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Cross-border Cooperation Agreement among Members of the ICE Clear Credit 

LLC Crisis Management Group 

1. Objectives, nature and scope of this agreement

1.1 We, as the Home Authorities and Host Authorities, as defined in Annex A, for the ICE

Clear Credit LLC (“ICC”), have set out in this cross-border cooperation agreement 

(“Agreement”) the manner in which we will work together with a view to facilitating 

institution-specific crisis management planning and cooperation between and among 

relevant authorities, with an emphasis on cooperation in the event of the resolution of 

ICC, insofar as the authorities are responsible for crisis management, recovery or 

resolution. 

1.2 The Co-lead Authorities are the U.S. Commodity Futures Trading Commission and the 

Federal Deposit Insurance Corporation (“FDIC”) (each a “Co-lead Authority” and 

together, the “Co-lead Authorities”). 

1.3 The parties to this Agreement are the Home and Host Authorities listed in Annex A, as 

updated and circulated from time to time by the Co-lead Authorities (each a “Party” 

and together, the “Parties” or “Authorities”). Each of the Parties is a member of the 

Crisis Management Group (“CMG”) for ICC. The CMG is a cooperative structure 

formed by the Parties consistent with Key Attribute 9 of the Financial Stability Board’s 

(“FSB’s”) Key Attributes of Effective Resolution Regimes for Financial Institutions

(“Key Attributes”), calling for the establishment of CMGs for financial market 

infrastructures (“FMIs”) that are systemically important in more than one jurisdiction. 

The CMG’s purpose is to enhance preparedness and planning for, and to facilitate the 

crisis management, recovery and resolution of ICC. The CMG does not have legal 

personality. 

1.4 This Agreement sets forth the Parties’ intentions with regard to cooperation, 

coordination and the exchange of information, to the extent permitted, for each of the 

respective Parties, by the respective laws, regulations, and requirements applicable to 

that Party (“Applicable Law”). The provisions of this Agreement and the 

understandings reached at the CMG do not create legally binding or legally enforceable 

obligations, confer any rights or give rise to any legal claim on behalf of any Party or 

third parties. This Agreement should be interpreted in a manner that is permitted by, 

and consistent with, Applicable Law. This Agreement does not contemplate roles, 

responsibilities or powers beyond those granted to the Parties under Applicable Law. 

This Agreement does not supersede or modify Applicable Law and nothing in this 

Agreement affects the competence or the supervisory, resolution or regulatory authority 

of the Parties under Applicable Law.

1.5 The Parties may disclose the existence of this Agreement to the public. A Party may 

publicly disclose all or portions of this Agreement, to the extent such public disclosure 

is in the proper exercise of its functions, powers or obligations, but will provide prior 

notice to the Co-lead Authorities, which will inform the other Parties. 

2. General framework for cooperation
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2.1. The roles of the Parties during “business as usual” (that is, during planning for recovery 

and resolution) and “in crisis” with respect to ICC are set forth herein.

2.2 The Parties approach to the crisis management, recovery and resolution measures that 

they adopt with respect to ICC should be informed by: (i) the Key Attributes and the 

related FSB Guidance on Central Counterparty Resolution and Resolution Planning, 

(ii) the Bank for International Settlements’ (“BIS’s”) Committee on Payment and

Settlement Systems’ and the Technical Committee of the International Organization of

Securities Commissions’ (“IOSCO’s”) Principles for Financial Market Infrastructures

(“PFMI”), and (iii) the BIS’s Committee on Payments and Market Infrastructures’ and

IOSCO’s Recovery of Financial Market Infrastructures (“Recovery Guidance”).

3. Undertakings to cooperate

3.1 The Parties will cooperate in the recovery and resolution planning process and, subject

to paragraphs 6.2 through 6.6 of this Agreement, will share relevant information to the 

extent permitted by Applicable Law, including information relating to the recovery and 

resolution planning process such as the resolution plan developed by the FDIC for ICC

(the “ICC Resolution Plan”). To prepare for coordinated resolution of the activities of 

ICC, the Parties also will endeavor to share, where appropriate and to the extent 

permitted by Applicable Law, relevant information relating to the recovery and 

resolution planning process for ICC or its affiliates and providers of critical systems or 

services to ICC or its affiliates in their respective jurisdictions. As the ICC Resolution 

Plan is refined, the Parties may identify steps necessary to implement the resolution 

strategy, potential barriers to resolution, areas in which cross-border cooperation would 

be needed, and actions the Parties might consider taking to facilitate identified 

strategies. 

3.2 To the extent consistent with Applicable Law, the Parties will endeavor to work to 

develop, and if necessary, implement ICC resolution options that are aimed at pursuing 

financial stability and the continuity of ICC’s critical functions without exposing 

taxpayers to losses. In doing so, the Parties will duly consider the potential impact of 

their resolution actions on the financial stability of other jurisdictions.

3.3 The Parties, at a sufficiently senior level, through representation in the CMG, may 

participate in reviewing the overall resolution strategy for ICC and may provide input 

on the development and maintenance of the ICC Resolution Plan. 

3.4 The Parties may engage in periodic table top simulation or scenario exercises within 

the CMG in order to assess the viability of the ICC Resolution Plan to help prepare for 

a coordinated resolution of ICC. 

3.5 The Parties may use the results of the Resolvability Assessment referred to in 

subparagraph 4.1(ii) below to inform the resolution planning process. 

3.6 The Parties acknowledge that:

(i) A review of the substantive resolution strategy set forth in the ICC Resolution

Plan by appropriate senior officials of the Home Authorities and Host

Authorities should occur at least annually; and
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(ii) Appropriate senior officials of the Home Authorities and Host Authorities

should review the operational aspects of the ICC Resolution Plan at least

annually.

3.7 Subject to Applicable Law, the Parties will endeavor to inform each other of material 

and relevant changes to their respective crisis management or resolution frameworks. 

4. Home Authorities’ undertakings

4.1 The appropriate Home Authorities1 will:

(i) Facilitate and chair meetings of the CMG;

(ii) With the benefit of the input of the other Parties: (a) perform an assessment of

the resolvability of ICC (the “Resolvability Assessment”) considering the

guidance set forth in the Key Attributes Resolvability Assessments Annex, and

(b) identify actions that the Home Authorities, the Host Authorities, or ICC may

need to take to improve the resolvability of ICC;

(iii) Lead the discussions of relevant information related to the recovery plan

developed by ICC (the “ICC Recovery Plan”) within the CMG;

(iv) Create and ultimately maintain the ICC Resolution Plan, considering the impact

of ICC and its resolution on the financial stability of other jurisdictions;

(v) Lead the discussions of the ICC Resolution Plan and the review of relevant

recovery plan information within the CMG, with the benefit of the input of the

other Parties;

(vi) To the extent permitted by Applicable Law, endeavor to alert other Parties

without undue delay, so as to allow practical cooperation, if ICC encounters

material difficulties, takes recovery actions, or if it becomes apparent that ICC

is likely to enter the applicable resolution regime;

(vii) Take into account the overall effect of their actions with respect to ICC on

financial stability in other relevant jurisdictions and, where possible and feasible

and consistent with Applicable Law, endeavor to avoid taking actions that

reasonably could be expected to trigger instability in ICC or in the financial

system of one or more relevant jurisdictions; and

(viii) Where possible and feasible and to the extent permitted by Applicable Law,

work with the other Parties towards a coordinated resolution of ICC with the

aim of maintaining financial stability and the continuity of the critical functions

of ICC without exposing taxpayers to losses.

5. Host Authorities’ undertakings

5.1 Each Host Authority will:

(i) Participate, at a sufficiently senior level, at meetings of the CMG;

1 With respect to the actions identified in subparagraphs 4.1(i) through (vi), the appropriate Home Authorities 

will be one or both of the Co-lead Authorities.
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(ii) Provide input into the development and maintenance of the ICC Resolution

Plan;

(iii) To the extent consistent with Applicable Law, coordinate with the other Parties

the implementation of the actions set out in the ICC Resolution Plan;

(iv) To the extent permitted by Applicable Law, alert the Home Authorities without

undue delay if a ICC affiliate or provider of critical systems or services to ICC

or its affiliates encounters material difficulties or if it becomes apparent that

such entity is likely to enter the Host Authority’s resolution regime; and

(v) Where possible and feasible, work with the other Parties towards the

coordinated resolution of ICC with the aim of maintaining financial stability

and the continuity of the critical functions of ICC without exposing taxpayers

to losses.

5.2 Each Host Authority will endeavor not to pre-empt resolution actions by the Home 

Authorities while reserving the right to act on its own initiative if necessary to achieve 

domestic stability in the absence of effective action by the Home Authorities. 

6. Cooperation mechanisms and information sharing framework

6.1 The Parties will meet at least annually and may hold additional meetings if necessary 

to address emergency situations or if requested by the Parties. Requests for additional 

meetings should be addressed to the Co-lead Authorities and should specify the purpose 

of the meeting. 

6.2 To the extent permitted by Applicable Law, the Parties intend to exchange information 

on their resolution regimes, the operations of ICC in the jurisdictions of the Parties, and 

such other information relevant to the recovery and resolution planning and 

implementation process as provided in this Agreement. During an emergency situation, 

information exchanges may increase in frequency and level of detail based on the 

specific circumstances and consistent with the provisions of this Agreement. 

6.3 The Co-lead Authorities will coordinate information sharing in connection with regular 

and ad hoc CMG meetings. The Parties will maintain up-to-date contact lists, which 

will include contact details for key senior and working-level staff, and the Co-lead 

Authorities will maintain and facilitate access to those lists by all Parties. This contact 

list should be used for all notices under this Agreement. The Parties intend to agree on 

multiple means of telecommunications (e.g., electronic correspondence, conference 

calls) to facilitate rapid and effective communication sharing and communication 

among the Parties. 

6.4 To the extent permitted by Applicable Law, the Parties may, from time to time, share 

confidential (i.e., non-public), proprietary or supervisory information (including, but 

not limited to, the Resolvability Assessments, the ICC Recovery Plan, the ICC

Resolution Plan, other recovery or resolution strategies or plans, and information 

regarding the members of ICC) (“Confidential Information”). To the extent that any 

Party’s authority permits the sharing of Confidential Information only upon request, 

any requests for Confidential Information to such Party will be made in writing, to the 

extent practicable in the situation. Such request should state why the information is 
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being requested and confirm that it will be used, and its confidentiality maintained 

pursuant to paragraphs 6.5 and 6.6. 

6.5 Each Party receiving any Confidential Information pursuant to this Agreement (a

“Receiving Party”) from another Party will use the Confidential Information only for 

lawful purposes related to that Party’s financial stability, safety and soundness, 

supervisory or regulatory functions, including recovery and resolution planning and 

crisis management. In addition, each Receiving Party will hold confidential all such 

Confidential Information to the extent permitted by Applicable Law and will not 

disclose any of it other than as necessary to carry out its lawful responsibilities and as 

consistent with the following limitations: 

(i) Except as provided below in subparagraphs (ii) and (iii), before a Receiving

Party discloses any Confidential Information received pursuant to this

Agreement to any other person, including any other Party or a governmental

entity that is not a signatory to this Agreement, the Receiving Party seeking to

disclose such Confidential Information will request and obtain prior written

consent from the Party that produced or provided the Confidential Information

(the “Producing Party”).

(ii) Where Confidential Information is produced or provided by a Producing Party

to a subset of or all other Parties, those Receiving Parties may share such

Confidential Information amongst themselves without the consent of the

Producing Party, but such Confidential Information may not be shared with any

other Party without the prior written consent of the Producing Party.

(iii) In the event that a Receiving Party is required by Applicable Law or legal

process, including a legally enforceable demand, to disclose Confidential

Information, it will, to the extent permitted by Applicable Law, inform the

Producing Party about such possible compelled disclosure in advance of sharing

such Confidential Information. If the Producing Party does not consent to such

disclosure, the Receiving Party will take reasonable steps, to the extent

permitted by Applicable Law, to resist disclosure, including by asserting all

appropriate legal exemptions or privileges that may be available to challenge

the requirement or demand to disclose Confidential Information.

(iv) Subject to the foregoing, access to Confidential Information by each Receiving

Party should be restricted to those staff members who have a bona fide need for

access to such information in connection with the Receiving Party’s lawful

activities, and Confidential Information should be handled carefully and

appropriately in the manner applicable to similar information in that Receiving

Party’s jurisdiction.

(v) The Parties acknowledge that a Party’s inability or failure to comply with the

foregoing limitations may result in that Party having limited or no access to

Confidential Information in the future.

(vi) The provision of, or request for, information under this Agreement may be

denied on grounds of public interest or national security, or when disclosure

would interfere with an ongoing investigation.
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6.6 No privileges or confidentiality associated with information provided by any Party are 

waived as a result of sharing information as contemplated by this Agreement. 

7. Cross-border implementation of resolution measures

7.1 The Parties will work together to develop a process for evaluating the application of 

potential resolution options and processes for ICC.

7.2 The Parties will endeavor to ensure that any resolution plans that are maintained for 

any ICC affiliate or provider of critical systems or services to ICC or its affiliates 

consider the interaction with the ICC Resolution Plan. To the extent practicable and 

consistent with its mandate, each Party should take into account the overall effect of the 

plan for which they have responsibility, including the ICC Resolution Plan, on ICC and 

its affiliates and on financial stability in the jurisdictions concerned. 

7.3 While it is recognized that each Party must operate within the framework of Applicable 

Law, each Party will work together with the other Parties to identify and, to the extent 

possible and feasible, to address the legal and operational impediments to effective 

cross-border implementation of resolution actions with regard to ICC under the 

applicable legal and operational frameworks related to crisis management, recovery and 

resolution in such Party’s jurisdiction. 

7.4 In the event of the resolution of ICC, the Parties will maintain open communication 

channels and coordinate with each other, to the extent permitted by Applicable Law, to 

promote, as appropriate, consistency of external communications both leading up to, at 

the time of, and for whatever period is necessary following resolution.

8. Additional provisions

8.1 Any Party may terminate its participation in this Agreement upon written notice to the

other Parties, provided, however, that upon such termination, the Agreement will 

continue to apply between the remaining Parties. The confidentiality provisions set 

forth in paragraphs 6.5 and 6.6 of this Agreement will continue to apply to all 

Confidential Information in the possession of any Party even if such Party ceases to be 

a Party to this Agreement, by way of termination or otherwise. 

8.2 Except as otherwise provided in paragraph 8, any modification to this Agreement (other 

than a change in the Parties to the Agreement) will be agreed to in writing by all Parties.

8.3 The Co-lead Authorities may enter into discussions with other authorities with a view 

to their joining the CMG and becoming party to this Agreement. The Co-lead 

Authorities will consult with current CMG members and, upon receiving the written 

consent of current CMG members, may add an authority as a new CMG member upon 

such authority’s execution of an accession. Promptly following such execution, the 

accession and revised Annex A will be circulated to all CMG members. 

8.4 The Parties may have existing bilateral or multilateral arrangements or may execute 

bilateral or multilateral arrangements in the future. This Agreement is not intended to 

amend or supersede existing arrangements or limit the terms of any future 

arrangements. 

[SIGNATURE PAGES FOLLOW.]
This Cross-border Cooperation Agreement among Members of the ICE Clear Credit LLC 

Crisis Management Group is signed by the representatives of each Party, and will become 

effective with respect to such Party, as of the date written below such Pai1y 's signature block. 

U.S. Commodity Futures Trading Commission 

Name: Heath P. Tarbeti 

Title: Chairman & Chief Executive 

Date: September 23, 2020 
Federal Deposit Insurance Corporation

Name: Ricardo R. Delfin

Title: Director, Division of Complex Institution Supervision & Resolution 

Date:

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page)
Board of Governors of the Federal Reserve System 

Name: Matthew Eichner 

Title: Director, Division of Reserve Bank Operations and Payment Systems 

Date: 04/09/2020 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Securities and Exchange Commission 

Name: Jay Clayto

Title; Chainnan 

Date: 02/03/2020 

Cron-Bonier Cooperation Agreement for ICE Clear Credit LLC (Sigoatute Page) 
European Central Bank 

Name:

Title: 

Date: 

~\OJvA Vf't. f\l 

Oe'PU"f'j [) ,Q.ec. 7<!J/2.. ~ tvB12._AL 

(g' - ( I - ( ~ 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Bundesanstalt fiir Finanzdienstleistungsaufsicht 

Name: Sve+fc~nCl. <JJ: n·,c.VCL 

Title: 1:);r,::'.'.'.cAor -Gen-er0t.l r?e.::,;,iu-+,01n cv,'Ctnn•~~ 

Date: l/c.:+obe r /1C+l. ;}__O.A 9 I 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Deutsche Bundesbank 

Matthias Schmudde en 

Title: Directorate General Payments and Settlements System 

Date: 21.10.2019 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Bank of England

Cross-Border Cooperation Agreement for IC E Clear Credit L L C (Signature Page)

Name: Name: SM..\-iA ~tUUS 

Title: Title: &ecvtTIV E- Di lzECT (H( R.~W TIOl\l I 

Date Date:: 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Cross-Border Cooperation Agreement for ICE Clear Credit L L C (Signature Page)

Prudential Prudential Regulation Regulation Authority Authority

Name: Name: David David BBailey aileyTitle Title: : Executive Executive Director, D i r e c t o r , International I n t e r n a t i o n a l Banks Banks Supervision Sup e rvision

Date: '3 l / l D / ( '1_ 

Cross-Border Cooperation Agreement for ICE Clear Credit LLC (Signature Page) 
Accession to the Cross-Border Cooperation Agreement among 

Members of the ICE Clear Credit LLC Crisis Management Group 

Background 

On September 23, 2020, the cooperation agreement attached hereto as Schedule 1 

("Agreement"), was executed by and among the Authorities listed in Annex A thereof and 

subsequently circulated to the members ofthe ICE Clear Credit LLC Crisis Management Group 

("CMG"). 

Paragraph 8.3 of the Agreement contemplates the accession of new CMG members to the 

Agreement after consultation with, and consent of, current CMG members upon their execution 

of an accession ("Accession"). 

The U.S. Commodity Futures Trading Commission ("CFTC") and Federal Deposit Insurance 

Corporation ("FDIC" and, together with the CFTC, the "Co-Lead Authorities") have consulted 

with current CMG members about, and have obtained their consent to, the accession of the 

Japan Financial Services Agency ("Acceding Authority") to the Agreement as a Host 

Authority, and following such consultations have determined to add the Acceding Authority as 

a party to the Agreement. 

Confirmations 

Accordingly, the Co-Lead Authorities and the Acceding Authority acknowledge the 

following: 

I. The Co-Lead Authorities for the CMG hereby confinn that the Acceding Authority will 

become a Party to the Agreement as of the date written below the Acceding Authority's 

signature block; 

2. The undersigned Acceding Authority confirms that, by its execution ofthis Accession, 

it will undertake all of the commitments and responsibilities of a Host Authority under the 

Agreement; and 

3. To reflect this change in the Authorities party to the Agreement, a new Am1ex A, in the 

form attached hereto as Schedule 2, will be substituted in place of the Annex A attached to the 

current version of the Agreement, and this new Annex A will be circulated to all members of 

the CMG. 

[SIGNATURE PAGES FOLLOW] 


Financial Services Agency 

Title: 

Date: 

ITO 

0,'f.z.ct-o,,-- L'/.e.11..lf!:.r°'/ 

/Vov. b 1 2o 23 

Accesslon Agreetneot to the Cross-Border Coopuation Agreement among 

Members of the ICE Clear Credit LLC Crisis Management Group 

(Signature Page) 
Schedule 1 

Please see the attached Cooperation Agreement. 

[Add PDF of ICC Cooperation Agreement] 

Accession Agreement to the Cross~Border Cooperation Agreement among 

Members ofthe ICE Clear Credit LLC Crisis Management Group 

(Schedule I) 
Schedule 2 

Please see the attached substitution Annex A for the Cooperation Agreement. 

Accession Agreement to the Cross~Border Cooperation Agreement among 

Members of the ICE Clear Credit LLC Crisis Management Group 

(Schedule 2) 
ANNEX A 

The Parties to this Agreement are the Home Authorities and Host Authorities listed below: 

Home authorities (each a "Home Authority", and together, the "Home Authorities") and the 

"Home Jurisdiction": 

Home Jurisdiction Home Authoritv or Authorities 

United States of America U.S. Commodity Futures Trading Commission 

Federal Deposit Insurance Corporation 

Board of Governors ofthe Federal Reserve System 

Securities and Exchange Commission 

Host authorities (each a "Host Authority", and together, the "Host Authorities") and the 

"Host Jurisdiction": 

Host Jurisdiction Host Authoritv or Host Authorities 

European Banking Union European Central Bank 

Germany Bundesanstalt fur Finanzdienstleistungsaufsicht 

Deutsche Bundesbank 

Japan Financial Services Agency 

United Kingdom Bank of England 

Prudential Regulation Authoritv 

Cross-Border Cooperation Agreement among 

Members of the ICE Clear Credit LLC Crisis Management Group 

(Annex A)