Notice2025-15526
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the ICC CDS Instrument On-Boarding Policies and Procedures
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 15, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 156 (Friday, August 15, 2025)</title>
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[Federal Register Volume 90, Number 156 (Friday, August 15, 2025)]
[Notices]
[Pages 39454-39457]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15526]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103687; File No. SR-ICC-2025-011]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change Relating to the ICC CDS Instrument On-
Boarding Policies and Procedures
August 12, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1) and Rule 19b-4, 17 CFR 240.19b-4, notice is
hereby given that on August 07, 2025, ICE Clear Credit LLC (``ICC'' or
``ICE Clear Credit'') filed with the Securities and Exchange 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.
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 the
ICC CDS Instrument On-boarding Policies and Procedures (``Instrument
On-boarding Policy''). These revisions do not require any changes to
the ICC Clearing Rules (``Rules'').\1\
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\1\ ICC's Rules are available on ICC's public website: <a href="https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Rules.pdf">https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Rules.pdf</a>.
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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 to amend its Instrument On-boarding Policy. This
document provides an overview of ICC's on-boarding process for new
instruments, which includes selecting new instruments for clearing,
configuring internal systems, notifying and receiving feedback from
stakeholders, and ensuring operational readiness by ICC and its
Clearing Participants (``CPs''). The proposed changes (1) amend the
guiding principles that ICC maintains for instrument selection, (2)
reflect current practices and other updates, and (3) include clarifying
or non-substantive changes. ICC believes that such changes 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 rule change is described in detail as follows.
1. Guiding Principle Amendments
ICC proposes to amend Section III.A. of the Instrument On-boarding
Policy, which discusses the guiding principles that ICC maintains for
considering instruments for clearing. Such principles are designed to
ensure that ICC proceeds in a prudent manner with respect to instrument
selection while also providing the best opportunity for CPs to minimize
their risk. The changes to the guiding principles are designed to
promote ICC's ability to consider additional instruments for clearing.
Currently, ICC maintains a guiding principle to consider
instruments for clearing that are constituents of currently clearable
On-The-Run (``OTR'') indices. When adopted in 2021, this guiding
principle was designed to provide the market with additional
instruments to hedge and mitigate indirect risk exposure from OTR
indices.\2\ ICC proposes to remove reference to OTR indices, such that
ICC will consider instruments for clearing that are constituents of
currently clearable indices. ICC believes it is appropriate to expand
this guiding principle because many market participants hedge and
mitigate indirect risk exposure from credit default swap (``CDS'')
indices (including but not limited to OTR indices) with the
constituents of those indices. The proposed change would promote ICC's
risk management by providing increased transparency to the clearing
house regarding the risk exposure of market participants to allow ICC
to better assess and manage its credit risk.
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\2\ See Exchange Act Release No. 93581 (November 16, 2021), 86
FR 66382 (November 22, 2021) (File No. SR-ICC-2021-019).
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ICC maintains another guiding principle applicable to instruments
that are not constituents of such indices. Under this guiding
principle, ICC considers such instruments for clearing that meet an
open interest threshold or a volume threshold. Currently, ICC considers
either instruments with uncleared gross notional open interest equal to
or greater than the average combined cleared open interest and
bilateral open interest of instruments belonging to the same, currently
cleared instrument types among ICC CPs, or instruments with an average
bilateral weekly volume equal to or greater than the average bilateral
and cleared volume across all currently cleared instrument types over
the last twelve months and with an average weekly volume of at least
five contracts per week over the last twelve months. ICC also currently
considers instruments with bilateral open interest held by at least
half, but no less than three, CP Affiliate Groups (``AGs''). As
amended, ICC would consider instruments with uncleared gross notional
open interest among ICC CPs, or with an average bilateral weekly volume
equal to or greater than the average cleared volume across currently
cleared instruments belonging to the same product type over the last
twelve months. ICC would also consider instruments with bilateral open
interest held by at least three CP AGs. This guiding principle was
formally adopted in 2020 with the formalization of the Instrument On-
boarding Policy \3\ and has allowed ICC to consider the most liquid
single names, most of which ICC currently clears. The proposed changes
expand the thresholds to consider instruments for clearing that have
any uncleared gross notional open interest (rather than those with a
specified uncleared gross notional open interest) or an average
bilateral weekly volume equal to or greater than the average cleared
volume across comparable cleared instruments (removing reference to
bilateral cleared volume and the requirement for an average weekly
volume of at least five contracts), and bilateral open interest held by
at least three CP AGs (removing the requirement that bilateral open
interest be held by at least half of the CP AGs). The revisions thus
allow ICC to consider additional instruments for clearing, including
those requested by market participants, i.e., currently less liquid
single name instruments that, in ICC's view, still have sufficient
trading volume and market liquidity, and are held widely enough by CPs.
Instruments subject to the amended guiding principles would
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continue to be subject to effective controls through existing
governance,\4\ risk,\5\ pricing,\6\ and operations \7\ reviews, which
ultimately determine the instruments that ICC may clear. As such, ICC
believes that expanding these guiding principles is appropriate to
ensure that ICC continues to provide the best opportunity for CPs to
minimize their risk while proceeding in a prudent manner with respect
to instrument selection.
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\3\ See Exchange Act Release No. 88925 (May 21, 2020), 85 FR
32073 (May 28, 2020) (File No. SR-ICC-2020-004).
\4\ Once it has been determined that the proposed instrument
meets ICC's guiding principles, appropriate governance actions must
be taken to determine whether ICC should proceed with clearing such
instrument. For example, a risk review process is performed by the
ICC Risk Committee, which includes the review of a risk impact
analysis and pricing analysis. Additional review and approval by
ICC's Board may also be necessary depending on whether clearing the
new instrument requires changes to ICC's Rulebook or risk
methodology. See Section IV. in the Instrument On-Boarding Policy.
\5\ As part of its risk management evaluation, ICC ensures that
the risks associated with the proposed instrument is appropriately
accounted for by ICC's risk models and that risk requirements will
provide adequate protection to the clearing house and its CPs. See
Section VI. in the Instrument On-Boarding Policy.
\6\ As part of its pricing evaluation, ICC ensures that its end-
of-day price discovery process operates effectively with the
proposed instrument, including that sufficient CPs are available to
readily provide prices to ensure the effectiveness of such process.
See Section VII. in the Instrument On-Boarding Policy.
\7\ New instruments are subject to an operational setup. In
particular, a reference obligation, which specifies a particular
bond that is either guaranteed or issued by the reference entity, is
one product attribute that must be defined for each reference
entity. See Section V. in the Instrument On-Boarding Policy.
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2. Changes To Reflect Current Practices and Other Updates
ICC proposes amendments throughout the Instrument On-Boarding
Policy to reflect current practices or make other updates regarding
governance, operations, and instruments that are outside the scope of
the standard on-boarding process. With respect to governance, ICC
proposes adding references to the recently established Board Risk
Committee in Section IV. to memorialize the types of matters related to
instrument on-boarding that are subject to Board Risk Committee
review.\8\ In particular, such matters would include changes to the ICC
Rulebook and ICC risk methodology related to new instruments. ICC
proposes removing outdated references in Section IV. to the Risk
Management Subcommittee, which is no longer in existence.\9\ ICC also
proposes adding references to the recently established Risk Advisory
Working Group to memorialize its role in reviewing matters that could
materially affect the risk profile of ICC, including the addition of a
new product category or material modifications to ICC's risk
methodology.\10\
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\8\ ICC previously filed a proposed rule change to establish the
Board Risk Committee. See Securities Exchange Act Release No. 103161
(May 30, 2025), 90 FR 23970 (June 5, 2025) (File No. SR-ICC-2025-
006).
\9\ ICC previously filed a proposed rule change to eliminate
references to the ICC Risk Management Subcommittee from its Rules
and related policies and procedures. See Exchange Act Release Nos.
100876 (August 29, 2024), 89 FR 72538 (September 5, 2024) (File No.
SR-ICC-2024-009); 101382 (Oct. 18, 2024), 89 FR 84979 (Oct. 24,
2024) (File No. SR-ICC-2024-009).
\10\ Id.
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ICC also proposes changes to Sections III. and V. regarding its
instrument on-boarding operational practices. ICC proposes removing a
reference to an external system that it no longer uses for purposes of
processing post-trade life cycle events (e.g., coupon payments, credit
events, succession events) in Section V. In Section III.C. and Section
V., ICC also proposes removing a reference to a service provider for
market data and intraday pricing, as ICC does not intend for the
Instrument On-boarding Policy to list or control ICC service providers
or manage the on-boarding or review of such providers. Consistent with
current practices, ICC service providers are subject to contractual
arrangements entered into by authorized ICC officers and governed by
the Operational Risk Management Framework, if appropriate.\11\
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\11\ See Securities Exchange Act Release No. 101819 (December 5,
2024), 89 FR 99949 (December 11, 2024) (File No. SR-ICC-2024-011).
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Additionally, ICC proposes revisions throughout the document with
respect to new instruments that are outside of the scope of the
standard on-boarding process. As noted in Section IV.D., such
exceptions include, in respect of CDS indices, a new index series with
updated reference entity constituents.\12\ ICC proposes to clarify
relevant processes pertaining to such instrument on-boarding. Namely,
for those indices and corresponding new reference entity constituent(s)
falling under an already approved CDS index product type, ICC proposes
to clarify that it will begin clearing the new series from the index
roll date, followed by the corresponding new reference entity
constituent(s) once ICC reviews the parameters and analysis with the
relevant working groups, consistent with current practices. ICC also
proposes additional edits in Sections VI and VIII to specify which
processes are applicable to instruments that are outside of the scope
of the standard on-boarding process. Consistent with current practices,
ICC proposes to specify that for all proposed instruments, excluding
those that are outside of the scope of the standard on-boarding
process, stress-testing is performed.\13\ Additionally, with respect to
instruments that are outside of the scope of the standard on-boarding
process, ICC proposes to collect voluntary quote submissions from CPs
for a period of at least one week, instead of two weeks.\14\ ICC
believes this update is warranted to promote the timely clearing of
constituents of new index series following the index roll date \15\ by
ICC and would not create operational problems because CPs are, in
general, operationally ready for a new index series on the index roll
date, including pricing constituents of the new index. In general, ICC
believes that the aforementioned changes generally improve the clarity
and effectiveness of this document by setting out current ICC practices
and making other updates.
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\12\ A new series of CDS indices is issued every six months and,
pursuant to ICC's rule-filed Risk Management Framework, ICC clears
subsequent versions of cleared indices.
\13\ In place of stress-testing, ICC conducts pricing and risk
parameter analyses which are reviewed with relevant working groups
for instruments that are outside of the scope of the standard on-
boarding process.
\14\ Currently, ICC collects voluntary quote submissions from
CPs for a period of at least two weeks, including for instruments
that are outside of the scope of the standard on-boarding process.
ICC initially selected a period of two weeks to provide CPs with
sufficient time to become operationally ready to price a new
instrument.
\15\ ICC's current process is to begin clearing the new index
series from the index roll date.
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3. Clarifying or Non-Substantive Changes
ICC proposes making certain clarifying, conforming and other non-
substantive changes to the Instrument On-Boarding Policy, as further
set out below.
<bullet> ICC proposes replacing ``instrument type'' with ``product
type'' throughout the document. Such revisions are intended for clarity
to generally mirror the product-specific subchapters of the ICC
Rulebook. ICC proposes clarifying footnotes to distinguish between a
product type and a product category, the former of which can be
identified based on a review of the product-specific subchapters of
Chapter 26 \16\ and the latter of which represents a collection of
product types.
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\16\ See the product-specific subchapters of Chapter 26
``Cleared CDS Products'' of the ICC Rules for the approved product
types. For the avoidance of doubt, Index Swaptions represent a
product category and not a product type.
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<bullet> In Section IV., ICC proposes updating certain instrument
naming conventions (e.g., Standard Emerging
[[Page 39456]]
Market Corporate Single Name) to be consistent with the terminology in
the ICC Rulebook or industry terminology.
<bullet> In Section IV.D., with respect to the publication of new
index series, ICC proposes to update the name of such publisher to be
current and make a conforming change in a footnote in Section V.
<bullet> In Section V., ICC proposes to remove an introductory
phrase to clarify that the selection of reference obligations has more
than just one purpose.\17\
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\17\ See supra note 7.
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<bullet> In Section V., ICC proposes to clarify that it generally
maintains a list of the versions of the Credit Derivatives Physical
Settlement Matrix (``Matrix'') that are applicable, rather than a
separate list for each reference entity.\18\
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\18\ See the publicly available ICC list of clearing eligible
products available at: <a href="https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Clearing_Eligible_Products.xls">https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Clearing_Eligible_Products.xls</a>. Relevant tabs note
the applicable Matrix transaction type and date.
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<bullet> ICC proposes clarifying changes throughout the document,
including adding defined terms in quotations, updating a policy name to
match its current title, updating references to ICC Rules, and adding
``ICC'' as a qualifier in front of certain department and committee
names.
<bullet> ICC proposes making certain grammatical updates throughout
the document, including changes in capitalization and adding or
expanding abbreviations.
<bullet> Lastly, ICC proposes to revise the revision history to
reflect the above-described changes.
(b) Statutory Basis
ICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \19\ and the regulations
thereunder applicable to it, including the applicable standards under
Rule 17Ad-22.\20\ In particular, Section 17A(b)(3)(F) of the Act \21\
requires that the rule change be designed to promote the prompt and
accurate clearance and settlement of securities transactions and
derivative agreements, contracts and transactions cleared by ICC, to
assure the safeguarding of securities and funds in the custody or
control of ICC or for which it is responsible, and to protect investors
and the public interest. As described above, the proposed changes (1)
amend the guiding principles that ICC maintains for instrument
selection, (2) reflect current practices and make other updates, and
(3) make clarifying or non-substantive changes. The amended guiding
principles would continue to ensure that ICC proceeds in a prudent
manner with respect to instrument selection while also providing the
best opportunity for CPs to minimize their risk, including by providing
additional instruments to hedge and mitigate indirect risk exposure
from indices and allowing ICC to consider additional instruments for
clearing, including those requested by market participants, i.e.,
currently less liquid single name instruments that, in ICC's view,
still have sufficient trading volume and market liquidity, and are held
widely enough by CPs. The additional changes that reflect current
practices and make other updates or clarifying or non-substantive
changes generally improve the clarity and effectiveness of the
Instrument On-Boarding Policy and ensure that it remains readable,
transparent, and up-to-date. The proposed rule change is therefore
consistent with the prompt and accurate clearing and settlement of the
contracts cleared by 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.\22\
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\19\ 15 U.S.C. 78q-1.
\20\ 17 CFR 240.17ad-22.
\21\ 15 U.S.C. 78q-1(b)(3)(F).
\22\ Id.
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The amendments would also satisfy relevant requirements of Rule
17Ad-22.\23\ Rule 17Ad-22(e)(2)(i) and (v) \24\ 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. The proposed rule change updates ICC's
governance arrangements by adding references to the newly established
Board Risk Committee and Risk Advisory Working Group and removing
references to the retired Risk Management Subcommittee to ensure that
the Instrument On-boarding Policy continues to describe the roles and
responsibilities of relevant stakeholders with respect to instrument
selection and subject new instruments to ICC's governance process. 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).\25\
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\23\ 17 CFR 240.17ad-22.
\24\ 17 CFR 240.17ad-22(e)(2)(i) and (v).
\25\ Id.
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Rule 17Ad-22(e)(4)(ii) \26\ requires each covered clearing agency
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
the covered clearing agency in extreme but plausible market conditions.
As discussed above, the proposed changes to the guiding principles
would, among other things, promote ICC's risk management by providing
increased transparency to the clearing house regarding the risk
exposure of market participants to allow ICC to better assess and
manage its credit risk. Furthermore, instruments subject to the amended
guiding principles would continue to be subject to effective controls
through existing governance, risk, pricing, and operations reviews,
which support ICC's ability to maintain its financial resources and
withstand the pressures of defaults, consistent with the requirements
of Rule 17Ad-22(e)(4)(ii).\27\
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\26\ 17 CFR 240.17ad-22(e)(4)(ii).
\27\ Id.
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Rule 17Ad-22(e)(17) \28\ requires, in relevant part, each covered
clearing agency to establish, implement, maintain, and enforce written
policies and procedures reasonably designed to manage its operational
risks by (i) identifying the plausible sources of operational risk,
both internal and external, and mitigating their impact through the use
of appropriate systems, policies, procedures, and controls; and (ii)
ensuring that systems have a high degree of security, resiliency,
operational reliability, and adequate, scalable capacity. As discussed
above, ICC proposes revisions to ensure that the document reflects
current practices and is up-to-date, clear, and transparent, including
with respect to ICC's operational practices for instrument on-boarding.
The Instrument On-boarding Policy would thus continue to appropriately
describe the process for the introduction of new instruments to ensure
that ICC and its CPs are
[[Page 39457]]
operationally ready and that ICC proceeds in a controlled manner,
thereby supporting ICC's ability to identify the plausible sources of
operational risk and mitigate their impact and ensure that systems have
a high degree of security, resiliency, operational reliability, and
adequate, scalable capacity, consistent with the requirements of Rule
17Ad-22(e)(17).\29\
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\28\ 17 CFR 240.17ad-22(e)(17)(i) and (ii).
\29\ Id.
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Rule 17Ad-22(e)(21) \30\ requires, among other things, that each
covered clearing agency establish, implement, maintain, and enforce
written policies and procedures reasonably designed to be efficient and
effective in meeting the requirements of its participants and the
markets it serves. Such changes to promote ICC's ability to consider
additional instruments for clearing, including those requested by
market participants, would support and enhance the guiding principles
by ensuring that ICC continues to proceed in a prudent manner with
respect to instrument selection while also providing CPs the best
opportunity to minimize their risk, thereby allowing ICC to be
efficient and effective in meeting the requirements of its participants
and the markets it serves, consistent with Rule 17Ad-22(e)(21).\31\
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\30\ 17 CFR 240.17ad-22(e)(21).
\31\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
ICC does not believe the proposed amendments will have any impact,
or impose any burden, on competition not necessary or appropriate in
furtherance of the purposes of the Act. As discussed above, the
proposed rule change (1) amends the guiding principles that ICC
maintains for instrument selection, (2) reflects current practices and
other updates, and (3) makes other clarifying or non-substantive
changes. Additional instruments selected for clearing under the revised
guiding principles in the proposed Instrument On-Boarding Policy will
be available to all ICC CPs for clearing. The clearing of any such
additional instruments does not preclude the offering of such
instruments for clearing by other market participants. Moreover, the
proposed changes to the Instrument On-Boarding Policy, including
changes to reflect current practices and other clarifying or non-
substantive changes, will apply uniformly across all market
participants. Therefore, ICC does not believe the proposed rule change
will 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="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>);
or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#483a3d242d652b2725252d263c3b083b2d2b662f273e"><span class="__cf_email__" data-cfemail="f785829b92da94989a9a92998384b7849294d9909881">[email protected]</span></a>. Please include
file number SR-ICC-2025-011 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to file number SR-ICC-2025-011. 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="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>). Copies of such
filings will 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-2025-011 and should
be submitted on or before September 5, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15526 Filed 8-14-25; 8:45 am]
BILLING CODE 8011-01-P
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