Notice2025-18677
Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC CDS Instrument On-boarding Policies and Procedures
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Published
September 26, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 185 (Friday, September 26, 2025)</title>
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[Federal Register Volume 90, Number 185 (Friday, September 26, 2025)]
[Notices]
[Pages 46449-46453]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18677]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104023; File No. SR-ICC-2025-011]
Self-Regulatory Organizations; ICE Clear Credit LLC; Order
Approving Proposed Rule Change Relating to the ICC CDS Instrument On-
boarding Policies and Procedures
September 23, 2025.
I. Introduction
On August 7, 2025, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to revise the ICC
CDS Instrument On-boarding Policies and Procedures (the ``Proposed Rule
Change''). The Proposed Rule Change was published for comment in the
Federal Register on August 15, 2025.\3\ The Commission has not received
any comments on the Proposed Rule Change. For the reasons discussed
below, the Commission is approving the Proposed Rule Change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 103687 (Aug. 12, 2025),
90 FR 39454 (Aug. 15, 2025) (File No. SR-ICC-2025-011) (``Notice'').
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II. Description of the Proposed Rule Change
ICC is registered with the Commission as a clearing agency for the
purpose of clearing CDS contracts for its Clearing Participants.\4\ The
ICC CDS Instrument On-boarding Policies and Procedures (the
``Instrument On-boarding Policy'') provide 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.\5\ The Proposed Rule
Change would amend the Instrument On-boarding Policy's guiding
principles that ICC maintains for instrument selection. ICC also
proposes changes reflecting current practices and other updates;
shortening the voluntary quote submission period for certain
instruments; and making clarifying or non-substantive changes.
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\4\ Capitalized terms not otherwise defined herein have the
meanings assigned to them in ICC's Clearing Rules or the Instrument
On-boarding Policy, as applicable. The Rules are available at
<a href="https://www.ice.com/clear-credit/regulation">https://www.ice.com/clear-credit/regulation</a>.
\5\ Notice, 90 FR at 39454.
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[[Page 46450]]
A. Changes to Guiding Principles
ICC maintains guiding principles in its Instrument On-boarding
Policy for considering instruments for clearing. ICC states that these
principles are designed to ensure that ICC proceeds in a prudent manner
with respect to instrument selection while also providing the best
opportunity for Clearing Participants to minimize their risk.\6\ ICC
proposes changes to these guiding principles to promote its ability to
consider additional instruments for clearing.\7\
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\6\ Id.
\7\ Id.
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One of the current guiding principles directs ICC to consider
instruments for clearing that are constituents of currently clearable
On-The-Run (``OTR'') indices. This principle was originally designed to
provide the market with additional instruments to hedge and mitigate
indirect risk exposure from OTR indices.\8\ ICC states that market
participants hedge and mitigate indirect risk exposure from OTR and
non-OTR credit default swap (``CDS'') indices with constituents of
those indices.\9\ Thus, ICC proposes removing OTR indices from this
principle. As proposed, the principle would consider instruments for
clearing that are constituents of currently clearable indices, whether
currently OTR or not.\10\
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\8\ Id.; Securities Exchange Act Release No. 93581 (Nov. 16,
2021), 86 FR 66382, 66382 (Nov. 22, 2021) (File No. SR-ICC-2021-
019).
\9\ Notice, 90 FR at 39454.
\10\ For the same reason, ICC proposes removing the OTR concept
from the guiding principles that apply to instruments that are not
constituents of currently clearable OTR indices. Under the Proposed
Rule Change, this group of principles would apply to instruments
that are not constituents of currently clearable indices, whether
OTR or not.
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ICC's guiding principles also currently include an open interest
and a volume threshold for instruments that are not constituents of
currently clearable OTR indices. Specifically, these principles
currently direct ICC to consider: (1) 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
Clearing Participants; (2) 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; or (3) instruments with
bilateral open interest held by at least half, but no less than three,
Clearing Participant Affiliate Groups (``AGs''). ICC states that these
guiding principles allow it to consider the most liquid single names
for clearing.\11\
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\11\ Notice, 90 FR at 39454.
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ICC proposes to expand its guiding principles that would apply to
instruments that are not constituents of currently clearable indices.
As proposed, these principles would direct ICC to consider: (1)
instruments with any uncleared gross notional open interest among ICC
Clearing Participants (rather than those with a specified uncleared
gross notional open interest); (2) instruments 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 (removing the reference to
bilateral cleared volume and the requirement for an average weekly
volume of at least five contracts); or (3) instruments with bilateral
open interest held by at least three AGs (removing the requirement that
bilateral open interest be held by at least half of the AGs). ICC
states that these proposed changes would allow it to consider
additional, currently less-liquid, single name instruments for clearing
that are held widely enough by Clearing Participants and have
sufficient trading volume and market liquidity.\12\
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\12\ Id.
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B. Changes Reflecting Current Practices and Other Updates
ICC also proposes several changes to the Instrument On-boarding
Policy reflecting its current practices and updates. These proposed
changes relate to ICC's governance, operations, and instruments that
are outside the scope of the standard on-boarding process.
With respect to governance, ICC recently established its Board Risk
Committee and Risk Advisory Working Group.\13\ The Board Risk Committee
reviews required changes to the ICC Rulebook and risk methodology
related to on-boarding new instruments.\14\ The Risk Advisory Working
Group reviews 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.\15\ ICC proposes adding
references to these recently established groups to memorialize their
roles.\16\ ICC also proposes removing outdated references to the Risk
Management Subcommittee in Section IV because this subcommittee no
longer exists.\17\
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\13\ Id. at 39455; Securities Exchange Act Release No. 101382
(Oct. 18, 2024), 89 FR 84979, 84979 (Oct. 24, 2024) (File No. SR-
ICC-2024-009); Securities Exchange Act Release No. 103161 (May 30,
2025), 90 FR 23970, 23970 (Jun. 5, 2025) (File No. SR-ICC-2025-006).
\14\ Notice, 90 FR at 39455.
\15\ Id.; ICC Clearing Rules, Rule 509.
\16\ Notice, 90 FR at 39455.
\17\ Id.
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ICC also proposes changes related to operations in the Instrument
On-boarding Procedures. In Sections III and V, ICC proposes removing a
reference to a service provider for market data and intraday pricing.
Currently, ICC service providers are subject to contractual
arrangements entered into by authorized ICC officers and governed by
the Operational Risk Management Framework, if appropriate.\18\ ICC
states that it 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.\19\ ICC also proposes removing a reference to
an external system that it no longer uses for purposes of processing
post-trade life cycle events in Section V.\20\
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\18\ Id.
\19\ Id.
\20\ Id. Examples of post-trade life cycle events include coupon
payments, credit events, and succession events. Id.
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Additionally, ICC proposes changes to the Instrument On-boarding
Policy with respect to new instruments that are outside of the scope of
the standard on-boarding process. Under the Instrument On-Board Policy
as currently written, ICC excludes certain new instruments from the
standard on-boarding process. According to ICC, these new instruments
include a new index series of an already-cleared CDS index, with the
new index series having updated reference entity constituents.\21\ ICC
excludes new index series from the standard on-boarding process because
ICC and its Clearing Participants are, in general, operationally ready
for a new index series on the index roll date given the general
consistency with existing index series that ICC already clears.\22\
Consistent with current practices, ICC proposes clarifying that for the
new indices described above and corresponding new reference entity
constituents falling under an already approved CDS index product type,
ICC will begin clearing the new series from the index roll date
followed by the corresponding new reference entity constituents(s) once
ICC reviews the parameters and analysis with the relevant working
groups.\23\
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\21\ Id.
\22\ Id.
\23\ Id. Specifically, ICC reviews the pricing parameters and
analysis with the Trading Advisory Group and the risk parameters
with the Risk Working Group.
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[[Page 46451]]
ICC proposes an additional change related to instruments outside of
the scope of the standard on-boarding process in Section VI. Consistent
with current practices, ICC proposes specifying that it performs
stress-testing for all proposed instruments, excluding those that are
outside of the scope of the standard on-boarding process.\24\
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\24\ Id. Instead 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. Id. at 39455 n.13.
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C. Shortening the Voluntary Quote Submission Period for Certain
Instruments
ICC proposes shortening the voluntary quote submission period for
instruments that are outside of the scope of the standard on-boarding
process. Currently, the Instrument On-boarding Policy reflects that ICC
collects voluntary quote submissions from Clearing Participants for a
period of at least two weeks before beginning to clear a proposed
instrument, including for instruments that are outside of the scope of
the standard on-boarding process. To promote ICC's timely clearing of
constituents of new index series following the index roll date, ICC
proposes to collect voluntary quote submissions regarding instruments
that are outside of the scope of the standard on-boarding process from
Clearing Participants for a period of at least one week, instead of two
weeks.\25\ ICC states that this proposed change would not create
operational problems because Clearing Participants are, in general,
operationally ready for a new index series on the index roll date,
including pricing constituents of the new index.\26\
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\25\ Id. at 39455.
\26\ Id.
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D. Changes Making Clarifying or Non-Substantive Changes
ICC also proposes clarifying and non-substantive changes to the
Instrument On-boarding Policy, including the following.
<bullet> ICC proposes replacing ``instrument type'' with ``product
type'' throughout the Instrument On-boarding Policy. ICC states that
this proposed change is intended to improve the document's clarity and
to mirror the product-specific subchapters of the ICC Rulebook.\27\
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\27\ Id.
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<bullet> ICC proposes clarifying footnotes to distinguish between
the terms ``product type'' and ``product category.'' ICC identifies its
approved product types in Chapter 26 of the ICC Rules.\28\ Product
categories are collections of product types. ICC also proposes adding
that Index Swaptions represent a product category and not a product
type.
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\28\ Id.; ICC Rules.
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<bullet> ICC proposes updating certain instrument naming
conventions to be consistent with the terminology in the ICC Rulebook
or industry terminology.\29\
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\29\ Notice, 90 FR at 39455-56.
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<bullet> ICC proposes to update the name of the publisher of a
certain new index series to be current and to make a conforming change
in a footnote.\30\
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\30\ Id. at 39456.
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<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.\31\
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\31\ Id.
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<bullet> ICC proposes clarifying that it generally maintains a list
of the versions of the Credit Derivatives Physical Settlement Matrix
that are applicable, rather than a separate list for each reference
entity.\32\
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\32\ Id.
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<bullet> ICC proposes adding defined terms in quotations, updating
a policy name to match its current title, updating references to the
ICC Rules, adding ``ICC'' as a qualifier in front of certain department
and committee names, and making certain grammatical updates.\33\
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\33\ Id.
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III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act requires the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
the proposed rule change is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to the
organization.\34\ Under the Commission's Rules of Practice, the
``burden to demonstrate that a proposed rule change is consistent with
the Exchange Act and the rules and regulations issued thereunder . . .
is on the self-regulatory organization [`SRO'] that proposed the rule
change.'' \35\
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\34\ 15 U.S.C. 78s(b)(2)(C).
\35\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR
201.700(b)(3).
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The description of a proposed rule change, its purpose and
operation, its effect, and a legal analysis of its consistency with
applicable requirements must all be sufficiently detailed and specific
to support an affirmative Commission finding,\36\ and any failure of an
SRO to provide this information may result in the Commission not having
a sufficient basis to make an affirmative finding that a proposed rule
change is consistent with the Exchange Act and the applicable rules and
regulations.\37\ Moreover, ``unquestioning reliance'' on an SRO's
representations in a proposed rule change is not sufficient to justify
Commission approval of a proposed rule change.\38\
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\36\ Id.
\37\ Id.
\38\ Susquehanna Int'l Group, LLP v. Securities and Exchange
Commission, 866 F.3d 442, 447 (D.C. Cir. 2017).
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After carefully considering the Proposed Rule Change, the
Commission finds that the Proposed Rule Change is consistent with
Section 17A(b)(3)(F) of the Act \39\ and Rule 17ad-22(e)(21) \40\
thereunder, as described in detail below.
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\39\ 15 U.S.C. 78q-1(b)(3)(F).
\40\ 17 CFR 240.17ad-22(e)(21).
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A. Consistency With Section 17A(b)(3)(F) of the Act
Under Section 17A(b)(3)(F) of the Act, ICC's rules, among other
things, must be ``designed to promote the prompt and accurate clearance
and settlement of securities transactions and . . . to assure the
safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible . . . .''
\41\ Based on a review of the record, and for the reasons discussed
below, the Proposed Rule Change is consistent with Section
17A(b)(3)(F).
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\41\ 15 U.S.C. 78q-1(b)(3)(F).
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As discussed in Section II. A above, ICC proposes two groups of
changes to its guiding principles for considering instruments for
clearing. First, ICC proposes considering instruments for clearing that
are constituents of currently clearable indices rather than instruments
that are constituents of currently clearable OTR indices. Second, ICC
proposes changes to its open interest and volume thresholds.
Regarding the first category of changes, ICC indicates that market
participants hedge and mitigate indirect risk exposure from OTR and
non-OTR CDS indices with constituents of those indices.\42\ The first
group of changes may encourage ICC to select for clearing instruments
that could help ICC's clearing participants mitigate indirect risk
exposure from OTR and non-OTR indices. The potential for risk
mitigation may encourage Clearing Participants to centrally clear
additional transactions and ultimately allow market participants to
mitigate their indirect risk exposure from OTR and non-OTR CDS indices,
thus promoting the prompt
[[Page 46452]]
and accurate clearance and settlement of these transactions.
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\42\ Notice, 90 FR at 39454.
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Moreover, Clearing Participants' potential mitigation of their own
indirect risk may reduce the overall risks to ICC in clearing and
settling OTR and non-OTR indices. By managing risks related to clearing
and settling OTR and non-OTR indices, ICC potentially avoids
disruptions to its clearance and settlement of all products. Such
disruptions could endanger securities and funds in ICC's custody and
control. By potentially allowing Clearing Participants to centrally
clear additional transactions and mitigating risk for ICC and its
Clearing Participants, the first category of proposed changes promotes
the prompt and accurate clearance and settlement of securities
transactions and assures the safeguarding of securities and funds in
ICC's custody and control.
With respect to the second category, ICC's proposed changes to open
interest and volume thresholds in the guiding principles would expand
the universe of securities that ICC could potentially clear and settle.
By expanding the universe of securities that ICC could potentially
clear and settle, the second category of proposed rule changes promotes
the prompt and accurate clearance and settlement of the newly cleared
instruments.
As discussed in Sections II. B and D above, ICC also proposes other
amendments to its Instrument On-boarding Policy reflecting updates,
changes reflecting its current practices,\43\ clarifying changes, and
non-substantive changes. For example, ICC proposes adding references to
a recently established committee and working group, removing outdated
references to a subcommittee and an external system, removing service
provider information that does not belong in the Instrument On-boarding
Policy 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,\44\ defining terms, clarifying changes,\45\
and making grammatical updates. These proposed changes improve the
clarity and accuracy of the Instrument On-boarding Policy. A clear and
accurate Instrument On-boarding Policy helps lower the chance that
there are any delays or disruptions to the instrument on-boarding
process. Given the smoother process, these proposed changes promote the
prompt and accurate clearance and settlement of securities
transactions.
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\43\ For example, ICC proposes specifying that it performs
stress-testing for all proposed instruments, excluding those that
are outside of the scope of the standard on-boarding process.
\44\ Notice, 90 FR at 39455.
\45\ For example, ICC proposes to clarify that for a specific
new index series and corresponding new reference entity constituents
falling under an already approved CDS index product type, ICC 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 practice.
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Finally, as discussed in Section II. C, ICC proposes collecting
voluntary quote submissions regarding instruments that are outside of
the scope of the standard on-boarding process from Clearing
Participants for a period of at least one week, instead of two weeks,
before beginning to clear a proposed instrument. ICC states that
Clearing Participants are, in general, operationally ready for a new
index series on the index roll date, including pricing constituents of
the new index.\46\ This proposed change would shorten the process for
launching a proposed instrument for clearing and settlement via ICC.
Given the shorter launch process and operational preparedness of ICC's
Clearing Participants, this proposed change would promote the prompt
and accurate clearance and settlement of securities transactions in
these instruments.
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\46\ Notice, 90 FR at 39455.
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Accordingly, the Proposed Rule Change is consistent with the
requirements of Section 17A(b)(3)(F) of the Act.\47\
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\47\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Consistency With Rule 17ad-22(e)(21)
Under Rule 17ad-22(e)(21), ICC must, ``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 . . . .''
\48\ Based on a review of the record, and for the reasons discussed
below, the Proposed Rule Change is consistent with Rule 17ad-22(e)(21).
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\48\ 17 CFR 240.17ad-22(e)(21).
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The Commission has linked covered clearing agency efficiency and
effectiveness with the scope of products that the covered clearing
agency clears and settles. Specifically, it has stated that in
establishing and maintaining policies and procedures that address
efficiency and effectiveness, a covered clearing agency generally
should consider, ``whether its design meets the needs of its
participants and the markets its serves, particularly with regard to .
. . scope of products cleared, settled or recorded . . . .'' \49\
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\49\ Securities Exchange Act Release No. 78961 (Sept. 28, 2016),
81 FR 70786, 70841 (Oct. 13, 2016) (File No. S7-03-14).
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As noted above, in Section II.A, ICC proposes expanding the
universe of securities it could potentially clear and settle through
two categories of changes to its guiding principles for considering
instruments for clearing. Under the first category, ICC would consider
instruments for clearing that are constituents of currently clearable
indices rather than instruments that are constituents of currently
clearable OTR indices. ICC is making this change because market
participants hedge and mitigate indirect risk exposure from OTR and
non-OTR CDS indices with constituents of those indices.\50\ Under the
second category of changes, ICC proposes expanding the open interest
and volume thresholds in the guiding principles. The changes would, in
turn, expand the universe of securities that ICC could potentially
clear and settle. Instruments subject to the proposed guiding
principles would still be subject to governance, risk, pricing, and
operations reviews, which ultimately determine the instruments that ICC
may clear.\51\ For example, prior to ICC approving an instrument for
clearing, ICC's Risk Committee reviews a risk impact analysis and
pricing analysis.\52\
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\50\ Notice, 90 FR at 39454
\51\ Id. at 39454-55
\52\ Id. at 39455 n4.
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Both the first and second categories of changes to the guiding
principles would result in ICC considering additional instruments for
clearing. This could ultimately lead to ICC clearing additional
instruments, particularly when Clearing Participants are seeking to
clear the additional instruments (for instance, when the additional
instruments would help the Clearing Participant hedge and mitigate
indirect risk exposure from OTR and non-OTR indices). Because the
proposed changes could lead to ICC clearing more instruments while
maintaining certain risk management standards; the proposed changes
could help ICC be efficient and effective in meeting the requirements
of its participants and the markets it serves.
Accordingly, the Proposed Rule Change is consistent with the
requirements of Rule 17ad-22(e)(21).\53\
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\53\ 17 CFR 240.17ad-22(e)(21).
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IV. Conclusion
On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act,
and in
[[Page 46453]]
particular, Section 17A(b)(3)(F) of the Act \54\ and Rule 17Ad-
22(e)(21).\55\
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\54\ 15 U.S.C. 78q-1(b)(3)(F).
\55\ 17 CFR 240.17ad-22(e)(21).
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It is therefore ordered pursuant to Section 19(b)(2) of the Act
that the proposed rule change (SR-ICC-2025-011) be, and hereby is,
approved.\56\
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\56\ In approving the proposed rule change, the Commission
considered the proposal's impacts on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\57\
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\57\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18677 Filed 9-25-25; 8:45 am]
BILLING CODE 8011-01-P
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