1

Registered name: ICE Clear Europe Limited, (Registered in England, No. 06219884)

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom

ICE Clear Europe Ltd is a recognised clearing house under the Financial Services and Markets Act 2000 and is supervised by the 

Bank of England.

December 19, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: ICE Clear Europe Self-Certification Pursuant to Commission Rule Rule 40.6 

– ICE Clear Europe Clearing Rule 106 Amendments 

Dear Mr. Kirkpatrick:

ICE Clear Europe Limited (“ICE Clear Europe” or the “Clearing House”), a registered 

derivatives clearing organization under the Commodity Exchange Act, as amended (the 

“Act”), hereby submits to the Commodity Futures Trading Commission (the 

“Commission”), pursuant to Commission Rule 40.6 for self-certification, amendments 

to its ICE Clear Europe Clearing Rules (“Clearing Rules”).

1 The amendments will 

become effective on the first business day following the tenth business day after 

submission, or such later date as ICE Clear Europe may determine. 

Concise Explanation and Analysis

ICE Clear Europe is amending its Clearing Rule 106 relating to Confidentiality and 

Information. These amendments would impose certain obligations on Clearing 

Members and Sponsored Principals to maintain the confidentiality of specified 

information provided by the Clearing House, on terms (and with exceptions) generally 

similar to the existing provisions requiring the Clearing House to maintain 

confidentiality of Clearing Member information. The approach under the amended 

Rule is generally consistent with that of affiliated ICE DCOs. The amendments would 

also make certain other clarifications to existing confidentiality requirements applicable 

to the Clearing House. 

The amendments would add new Rule 106(h), requiring that each Clearing Member 

and each Sponsored Principal hold certain information, files or documents provided by 

the Clearing House confidential and use such information solely for business purposes 

in its capacity as a Clearing Member or Sponsor Principal. This amendment would 

specify the types of information subject to the confidentiality obligation, including 

certain business, financial, strategic and technical information and materials, the 

identities of current or potential business partners or investors, and certain proprietary 

1 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe 

Clearing Rules. 
2

Registered name: ICE Clear Europe Limited, (Registered in England, No. 06219884)

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom

ICE Clear Europe Ltd is a recognised clearing house under the Financial Services and Markets Act 2000 and is supervised by the 

Bank of England.

information regarding business plans, business methods, models and customers, 

information relating to default management and information relating to automated 

systems, among other information. 

The amendments will also set out various customary exceptions to the confidentiality 

requirements in Rule 106(h), generally include the same exceptions that apply to the 

Clearing House’s confidentiality obligations with respect to Clearing Member 

proprietary information. They will additionally exclude any information that is 

attached to the Clearing Rules, Procedures or Circulars and according to certain other 

provisions in the Rules. 

The amendments also clarify certain existing exceptions to the disclosure of 

confidential information by the Clearing House. In particular, the amendments clarify, 

under Rule 106(c), the ability to make certain disclosures permitted under Applicable 

Law relating to alleged offenses, under Rule 106(c)(iv), disclosures to professional 

advisors subject to a duty of confidentiality, under Rule 106(c)(x), disclosure of 

information that becomes available to the Clearing House on a non-confidential basis, 

and under Rule 106(c)(xiv), disclosure of information independently developed by the 

Clearing House or its affiliates without reliance on the confidential information 

furnished. The exceptions at Rule 106(c)(i), (x) and (xiv) will apply in respect of 

disclosure by the Clearing Member, by virtue of the mutatis mutandis provision being 

introduced at 106(h)(ii). 

Compliance with the Act and CFTC Regulations

The amendments to the Clearing Rules are potentially relevant to the following core 

principles: (I) System Safeguards, (L) Public Disclosure and (O) Governance.

• System Safeguards. As mentioned above, amendments clarify certain 

obligations of the Clearing House to maintain confidentiality of information 

provided by Clearing Members, as well as appropriate exceptions to those 

obligations. The amendments are consistent with the protection of 

confidential information held by the Clearing House and accordingly, in ICE 

Clear Europe’s view, are consistent with the requirements of Core Principle I

and Commission Rule 39.18.

• Public Information. Commission Rule 39.21 requires that the Clearing House 

make public certain information concerning its rules, procedures, terms and 

conditions of contracts, margin models and financial resources. Although the 

amendments will impose certain confidentiality obligations on Clearing 

Members with respect to information provided by the Clearing House, the 

amendments contain appropriate exceptions. As a result, the amendments will 

not affect the Clearing House’s ability to comply with Rule 39.21, and as a 

result are consistent with the public disclosure requirements of that rule and 

Core Principle L.
3

Registered name: ICE Clear Europe Limited, (Registered in England, No. 06219884)

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom

ICE Clear Europe Ltd is a recognised clearing house under the Financial Services and Markets Act 2000 and is supervised by the 

Bank of England.

• Governance. The amendments update the Clearing Rules to impose specific 

confidentiality obligations on Clearing Members, in a manner generally 

consistent with the confidentiality obligations that apply to ICE Clear Europe, 

with appropriate exceptions. In ICE Clear Europe’s view, the amendments 

will facilitate the governance of the Clearing House by enhancing its ability to 

share appropriate confidential information concerning Clearing House 

operations, decision-making, business plans and processes and models, among 

other relevant information, with Clearing Members. In ICE Clear Europe’s 

view, the amendments are therefore consistent with the requirements of Core 

Principle O and Commission Rule 39.24

As set forth herein, the amendments consist of the revisions to Rule 106 of the Clearing 

Rules, a copy of which is attached hereto. 

ICE Clear Europe hereby certifies that the amendments comply with the Act and the 

Commission’s regulations thereunder. 

ICE Clear Europe received no substantive opposing views in relation to the 

amendments.

ICE Clear Europe has posted a notice of pending certification and a copy of this 

submission on its website concurrent with the filing of this submission. 

If you or your staff should have any questions or comments or require further 

information regarding this submission, please do not hesitate to contact the undersigned 

at George.milton@theice.com or +44 20 7429 4564. 

Very truly yours,

George Milton

Head of Regulation & Compliance