Notice2025-04659
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the Risk Parameter Setting and Review Policy and the Risk Management Model Description
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Published
March 20, 2025
Issuing agencies
Securities and Exchange Commission
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<title>Federal Register, Volume 90 Issue 53 (Thursday, March 20, 2025)</title>
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[Federal Register Volume 90, Number 53 (Thursday, March 20, 2025)]
[Notices]
[Pages 13223-13226]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-04659]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102679; File No. SR-ICC-2025-001]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change Relating to the Risk Parameter Setting
and Review Policy and the Risk Management Model Description
March 14, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on
March 12, 2025, ICE Clear Credit LLC (``ICE Clear Credit'' or ``ICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been primarily prepared by ICC. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The principal purpose of the proposed rule change is to revise its
(i) Risk Parameter Setting and Review Policy (the ``RPSRP''), and (ii)
the Risk Management Model Description (the ``RMMD'').
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, ICC included statements
concerning the purpose of and basis for the proposed rule change,
security-based swap submission, or advance notice and discussed any
comments it received on the proposed rule change, security-based swap
submission, or advance notice. The text of these statements may be
examined at the places specified in Item IV below. ICC has prepared
summaries, set forth in sections (A), (B), and (C) below, of the most
significant aspects of these statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
(a) Purpose
ICC proposes revising the RPSRP and RMMD. The proposed amendments
are intended to make certain enhancements and clarifications to the
RPSRP and RMMD to improve ICC's documentation of its risk management
methodology and processes. ICC believes that such revisions will
facilitate the prompt and accurate clearance and settlement of
securities transactions and derivative agreements, contracts, and
transactions for which it is responsible. ICC proposes to make such
changes effective following Commission approval of the proposed rule
change. The proposed revisions are described in detail as follows.
RPSRP
ICC proposes to revise the RPSRP, which describes the process of
setting and reviewing the risk management model core parameters and the
performance of sensitivity analysis related to certain parameter
settings. The parameters set and calibrated pursuant to the RPSRP are
used in ICC's risk methodology in certain calculations including,
without limitation, initial margin and guaranty fund requirements, as
described in the RMMD and the ICC Risk Management Framework. Such
proposed changes to the RPSRP are intended to (i) transition the risk
management mean absolute deviation (``MAD'') monthly parameter update
for credit default swap (``CDS'') single name risk factors to an
automatic daily update in the risk management system; (ii) enhance the
documentation and calibration details included in the RPSRP regarding
the current anti-procyclical condition (``APC'') measure for CDS index
options; and (iii) make certain other minor language corrections and
clarifications. The proposed changes are described in detail below.
ICC proposes to amend Section 1.7.1 of the RPSRP, `Univariate Level
Parameters' to revise the cadence at which a specific parameter is
updated. Such proposed change relates to the univariate level
parameters associated with the integrated spread response (``iSR'')
model component.\3\ Namely, ICC proposes to transition the risk
management MAD monthly parameter update for CDS single name risk
factors to an automatic daily update in the risk management system.
With this change to an automatic daily update, single name risk factor
level risk management MADs will be updated at the same daily cadence as
CDS index risk factors.\4\ Section 1.7.1 currently compares the
suitability of an automatic daily update for CDS single name risk
factors and CDS index risk factors. While an automatic daily update is
particularly suitable for CDS index risk factors due to their macro-
level dynamic market response, CDS single name risk factors still
benefit from an automatic daily update.\5\ As automatic daily updates
are suitable for both CDS single name risk factors and CDS index risk
factors, ICC proposes changes to Section 1.7.1 to remove any comparison
of suitability. ICC proposes further changes to Section 1.7.1 of the
RPSRP to note that the behavior of single name risk factors is
inherently prone to idiosyncratic events and hence exhibit dynamic
market response to rapidly changing single name risk factor specific
market conditions, suitable for and benefitting from automatic risk
management MAD updates. With the proposed addition of automatic daily
updates, ICC proposes to remove the reference to monthly single name
risk factor risk management MAD reviews in Section 1.7.1 of the RPSRP.
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\3\ The iSR is a risk model component that captures credit
spread and recovery rate fluctuations and is computed by creating
profit/loss distributions from a set of jointly simulated
hypothetical credit spread and recovery rate scenarios.
\4\ Please note that ICC transitioned the risk management MAD
monthly parameter updates for index risk factors to an automatic
daily update in 2021. See Exchange Act Release No. 91951 (May 20,
2021), 86 FR 28425 (May 26, 2021) (SR-ICC-2021-009).
\5\ For instance, CDS single name risk factors also exhibit a
dynamic market response to rapidly changing single name risk factor
specific market conditions and are thus also suitable for automatic
daily updates.
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Furthermore, ICC proposes additional corrective and clarifying
changes to Section 1.7.1 of the RPSRP. Specifically, with respect to
the description of the ICC risk department's review of univariate iSR
parameters, ICC proposes to delete the erroneous qualifier ``SN'' from
the reference to iSR parameters as such reviews are not limited to
single name iSR parameters, rather such reviews are conducted with
respect to both CDS single name and CDS index iSR parameters. In
addition, ICC proposes to add the word ``additional'' to clarify that
the ICC risk department presents on an at least monthly basis to the
ICC Risk Working Group (``RWG'') \6\ the performed analysis, and any
``additional'' proposed parameter updates. The purpose of this change
is to clarify that the ICC risk department
[[Page 13224]]
will review with the RWG both the automatic parameter updates described
in the RPSRP, and any ``additional'' proposed parameter updates beyond
the automatic parameter updates. Such corrective and clarifying changes
improve the accuracy of the RPSRP.
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\6\ The ICC Risk Working Group or RWG, which generally meets
weekly, is composed of risk employees of ICC Clearing Participants.
The RWG consults with the ICC risk department to provide input into
ICC's systemic risk approach.
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In addition, ICC proposes further enhancements to the RPSRP to
address recommendations from a recent independent validation report.
Such enhancements relate to the anti-procyclicality level parameters
associated with the iSR that are designed to help achieve anti-
procyclicality of the iSR.\7\ ICC analyzes instrument price changes
during extreme market events to achieve anti-procyclicality of the iSR.
The RPSRP discusses stress scenarios associated with historically
observed extreme price changes, which serve as inputs in estimating the
anti-procyclical portfolio response used to establish the final
portfolio iSR. ICC proposes to revise Section 1.7.3 of the RPSRP,
`Anti-Procyclicality Level Parameters' to add calibration details
regarding the current APC measure for CDS index options describing such
stress scenario of ``asynchronous'' \8\ hedging risk. The proposed
enhanced description of the calibration details in Section 1.7.3 of the
RPSRP documents that the applicable stress scenario for CDS index
options is constructed such that CDS index options prices are not
consistent with the CDS index price levels. The proposed enhancements
to the description of the calibration details in Section 1.7.3 of the
RPSRP do not revise ICC's parameter setting methodology, rather such
additional details are intended to increase clarity and provide
additional detail to ICC's description of its parameter setting
methodology set forth in the RPSRP.
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\7\ The iSR is ultimately used to compute ICC's initial margin
requirements, as the iSR is added along with other requirements to
establish the total initial margin requirement for a portfolio.
\8\ ``Asynchronous'' hedging risk stress scenario corresponds to
the dislocation of the underlying CDS index versus CDS index option
hedges in the event of a liquidation auction (e.g., in the event the
CDS index options sub-portfolio is auctioned at a different time
from the CDS index sub-portfolio). In contrast, ``Synchronous''
hedging risk stress scenario corresponds to the preservation of the
underlying CDS index versus CDS index option hedges in the event of
a liquidation auction.
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In connection with the proposed enhanced details in Section 1.7.3
of the RPSRP, ICC proposes to formally define the current ``underlying
price dislocation factor for options extreme asynchronous price
scenarios'' \9\ by adding to the list of core risk model parameters
contained in Section 1.1., Table 1 of the RPSRP.
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\9\ Price dislocation factor refers to the current factor that
captures the potential asynchronous repricing/liquidation of the
option sub-portfolio and the underlying index sub-portfolio, and
thus breaking existing hedges.
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Lastly, ICC proposes to revise Section 3 `Revision History' of the
RPSRP to include the proposed revisions.
RMMD
ICC proposes to revise the RMMD, which provides a description of
ICC's quantitative risk models and the associated methods and
techniques used in connection with ICC's determination of initial
margin and guaranty fund requirements. Specifically, ICC proposes
changes to the RMMD to (i) update the calculation of the risk factor
level maximum loss (``MaxLoss'') to make it more robust, conservative,
and stable from a risk perspective; and (ii) enhance the documentation
and calibration details included in the RMMD regarding the current APC
measure for CDS index options (consistent with the analogous proposed
changes to the RPSRP described above). The proposed changes are
described in detail below.
ICC proposes to revise Section III.2 `Maximum Loss Conditions' of
the RMMD to enhance the CDS index and CDS single name MaxLoss boundary
condition to make them more stable and conservative. Currently, for the
index risk factor and risk sub-factor (``RSF'') \10\ MaxLoss boundary
conditions, the methodology considers both the loss responses of the
underlying CDS index only portfolios, and the loss responses to the
combined underlying CDS index and the CDS index option sub-portfolios.
Currently the loss response, in both cases, only account for the
liability associated with the defaulting net protection buyers and
sellers for a given CDS index risk factor and RSF. As amended, for the
index risk factor and RSF MaxLoss boundary conditions, the enhancement
consists of always considering loss responses of the combined
underlying CDS index and the CDS index option sub-portfolios, namely,
replacing the underlying CDS index-only portfolios loss responses'
component of the MaxLoss boundary condition, with the combined
underlying CDS index and the CDS index option sub-portfolio loss
responses associated with extreme price moves. The incorporation of the
combined underlying CDS index and the CDS index option sub-portfolios'
response to extreme price moves provides additional conservative bias
because the index risk factor and RSF MaxLoss will only consider loss
responses to the combined underlying CDS index and CDS index option
sub-portfolios under which the loss response to the extreme price moves
can lead to larger losses for the combined underlying CDS index and the
CDS index option sub-portfolio. Similarly, for single names, the
enhancement of the risk factor and RSF level MaxLoss boundary condition
consists of also considering the portfolio responses to extreme price
moves to extend the enhancement made to the index risk factor and RSF
MaxLoss boundary condition, for consistency. Currently, for single name
risk factor and RSF MaxLoss boundary conditions, the methodology only
considers the liability associated with defaulting net protection
buyers and sellers for a given single name risk factor and RSF. The
incorporation of the single name risk factor and RSF sub-portfolio
response to extreme price moves provides additional conservative bias
because the loss response to extreme price moves can lead to larger
losses for the single name risk factor and RSF sub-portfolio.
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\10\ A risk sub-factor or RSF is a specific single name
reference obligation seniority and document clause combination.
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In addition, ICC proposes further enhancements to the RMMD to
address recommendations from a recent independent validation report
analogous to the proposed changes to the RPSRP to address independent
validation report recommendations described above. Specifically, ICC
proposes revising Section VII.5.3 of the RMMD, `Anti-Procyclicality
Measures' to add calibration details regarding the current APC measure
for CDS index options describing the stress scenarios of synchronous
and asynchronous hedging risk. The proposed enhanced description of the
calibration details in Section VII.5.3 of the RMMD documents the
different calculations performed for synchronous scenarios as compared
to the calculations performed for asynchronous scenarios. Specifically,
the proposed changes would formally clarify the synchronous and
asynchronous scenarios, when synchronous and asynchronous scenarios
could occur, and where to find information related to index risk factor
specific price dislocation factor. Calibration details are also updated
for this price dislocation factor. The underlying price dislocation
factor for asynchronous scenarios is currently set to a specific value
in the RMMD. As amended, the underlying price dislocation factor would
be calibrated by considering a ratio between peak price decreases or
increases. ICC believes the proposed calibration provides a more
informed estimate, as
[[Page 13225]]
the underlying price dislocation factor is no longer static. The
proposed enhancements to calibration details in Section VII.5.3 of the
RMMD do not revise ICC's parameter setting methodology. The methodology
already sets a specific value for the price dislocation factor in the
context of asynchronous scenarios. Rather, ICC would calibrate the
price dislocation factor by using a ratio of the current extreme price
moves. The additional calibration details are intended to increase
clarity, provide additional detail to ICC's description of its risk
methodology set forth in the RMMD, and address independent validation
recommendations to ensure robustness of ICC's methodology.
Lastly, ICC proposes to add a `Revision History' Section to the
RMMD to document revisions made to the RMMD on a going forward basis.
(b) Statutory Basis
ICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Securities Exchange Act of 1934 (the
``Act'') \11\ and the regulations thereunder applicable to it,
including the applicable standards under Rule 17Ad-22.\12\ In
particular, Section 17A(b)(3)(F) of the Act \13\ requires, among other
things, that the rules of a clearing agency be designed to promote the
prompt and accurate clearance and settlement of securities transactions
and, to the extent applicable, derivative agreements, contracts and
transactions, to assure the safeguarding of securities and funds in the
custody or control of the clearing agency or for which it is
responsible, and to protect investors and the public interest.
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\11\ 15 U.S.C. 78q-1.
\12\ 17 CFR 240.17ad-22.
\13\ 15 U.S.C. 78q-1(b)(3)(F).
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The proposed amendments include the transition of the risk
management MAD monthly parameter updates for CDS single name risk
factors to an automatic daily update. Such change would timely capture
any significant MAD changes and minimize the cumulative effect of MAD
changes between parameter updates, and thus reduce the level of initial
margin procyclicality. The proposed amendments to the RMMD to update
the calculation of risk factor level MaxLoss will make the methodology
more anti-procyclical, thereby making it more robust, conservative, and
stable from a risk perspective. The remaining proposed amendments to
the RPSRP and RMMD address independent validation recommendations and
provide further detail and language clarifications and corrections
which would strengthen and further ensure readability and clarity with
respect to ICC's process of setting and reviewing the model core
parameters to ensure that the documentation remains up-to-date, clear
and transparent to support the effectiveness of ICC's risk management.
Accordingly, in ICC's view, the proposed rule change is consistent with
the prompt and accurate clearance and settlement of the contracts
cleared at ICC, the safeguarding of securities and funds in the custody
or control of ICC or for which it is responsible, and the protection of
investors and the public interest, within the meaning of Section
17A(b)(3)(F) of the Act.\14\
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\14\ Id.
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Rule 17Ad-22(e)(2)(i) and (v) \15\ requires each covered clearing
agency to establish, implement, maintain, and enforce written policies
and procedures reasonably designed to provide for governance
arrangements that are clear and transparent and specify clear and
direct lines of responsibility. ICC's RPSRP clearly assigns and
documents responsibility and accountability for the estimation and
review of the model core parameters and the performance of sensitivity
analysis. Regarding the univariate level parameters, the proposed
changes continue to ensure that ICC maintains clear and transparent
governance procedures and arrangements, including by describing the
frequency of the parameter reviews and updates, the group involved in
the review process, and prerequisites to implementing parameter
updates. As such, in ICC's view, the proposed rule change continues to
ensure that ICC maintains policies and procedures that are reasonably
designed to provide for clear and transparent governance arrangements
and specify clear and direct lines of responsibility, consistent with
Rule 17Ad-22(e)(2)(i) and (v).\16\
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\15\ 17 CFR 240.17ad-22(e)(2)(i) and (v).
\16\ Id.
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Rule 17Ad-22(e)(3)(i) \17\ requires ICC to establish, implement,
maintain and enforce written policies and procedures reasonably
designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by it, which includes risk management policies, procedures, and
systems designed to identify, measure, monitor, and manage the range of
risks that arise in or are borne by it, that are subject to review on a
specified periodic basis and approved by the Board annually. ICC
maintains a sound risk management framework that identifies, measures,
monitors, and manages the range of risks that it faces. The RPSRP and
RMMD are key aspects of ICC's risk management approach, and the
proposed clarifying amendments would ensure further clarity and
transparency in the documentation, which would promote the successful
maintenance and operation of the RPSRP and RMMD. As such, the
amendments would satisfy the requirements of Rule 17Ad-22(e)(3)(i).\18\
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\17\ 17 CFR 240.17ad-22(e)(3)(i).
\18\ Id.
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Rule 17Ad-22(e)(4)(ii) \19\ requires ICC to establish, implement,
maintain, and enforce written policies and procedures reasonably
designed to effectively identify, measure, monitor, and manage its
credit exposures to participants and those arising from its payment,
clearing, and settlement processes, including by maintaining additional
financial resources at the minimum to enable it to cover a wide range
of foreseeable stress scenarios that include, but are not limited to,
the default of the two participant families that would potentially
cause the largest aggregate credit exposure for ICC in extreme but
plausible market conditions. The proposed changes promote the soundness
of the model including by (i) transitioning the risk management MAD
monthly parameter update for single name risk factors to an automatic
daily update and (ii) enhancing the documentation to update the
calculation of risk factor level MaxLoss to make the methodology more
robust, conservative and stable from a risk perspective. ICC believes
that the proposed rule change would thus enhance ICC's ability to
manage risks and maintain appropriate financial resources. ICC proposes
additional enhancements and clarifications, including enhancements to
the documentation and calibration details regarding the APC measure for
CDS index options. ICC believes that such changes address independent
validation recommendations and enhance the readability and transparency
of the RPSRP and RMMD, which would strengthen the methodology and
documentation and ensure it remains up-to-date, clear and transparent.
As such, the proposed amendments would strengthen ICC's ability to
maintain its financial resources and withstand the pressures of
defaults, consistent with the
[[Page 13226]]
requirements of Rule 17Ad-22(e)(4)(ii).\20\
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\19\ 17 CFR 240.17ad-22(e)(4)(ii).
\20\ Id.
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Rule 17Ad-22(e)(6)(i) \21\ requires ICC to establish, implement,
maintain, and enforce written policies and procedures reasonably
designed to cover its credit exposures to its participants by
establishing a risk-based margin system that, at a minimum, considers,
and produces margin levels commensurate with, the risks and particular
attributes of each relevant product, portfolio, and market. As
described above, the single name risk factor level MADs would be
automatically updated daily in the risk management system, which would
timely capture any significant MAD changes and minimize the cumulative
effect of MAD changes between parameter updates, and thus reduce the
level of initial margin procyclicality. The additional clarifications
would further promote clarity and transparency in the RPSRP and RMMD.
In ICC's view, the proposed changes thus enhance and strengthen ICC's
process for reviewing and setting the model core parameters, which in
turn serves to promote the soundness of ICC's risk management model and
system, which will continue to consider and produce margin levels
commensurate with the risks and particular attributes of each relevant
product, portfolio, and market, consistent with the requirements of
Rule 17Ad-22(e)(6)(i).\22\
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\21\ 17 CFR 240.17ad-22(e)(6)(i).
\22\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
ICC does not believe the proposed rule change would have any
impact, or impose any burden, on competition. The proposed changes to
the RSPRP and RMMD will apply uniformly across all market participants.
ICC does not believe these amendments would affect the costs of
clearing or the ability of market participants to access clearing.
Therefore, ICC does not believe the proposed rule change would impose
any burden on competition that is inappropriate in furtherance of the
purposes of the Act.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the proposed rule change have not been
solicited or received. ICC will notify the Commission of any written
comments received by ICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking">http://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>);
or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2351564f460e404c4e4e464d5750635046400d444c55"><span class="__cf_email__" data-cfemail="cfbdbaa3aae2aca0a2a2aaa1bbbc8fbcaaace1a8a0b9">[email protected]</span></a>. Please include
file number SR-ICC-2025-001 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to [Name of Secretary],
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to file number SR-ICC-2025-001. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking">http://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>). Copies of the
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for website viewing and printing in the
Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filings will also be available for inspection and
copying at the principal office of ICE Clear Credit and on ICE Clear
Credit's website at <a href="https://www.ice.com/clear-credit/regulation">https://www.ice.com/clear-credit/regulation</a>.
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to file number SR-ICC-2025-001 and
should be submitted on or before April 10, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-04659 Filed 3-19-25; 8:45 am]
BILLING CODE 8011-01-P
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