regulatory responsibility over the ICE SDR Service as described in CFTC regulations §§ 

49.17(d)(2) and (3). ICE Trade Vault and any such Regulator are required to comply with 

Section 8 of the CEA and any other relevant statutory confidentiality provisions.
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3.1.4 Third-Party Service ProvidersReporters

All third-party service providersreporters of ICE Trade Vault will be subject to the following 

conditions: 

(1) The third party service provider must agree to strict confidentiality obligations and 

procedures that protect data and information from improper disclosure; and

(2) Prior to swap data access, the third-party service provider would be required to execute a 

confidentiality agreement setting forth minimum confidentiality obligations with respect to the 

information maintained by ICE Trade Vault that are equivalent to the privacy procedures for 

swap data repositories outlined in Applicable CFTC Regulations.

3.2 Revocation of Access

Prior to implementing a limitation or revocation of a Participant’s or Trusted Source’s access to 

the ICE SDR Service or data maintained by ICE Trade Vault, the CCO shall review the basis for 

the limitation or revocation for compliance with Applicable Law and the rules of the ICE SDR 

Service, and provide advance notice to the Participant or Trusted Source of such limitation or 

revocation. If the CCO determines that a Participant or Trusted Source has been discriminated 

against unfairly, the CCO shall take such actions as are necessary to restore that Participant’s 

or Trusted Source’s access to such service or data.

3.3 Reinstatement of Suspended User; Revocation or Modification of Other

Actions; Termination of Status

A Participant or Trusted Source that has been suspended pursuant to Rule 3.2 may seek 

reinstatement, revocation or modification of such action by submitting an application to the 

Board of Directors in such form and accompanied by such information as ICE Trade Vault may 

prescribe. Such application may be rejected or granted in whole or in part by the Board of 

Directors in its discretion. If a Participant or Trusted Source that has been so suspended does 

not appeal within twenty (20) days after the commencement of such suspension, or if such 

Participant or Trusted Source shall have so applied and the Board of Directors shall have 

rejected the application, the Board of Directors may terminate such Participant’s or Trusted 

Source’s status after giving such user notice and an opportunity to be heard at a hearing before 

the Board of Directors. Any such hearing shall be conducted pursuant to rules and procedures 

adopted by the Board of Directors which, in the judgment of the Board of Directors, are sufficient 

to give such user an opportunity to fully and fairly present to the Board of Directors the user’s 

reasons why the application should be granted.

3.4 Connectivity 

Participants, Trusted Sources and Regulators may access the ICE SDR Service through a webbased front-end that requires user systems to (a) satisfy ICE Trade Vault minimum computing 

system and web browser requirements, (b) support HTTP 1.1 and 128-bit or stronger SSL data 

encryption, and (c) support the most recent version of Adobe Flash Player. DCOs may connect 

to the ICE SDR Service through direct electronic access via an API.

3.5 Commercial and Non-Commercial Use of Data 

Pursuant to Applicable CFTC Regulations, ICE Trade Vault and its affiliates are prohibited from 

using, for commercial or business purposes, swap data accepted and maintained by the ICE 

SDR Service without the express written consent of the Participant or Trusted Source submitting 

trade data. ICE Trade Vault employee access to SDR data is strictly limited to those with the 

direct responsibility for supporting Participants, Trusted Sources and Regulators, and ICE Trade 
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Vault employees are prohibited from using SDR data other than in the performance of their job 

responsibilities.

ICE Trade Vault may disclose, for non-commercial purposes, certain swap data on an 

aggregated basis as long as the disclosed data cannot reasonably be attributed to individual 

transactions or Participants. 

ICE Trade Vault offers its web-based front-end (a) to enable Participants and Trusted Sources

to report SDR data (a regulated service) and (b) as a matching and legal trade confirmation 

service (an Ancillary Service). This Rule 3.5 applies only to the ICE SDR Service and does not 

apply to data submitted to Ancillary Services.
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Acceptance of Data and Reporting Procedures

4.1 Asset Classes

The ICE SDR Service accepts data in respect of all swap trades in the credit, commodities, 

interest rate and Fforeign /exchangeX asset classes at this time. 

4.2 Trade Data and Data Processing 

4.2.1 General

Participants and Trusted Sources reporting trade data to the ICE SDR Service will be required 

to comply with Parts 43 and 45 of Applicable CFTC Regulations and any other applicable

reporting requirements promulgated from time to time by the CFTC. 

4.2.2 Reporting Entities and Trusted Sources 

Part 45 of the Applicable CFTC Regulations will require each swap trade to designate a 

reporting entity for creation and continuation data as determined by the hierarchy defined in Part 

45. Creation data includes both primary economic terms (“PET”) data as well as confirmation 

data, both of which are described, together with continuation data, in further detail in Rule 4.2.3. 

Accordingly, each Participant and Trusted Source utilizing the ICE SDR Service will be assigned 

a designation in order to apply the applicable reporting hierarchy for trade data and determine 

the reporting entity for creation and continuation data for each trade. When possible, ICE Trade 

Vault derives the reporting entity value based on the CFTC reporting entity hierarchy in §§ 45.3, 

45.4 and 45.8 of the CFTC Regulations. For bilateral/non-cleared trades, when both the buyer 

and seller have the same designation, the parties must come to an agreement as to which party 

will be the reporting entity and either set up a default designation or manually enter a reporting 

party on the trade submission. 

4.2.3 Required Submissions

4.2.3.1 Primary Economic Terms Data 

Participants and Trusted Sources must report all primary economic terms of a swap, which 

include all of the terms of the swap verified or matched by the counterparties at or shortly after 

the execution of the swap, to the ICE SDR Service as soon as technologically practicable. For 

swaps executed on a SEF or DCM, the primary economic terms of a swap are those terms 

specified in the contract listed on the platform. For non-standardized or bespoke swaps 

executed bilaterally, the primary economic terms of a swap are those essential economic terms, 

which may vary, and which counterparties verify following the execution of every swap.

ICE Trade Vault seeks to accept a primary economic term submission that may be amended by 

submissions to accommodate any updates or corrections. However, a primary economic term 

submission is required to conform to the relevant ICE Trade Vault UPI (until such time as the 

CFTC taxonomy for UPI is approved.) In the event that a party submits data with differing 

primary economic terms, ICE Trade Vault will consider this an update. ICE Trade Vault 

recognizes that reporting entities may need to update primary economic term submissions. 

However, disciplinary actions will be considered for excessive message updates not made in 

good faith by reporting entities. 

4.2.3.2 Confirmation Data 

Participants and DCOs must report all confirmation data for a swap to the ICE SDR Service as 

soon as technologically practicable. Confirmation data is the set of all terms matched and 

agreed upon by the counterparties in confirming the swap. 
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4.2.3.3 Continuation Data

Participants and DCOs must report all continuation data for swaps previously reported to the 

ICE SDR Service as soon as technologically practicable and as prescribed by Applicable CFTC

Regulations. Continuation data is the set of data generated in connection with lifecycle events 

that occur prior to a swap’s termination date and the data elements necessary to determine the 

current market value of a swap (i.e., valuation data). The term “lifecycle events” includes, but is 

not limited to trade cancellations (busted trades), modifications, novations and early 

terminations. 

4.2.3.4 End-User Exception Data

Applicable CFTC Regulations require Participants relying on the end-user exception from 

mandatory clearing requirements under Part 39 of Applicable CFTC Regulations in respect of 

certain trades to report additional details about these trades to an SDR. To effectively monitor 

trades where the end-user exception has been invoked, the ICE SDR Service provides

Regulators and Participants monitoring tools that show where the Part 39 requirements have 

been met or remain to be fulfilled.

4.2.4 Special Provisions for Block Trades

Applicable CFTC Regulations specify how to determine the appropriate minimum sizes for block 

trades and large notional swap transactions. SDRs are obligated to calculate appropriate block 

size minimums; formulae are prescribed in the Applicable CFTC Regulations for these 

calculations. ICE Trade Vault posts appropriate minimum block sizes to its website and shall

annually recalculate and republish all block size minimums. 

ICE Trade Vault shall handle block trades according to Applicable CFTC Regulations for realtime reporting and dissemination. 

4.2.4.1 Exotic Trades

ICE Trade Vault supports an exotic trade schema for the submission of primary economic terms 

for exotic trades. For the commodities, interest rates and F/X asset classes, Participants submit

certain trade data to the ICE SDR Service together with an attachment containing the full trade 

terms, spreadsheet or other document evidencing the bespoke details of the trade. For the 

credit asset class, Participants may manually submit exotic trade details.

ICE Trade Vault’s UPI taxonomy supports the reporting of bespoke products. This is not viewed 

the same as the reporting of an ad-hoc spread, where UPIs exist for the underlying individual 

legs of a transaction that does not have a UPI when reported as a spread. ICE Trade Vault 

does not accept ad-hoc spreads for primary economic term submissions or real-time reporting. 

In the case of ad-hoc spreads, the reporting counterparty to a swap transaction will be required 

to report the swap as separate legs to the corresponding ICE Trade Vault UPIs. 

ICE Trade Vault supports the reporting of trades with variable economic terms, or shaped trade 

terms, where price, quantity, or other terms of the trade vary within a specified time period. As 

such, shaped trades are not considered exotic trades and should be reported with all variable 

economic terms defined within the trade submission and not as an exotic trade where the full 

trade terms are not captured.

4.3 Data Translation and Default Data 

Proprietary trade data values submitted by Participants and Trusted Sources must be converted 

to ICE Trade Vault Service standard data value(s) in order to process trade records in a 

standardized format. Participants and Trusted Sources may utilize the web-based front-end to 
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map proprietary data values to a standard set of ICE Trade Vault Service data values. Once 

defined, a Participant’s or Trusted Source’s data map is applied to each trade record 

subsequently received and processed by the ICE SDR Service. 

Participants and Trusted Sources may also utilize the default data value facility provided with 

the ICE SDR Service for certain product default fields. This facility allows Participants and 

Trusted Sources to utilize, within the ICE SDR Service, a default standard data value by 

product. Prior to processing the trade, all required fields of a trade record must contain a 

standard data value for that product type. In the event that the Participant or Trusted Source 

submits no data value for a required field for a trade record, the ICE SDR Service uses the 

agreed default data value for that field.

4.4 Trade Status

Trade status identifies the current reported state of a trade submitted to the ICE SDR Service:

 CONFIRMED: A trade for which the Confirmation Data has been legally confirmed and 

automatically submitted to the ICE SDR Service by a DCO (in the case of cleared 

trades) or the ICE eConfirm Service (in the case of non-cleared trades). 

 CONFIRMED – VOLUNTARY: A Confirmed trade that was submitted to the ICE SDR 

Service by a party that is not the reporting entity as part of a voluntary, supplemental 

report pursuant to CFTC regulation § 45.12.

 pCONFIRMED: An uncleared trade for which the Confirmation Data was submitted to 

the ICE SDR Service by the reporting entity rather than via the ICE eConfirm Service.

 pCONFIRMED –VOLUNTARY: A pConfirmed trade for which the Confirmation Data 

was submitted to the ICE SDR Service by a party that is not the reporting entity as part 

of a voluntary, supplemental report pursuant to CFTC regulation § 45.12.

 UNCONFIRMED – PET ONLY: A trade for which ICE Trade Vault has only received 

PET Data.

 UNCONFIRMED – CONTINUATION ONLY: A trade for which ICE Trade Vault has only 

received Continuation Data.

 UNCONFIRMED – PET & CONTINUATION: A trade for which ICE Trade Vault has 

received only PET Data and Continuation Data.

 UNCONFIRMED – VOLUNTARY: A trade that was submitted to the ICE SDR Service 

by a party that is not the reporting entity as part of a voluntary, supplemental report 

pursuant to CFTC regulation § 45.12 and for which ICE Trade Vault has only received 

either PET Data or Continuation Data.

 CANCELLED: An Unconfirmed trade that has been rescinded or a Confirmed trade that 

has been Busted or for which a full buyout or novation has been completed prior to its 

effective date. In addition, a cleared swap that has been converted into a related futures 

position.

 ERRORED: A swap that was erroneously reported to the ICE SDR Service and deemed 

to be submitted to System in error by the User.

 INVALID: A swap that failed the validation requirements of the System.
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4.5 Lifecycle Event Status

Lifecycle Event status identifies an action taken with respect to a trade submitted to the ICE 

SDR Service:

 BUSTED: With respect to a Confirmed trade, where both counterparties have confirmed 

the rescission of such trade or completed a full buyout of such trade prior to its effective 

date. With respect to a pConfirmed trade, where one party to the trade has reported that 

both parties have rescinded such trade or completed a full buyout prior to the trade’s 

effective date.

 EARLY TERMINATED: With respect to a Confirmed trade, where both counterparties 

have confirmed the termination of such trade prior to its original termination date. With 

respect to a pConfirmed trade, where one party to the trade has reported that both 

parties have terminated such trade prior to its original termination date. 

 MODIFIED TERMS: With respect to a Confirmed trade, where both counterparties have 

confirmed the terms of such trade have been modified. With respect to a pConfirmed 

trade, where one party to the trade has reported that both parties have modified the 

terms of such trade. 

 NOVATED: With respect to a Confirmed trade, where all parties have confirmed that the 

rights, liabilities, duties and obligations of the stepping-out party have been transferred to 

the stepping-in party. With respect to a pConfirmed trade, where one party to the trade

has reported that all parties have confirmed that the rights, liabilities, duties and 

obligations of the stepping-out party have been transferred to the stepping-in party.

 CLEARED NOVATION: An original swap which has been accepted by the DCO for 

clearing as as such has been terminated.

 DCO GIVEN-UP: With respect to a non-cleared Confirmed trade, where both

counterparties have confirmed that they have given up such trade for clearing. With 

respect to a non-cleared pConfirmed trade, where one party to the trade has reported 

that both parties have given up such trade for clearing.

 OPTION EXERCISED: With respect to a Confirmed option trade, where both 

counterparties have confirmed the exercise of all or part of the option. With respect to a 

pConfirmed option trade, where one party to the trade has reported that both parties 

have confirmed an exercise of all or part of the option. This Lifecycle Event is only 

available for those option and swaption trades where automatic exercise is not 

applicable.

 EXCHANGE FOR RELATED POSITION (“EFRP”): With respect to a Cleared trade, 

where the DCO has terminated the swap and exchanged the trade for a related futures 

position. 

 REQUEST TO CORRECT ERRORS (DISPUTED): Where one party to a Confirmed 

trade has reported a request to correct an error or omission in the matched trade terms 

of such trade.

 REQUEST TO BUST: Where one party to a Confirmed trade has reported a request to 

rescind such trade or complete a full buyout of such trade prior to its effective date.

 REQUEST TO EARLY TERMINATE: Where one party to a Confirmed trade has 

reported a request to terminate such trade prior to its original termination date.
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 REQUEST TO MODIFY TERMS: Where one party to a Confirmed trade has reported a 

request to modify the terms of such trade.

 REQUEST TO NOVATE: Where one party to a Confirmed trade has reported a request 

to novate such trade.

 REQUEST TO DCO GIVE-UP: Where one party to a non-cleared Confirmed trade has 

reported a request to give-up such trade for clearing.

 REQUEST TO OPTION EXERCISE: Where one party to a Confirmed option trade has 

reported a request to exercise such option.

4.6 Verification of Accuracy for Data from Trusted Sources 

The ICE SDR Service reasonably relies on the accuracy of trade data submitted from Trusted 

Sources where (i) the Trusted Source has validly enrolled with the ICE SDR Service, and (ii) the 

data submitted by the Trusted Source evidences that both counterparties agreed to the data. 

All Trusted Sources connecting to ICE Trade Vault must complete a conformance test to 

validate submission integrity prior to ICE Trade Vault’s acceptance of actual swap data and

must immediately inform ICE Trade Vault of any system or technical issues that may affect the 

accuracy of swap data transmissions. Notwithstanding this Rule 4.6, a Participant shall have a 

48-hour period in accordance with CFTC regulation § 49.11(b) within which it may correct data

reported to the ICE SDR Service from a Trusted Source, after which the Participant will be 

deemed to have acknowledged the accuracy of the swap data.

4.7 Verification of Single-Sided Trade Data

When a trade is not electronically matched, ICE Trade Vault must rely on the reporting entity to 

confirm the accuracy of the trade. Participants shall upload their side of the trade electronically

to the ICE SDR Service, and certify that the swap creation and continuation data submitted is 

accurate and that the trade was confirmed via an alternative method by submitting a 

confirmation certification message.. Submitting a confirmation certification message for the 

trade will cause the trade status to change to “pConfirmed.”.” Following a lifecycle event or other 

circumstance requiring the submission of swap continuation data with respect to an existing 

trade, Participants shall certify that the swap continuation data submitted is accurate.

4.8 No Invalidation or Modification of Valid Swap Data

In accordance with CFTC regulation § 49.10(c), ICE Trade Vault has policies and procedures in 

place to ensure that the production environment in which the recording process of the ICE SDR 

Service operates does not invalidate or modify the terms of a valid swap. These controls are 

regularly audited and prevent any unauthorized, unsolicited changes to swap data submitted to 

ICE Trade Vault through system-wide protections related to the processing of data associated 

with the ICE SDR Service and ICE Trade Vault platform. 

4.9 Correction of Errors in Trade Records; Dispute Resolution Process 

Participants are responsible for the timely resolution of trade record errors and disputes. ICE 

Trade Vault provides Participants electronic methods to extract data for trade data

reconciliation. 

For discrepancies with trade data for cleared trades, Participants must report any errors to the 

relevant DCO, and trade records at ICE Trade Vault will only be adjusted when the DCO 

submits corrected trade data to the ICE SDR Service. 
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For discrepancies with trade data for bilateral/non-cleared trades, disputes must be resolved in 

accordance with the parties’ agreement and Applicable Law, and Participants are required to 

notify ICE Trade Vault promptly of disputed trade data by utilizing the “dispute” functionality of 

the ICE SDR Service. When a Participant “disputes” a trade within the ICE SDR Service, the 

status of the trade will be recorded as “Disputed”, and notice of the dispute will be sent promptly 

to the other party to the trade. The trade record may then be amended or canceled upon mutual 

agreement of the parties. The status of the trade will remain “Disputed” until either party to the 

trade provides evidence satisfactory to ICE Trade Vault that the dispute has been resolved. All 

data provided to regulators will include the status of each trade reported to the ICE SDR 

Service, including a “Disputed” status. 

4.10 Duty to Monitor, Screen and Analyze Swap Data

Consistent with the requirements of CFTC regulation §§ 49.13 and 49.14, ICE Trade Vault has

the capacity to monitor, screen and analyze all swap data recorded as part of the ICE SDR 

Service in accordance with Applicable CFTC Regulations. In this regard the ICE SDR Service 

performs both (i) standard swap surveillance and (ii) specific tasks based on ad hoc requests of 

Regulators in a manner consistent with Applicable Law. 

4.11 Position Limits: Calculations and Reporting

The position break out (“PBR”) component of the ICE SDR Service will convert trade data into 

standard size positions or durations (e.g., convert a calendar transaction into 12 monthly trade 

records) for reporting and position limit assessment purposes. Rules for position break outs will 

be specified by product and comply with Applicable CFTC Regulations. 
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Real-Time Reporting

ICE Trade Vault provides real-time reporting and public dissemination of swap transaction data 

through the ICE Real-Time Ticker. The architecture of the ICE Real-Time Ticker is based on the 

requirements of Applicable CFTC Regulations. The ICE Real-Time Ticker provides the 

following functionality:

 Dissemination of initial swap transaction data;

 Dissemination of changes, corrections, and cancellations;

 Dissemination of transaction changes that materially impact economic terms; 

 Dissemination of block or large notional value swaps with time delays that are applicable

for each product; 

 Ability to request and replay messages for a given day; and

 Ability for the public, Participants and Regulators to download historical data.

5.1 No Advance Disclosure 

No swap transaction or pricing data will be disclosed to any market participant prior to public 

dissemination on the ICE Real-Time Ticker. 

5.2 Errors and Omissions

Participants are required to promptly verify data submitted in respect of their trades and report 

any discrepancies in accordance with Section 4 of this Rulebook. Any errors or omissions in 

swap transaction and pricing data that were publicly disseminated in real-time will be corrected 

or canceled and publicly disseminated as soon as technologically practicable.

5.3 Compliance with Real-Time Dissemination Requirements

ICE Trade Vault shall publicly disseminate swap transaction and pricing data, in compliance 

with Applicable CFTC Regulations, as soon as technologically practicable upon receipt of such 

data, unless the data is subject to a time delay in accordance with Applicable CFTC 

Regulations. 

5.4 Untimely Data

Pursuant to CFTC regulation § 49.15(c), ICE Trade Vault shall notify the CFTC of any swap 

transaction for which the real-time swap data is not received by the ICE SDR Service in 

accordance with the Real-Time Public Reporting requirements of Applicable CFTC Regulations.

5.5 Additional Time-Stamp Requirements

With respect to block trades and large notional swaps, ICE Trade Vault will, in accordance with 

Applicable CFTC Regulations, time-stamp in real-time all swap transaction and pricing data with 

the date and time, to the nearest second, when such swap data is received from a Participant or 

Trusted Source, and when such swap data is publicly disseminated. 
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Unique Identifiers

6.1 Unique Swap Identifiers (USIs)

Applicable CFTC Regulations state that USIs shall be assigned to a trade at the venue of 

execution. 

For trades executed on a SEF or DCM (on-platform), responsibility for assigning USIs is placed 

on the SEF/DCM. The counterparties to these trades must provide the relevant USIs with their 

trade data submissions in order to allow ICE Trade Vault to tie out the primary economic terms 

received from SEFs with the more detailed confirmation terms that the parties submit to the ICE 

SDR Service.

For trades cleared on a DCO, responsibility for assigning USIs is placed on the DCO. The DCO 

has the responsibility to inform the counterparties of the trade of the USIs. 

For trades that are not cleared or executed on a SEF or DCM (off-platform), the ICE SDR 

Service generates and assigns USIs when the reporting entity of PET data is a non-SD/MSP.

When the PET data reporting entity is a SD or MSP, the reporting entity must generate the USI 

or elect the optional service for ICE Trade Vault to generate the USI on their behalf using their 

USI namespace. For Historical Swaps, ICE Trade Vault will generate the USI. ICE Trade Vault 

shall verify the uniqueness of such USIs in compliance with Applicable CFTC Regulations. In 

addition to creating and disseminating USIs for off-platform trades, ICE Trade Vault will track 

USIs for processing lifecycle events.

6.2 Legal Entity Identifiers (LEIs)

ICE Trade Vault has the ability to map entities to their CFTC-assigned LEIs. This allows 

Participants to submit the entity name as stored in their system and map to the correct LEI.

6.3 Unique Product Identifiers (UPIs)

Applicable CFTC Regulations require UPIs to be created and processed in a centralized 

registry. ICE Trade Vault shall issue UPIs, maintain reference data representation of each 

commodity product, including schema definitions, and disseminate the representation to 

Participants. If the industry creates and adopts a UPI taxonomy and registry, ICE Trade Vault 

will comply with published standards at that time.

6.3.1 Creating New UPIs

Entities requesting new products must provide the new product specifications to ICE Trade 

Vault in order to receive a new UPI code and product schema. 
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Data Retention; Business Continuity

7.1 Data Retention, Access and Recordkeeping

ICE SDR Service data is saved to a redundant, local database and a remote disaster recovery 

database in near real-time. The ICE SDR Service database is backed-up to tape daily with 

tapes moved offsite weekly. 

Participants’ individual trade data records remain available to Participants and Regulators at no 

charge for online access through the ICE SDR Service from the date of submission until five 

years after the end date of the trade (last day of delivery or settlement as defined for each 

product). During this time period, ICE SDR Service data will be available to the Commission via 

real-time electronic access. After the initial five-year period, Participants’ matched trade data 

will be stored off-line and remain available to Participants and Regulators, upon a three-day 

advance request to ICE Trade Vault, until ten years from the last date of delivery or pricing of a 

trade. Participant will retain unimpaired access to its online and archived matched trade data 

even in the event of Participant’s discontinued use of the ICE SDR Service. 

Nothing in this rule 7.1 will require a Participant to pay fees associated with ICE Trade Vault’s 

standard regulatory reporting and access obligations. However, if a Participant or its Regulator 

requests or requires archived trade data from ICE Trade Vault to be delivered other than via the 

web-based front-end or the API or in a non-standard format, Participant will reimburse ICE 

Trade Vault for its reasonable expenses in producing data in response to such request or 

requirement as such expenses are incurred. Similarly ICE Trade Vault may require a 

Participant to pay all reasonable expenses associated with producing records relating to its

transactions pursuant to a court order or other legal process, as those expenses are incurred by 

ICE Trade Vault, whether such production is required at the instance of such Participant or at 

the instance of another party. 

ICE Trade Vault may retain copies of communications between officers, employees or agents of 

ICE Trade Vault, on one hand, and Participants and Trusted Sources (including related parties), 

on the other hand, in such manner and for such periods of time as ICE Trade Vault may deem 

necessary and appropriate to comply with Applicable CFTC Regulations.

Further, in accordance with CFTC regulation § 49.22(g), ICE Trade Vault will maintain (i) a copy 

of the written policies and procedures, including the code of ethics and conflicts of interest 

policies adopted in furtherance of compliance with the CEA and Applicable CFTC Regulations; 

(ii) copies of all materials, including written reports provided to the Board of Directors or senior 

officers in connection with the review of the annual compliance report CFTC regulation § 

49.22(f)(1) and the Board of Directors minutes or similar written record of such review, that 

record the submission of the annual compliance report to the Board of Directors or senior 

officer; and (iii) any records relevant ICE Trade Vault’s annual compliance report, including, but 

not limited to, work papers and other documents that form the basis of the report, and 

memoranda, correspondence, other documents, and records that are: (A) created, sent or 

received in connection with the annual compliance report and (B) contain conclusions, opinions, 

analyses, or financial data related to the annual compliance report. 

7.2 Business Continuity and Disaster Recovery 

ICE Trade Vault has implemented systems and procedures that allow for timely resumption of

key business processes and operations following unplanned interruptions, unavailability of staff, 

inaccessibility of facilities, and disruption or disastrous loss to one or more of ICE Trade Vault’s 

facilities or services. All production system hardware and software is replicated in near realtime at a geographically and vendor-diverse disaster recovery site to avoid any loss of data.
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The CFTC will be notified as soon as it is reasonably practicable of ICE Trade Vault’s invocation 

of its emergency authority, any material business disruption, or any threat that actually or 

potentially jeopardizes automated system operation, reliability, security or capacity in a material 

way.
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8 Data Confidentiality; Sensitive Information and Security

ICE Trade Vault recognizes its responsibility to ensure data confidentiality and dedicates 

significant resources to information security to prevent the misappropriation or misuse of 

Section 8 Material and any other SDR Information not subject to real-time reporting 

requirements pursuant CFTC regulation § 43. ICE Trade Vault does not, as a condition of 

accepting swap data from Participants, require the waiver of any privacy rights by such

Participants.

ICE Trade Vault uses a multi-tiered firewall scheme to provide network segmentation and 

access control to its services. Firewalls are deployed in redundant pairs and employ statefulinspection technology. ICE Trade Vault application servers are housed in a demilitarized zone 

behind external firewalls. A second set of internal firewalls further isolate ICE Trade Vault 

database systems, an intrusion system provides added security to detect any threats, and 

network sensors analyze all internet and private line traffic for malicious patterns.

Tactical controls are regularly examined and tested by multiple tiers of internal and external test 

groups, auditors and independently contracted third-party security testing firms. The controls

impose an accountable and standard set of best practices to protect the confidentiality of 

Participants’ sensitive data, including Section 8 Material and other SDR Information not subject 

to real-time reporting. ICE Trade Vault annually completes an audit for adherence to the data 

security policies. The audit tests the following applicable controls, among others, to ICE Trade 

Vault systems: (i) logical access controls; (ii) logical access to databases; (iii) physical and 

environmental controls; (iv) backup procedures; and (v) change management.

 

1

This Swap Data Repository Rulebook was first adopted on June 6, 2012.