Notice2026-11567
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the Treasury Clearing Service Initial Margin Approach Model Description Document, Treasury Clearing Service Guaranty Fund and Stress Test Approach Model Description Document, and Treasury Clearing Service Risk Parameter Setting and Review Policy
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
June 10, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 111 (Wednesday, June 10, 2026)</title>
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[Federal Register Volume 91, Number 111 (Wednesday, June 10, 2026)]
[Notices]
[Pages 35286-35290]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11567]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105619; File No. SR-ICC-2026-005]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change Relating to the Treasury Clearing
Service Initial Margin Approach Model Description Document, Treasury
Clearing Service Guaranty Fund and Stress Test Approach Model
Description Document, and Treasury Clearing Service Risk Parameter
Setting and Review Policy
June 5, 2026.
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 May 28, 2026, ICE Clear Credit LLC (``ICC'' or
``ICE Clear Credit'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change, security-based swap
submission, or advance notice as described in Items I, II and III
below, which Items have been prepared by ICC. The Commission is
publishing this notice to solicit comments on the proposed rule change,
security-based swap submission, or advance notice 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
certain documentation governing ICC's U.S. Treasury (``Treasury'')
clearing service (the ``Treasury Clearing Service''), including the
Treasury Clearing Service Initial Margin (``IM'') Approach Model
Description Document (``IM Approach Model Description''), Treasury
Clearing Service Guaranty Fund (``GF'') and Stress Test Approach Model
Description Document (``GF and Stress Test Approach Model
Description''), and Treasury Clearing Service Risk Parameter Setting
and Review Policy (``Risk Parameter Policy''). Such policies and
procedures are collectively referred to as the ``Treasury Clearing
Service Risk Documentation'' herein.
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 changes to the Treasury Clearing Service Risk
Documentation. As background, ICC filed an application on Form CA-1
(``Application'') under Section 17A of the Securities Exchange Act of
1934 (the ``Act'') \1\ with the Securities and Exchange Commission
(``Commission'') to register as a clearing agency to provide central
counterparty services for transactions involving U.S. Treasury
securities on August 1, 2025. Notice of ICC's Application was published
in the Federal Register on August 21, 2025.\2\ The Application
contained the Treasury Rules \3\ and certain other policies and
procedures governing the Treasury Clearing Service, including the GF
and Stress Test Approach Model Description, IM Approach Model
Description, and Risk Parameter Policy. The Commission issued an order
granting ICC's Application for registration as a clearing agency to
provide central counterparty services for transactions involving U.S.
Treasury securities on January 30, 2026.\4\
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\1\ 15 U.S.C. 78q-1.
\2\ See Securities Exchange Act Release No. 103727 (August 18,
2025), 90 FR 40879 (August 21, 2025) (File No. 600-45).
\3\ ICC's Treasury Rules are available on ICC's public website:
<a href="https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Treasury_Clearing_Rules.pdf">https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Treasury_Clearing_Rules.pdf</a>.
\4\ See Securities Exchange Act Release No. 104762 (January 30,
2026), 91 FR 5528 (February 6, 2026) (File No. 600-45).
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ICC proposes to amend the Treasury Clearing Service Risk
Documentation. The proposed changes generally respond to feedback
received on the Treasury Clearing Service Risk Documentation and
include clarifying amendments and other minor clean-up changes. ICC
believes that such revisions will facilitate the prompt and accurate
clearance and settlement of securities transactions. ICC proposes to
make such changes effective following Commission approval of the
proposed rule change. The proposed revisions are described in detail as
follows.
[[Page 35287]]
Treasury Clearing Service Risk Documentation Overview
ICC's risk management practices for the Treasury Clearing Service
are documented in various policies and procedures, including the IM
Approach Model Description, the GF and Stress Test Approach Model
Description, and Risk Parameter Policy. The IM Approach Model
Description sets forth the quantitative risk models and associated
methods and techniques used to estimate IM requirements for cleared
portfolios of Treasury related instruments. The GF and Stress Test
Approach Model Description describes the general stress testing
framework for GF computations developed by ICC for the Treasury
Clearing Service and used for financial resources modeling and GF
design. The Risk Parameter Policy describes the process of setting and
reviewing the risk management model core parameters and their
underlying assumptions for the Treasury Clearing Service, as described
in the IM Approach Model Description and the GF and Stress Test
Approach Model Description.
IM Approach Model Description
As set out in the IM Approach Model Description, ICC's risk
management modeling approach features computations of statistical IM
risk measures and add-on requirements. In particular, ICC's risk
management model for the Treasury Clearing Service includes a
statistically calibrated U.S. interest rate (``IR'') dynamics component
and liquidation risk add-ons. The IR dynamics component is the main
component of the total portfolio IM requirements, which provides
collateralization of potential losses in response to mark-to-market
changes. Moreover, this statistically calibrated component reflects
fluctuations in market observed quantities and their direct profit/loss
impacts. The liquidation risk add-on components capture the losses
associated with the liquidation process of cleared portfolios, informed
from adverse effects of market frictions encountered during major
market events. ICC does not propose substantive changes to the IM
approach. The proposed changes generally respond to feedback received
on the IM approach, including from an independent validator, and
include clarifying amendments or other clean-up changes, as further
described below.
ICC proposes clarifications or clean-ups in Section I.1, which
introduces the univariate distributions of IR changes used as part of
ICC's IM methodology for the Treasury Clearing Service. ICC proposes
edits to equations and terminology throughout this section. For
clarity, ICC proposes an amendment to equation 4 to further simplify
the equation without changing its substance. ICC proposes to amend the
description of equation 6 to more clearly reflect that the equation
describes a ``standardization'' rather than a ``normalization.''
ICC proposes additional clarifications or clean-ups in Subsection
I.1.i. With respect to parameter estimation, ICC proposes to amend
equation 9 to more clearly set out the second line of the equation as
well as the applicable ranges. Further edits and additional equation
numbering are introduced to improve readability. In addition, ICC
proposes clarifying language with respect to a specific parameter used
as part of the IM methodology, namely the exponentially weighted moving
average (``EWMA'') factor, including to specify that it is tenor-
specific and the quantity it represents.
ICC proposes additional updates to Section I.2, which describes
ICC's approach to the construction, estimation, and simulation of the
dependence structure among the univariate distributions introduced in
Section I.1. In Subsection I.2.ii, ICC proposes to correct a
typographical error that references both the ``lower'' and ``upper''
coefficient between two variables where only one is applicable. In
Subsection I.2.iv, ICC proposes to more specifically identify a
parameter value and correct a typographical error in the description of
equation 34 (previously equation 25). ICC also proposes additional
edits to reflect how the model is currently parameterized with respect
to the IR level floor considered for each tenor. The current language
specifies that the floor level can be set to a negative value. As
amended, ICC would specify that the floor level is set to a negative
value.
ICC proposes additional updates to Section I.3 related to risk
estimations. ICC proposes to amend equation 40 (previously equation
31), which describes how for every portfolio, the profit/loss response
to positive and negative discount rate changes is incorporated in the
IR dynamics component of IM requirements. In particular, ICC proposes
to explicitly reference anti-procyclicality (``APC'') in this equation
40 and in new equation 41. The IR dynamics component is enhanced with a
stress-loss APC analysis, which provides additional stability of IM
requirements. The aforementioned changes are intended to enhance
clarity, improve transparency, and align the documentation more clearly
with ICC's risk management methodology for the Treasury Clearing
Service.
GF and Stress Test Approach
The purpose of the GF and Stress Test Approach Model Description is
to describe the general stress testing framework for GF computations
used for financial resources modeling and GF design for the Treasury
Clearing Service. ICC establishes a separate GF for the Treasury
Clearing Service designed to provide mutualization of losses associated
with extreme but plausible market scenarios where the considered stress
losses exceed the collateralized losses corresponding to the IR
dynamics component of the computed IM requirements. ICC utilizes
statistical stress testing and scenario-based stress loss analysis
techniques to estimate potential stress loss over IM for every
portfolio. ICC does not propose substantive changes to the approach
currently set out in the GF and Stress Test Approach Model Description.
The proposed changes generally respond to feedback received on the GF
and stress test approach, including from an independent validator, and
include clarifications or other clean-up changes, as further described
below.
ICC proposes changes to Section I, which describes the GF and
stress test methodology. The IR dynamics component is estimated as a
function of the 99% Value-at-Risk (``VaR'') portfolio measure in
response to a Monte Carlo simulated scenario set. ICC proposes
clarifying language to note that, by convention, such VaR risk measures
are associated with negative outcomes that will only be exceeded with a
probability of 1%. This section also describes the two general types of
portfolios considered by ICC in developing its risk management
approach: Treasury Participant (``Participant'') proprietary/house
portfolios and Customer Access Model portfolios, which consist of
individual client-related portfolios. ICC proposes clarifying language
to explain the rationale for the different approaches to the IM
analyses and computations.
ICC proposes additional changes to Section I.1, which sets out
general concepts for purposes of the GF and Stress Test Approach Model
Description. The current language describes the creation of a
correlation regime and ICC proposes additional detail to describe the
related Expected Shortfall risk measures, which represent the
conditional expected values over the outcomes (related to the
considered dependence structures) that are expected to be realized with
a
[[Page 35288]]
probability of less than 1%. Additional edits correct typographical
errors and clarify that equation 3 relates to statistical stress
testing in respect of the VaR risk measure.
ICC proposes additional edits to Section I.2, which describes
certain Participant account estimations. For purposes of equation 4,
ICC proposes to clarify that, if a simulated loss occurs, ICC applies
the available VaR portion of the IR dynamics component, rather than IR
dynamics component more broadly, to collateralize the loss.
Additionally, ICC proposes to amend equation 5 and the accompanying
description to indicate that the equation produces an expected value
estimation. Relatedly, ICC proposes more specific language to clarify
the resources that are considered to further support the conservative
bias of the estimation.
Finally, ICC proposes additional changes to Section I.4 to amend
the minimum GF contribution from $20 million to $10 million to ensure
consistency with the proposed changes described in ICC Filing No. SR-
ICC-2026-002.\5\
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\5\ See Securities Exchange Act Release No. 105526 (May 20,
2026), 91 FR 30751 (May 26, 2026) (File No. SR-ICC-2026-002).
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Risk Parameter Policy
The Risk Parameter Policy describes the process of setting and
reviewing the risk management model core parameters and their
underlying assumptions for the Treasury Clearing Service. The Risk
Parameter Policy also describes the tools and methods used to estimate
core parameters, determine appropriate parameter settings, and review
the IM and GF model assumptions. The proposed changes generally respond
to feedback received on ICC's approach and include clarifications or
clean-up changes, as further described below.
ICC proposes to update Table 1 in Section 1 that lists core model
parameters and parameter related information. The proposed changes
specify that the EWMA factor parameter is tenor-specific and include a
new tenor specific minimum rate level parameter, which is further
described in proposed Section 2.7 and is associated with the IR
dynamics component.
ICC proposes amendments to Section 1.4, which describes the
parameters associated with the IR dynamics approach. Pursuant to
Subsection 1.4.1, the ICC Risk Management Department performs
sensitivity analyses on certain univariate IR dynamics parameters at
least monthly. The current language specifies that the sensitivity
analyses are performed by introducing (1) different parameter
calibration methods for certain parameters and estimations and (2)
different values for the EWMA factor. ICC proposes reversing the order
of these items in Section 1.4 and Section 2. Additionally, in
Subsection 1.4.3, ICC proposes to update the portfolio notation (i.e.,
``[Pi]'' instead of ``P'') in equation 2 to align with such notation
used throughout the Treasury Clearing Service Risk Documentation.
Section 2 explores the sensitivity of the Treasury Clearing Service
risk management system's outputs to certain core parameters and
alternative data analysis and model parameter estimation techniques.
ICC proposes changes to Section 2.1 (previously Section 2.2), which
describes the sensitivity analyses performed by introducing different
values for the EWMA factor. Currently, ICC sets the EWMA factor at a
defined value and re-estimates certain parameters and levels for two
alternative EWMA factors. Under the amended language, ICC maintains the
EWMA factors as tenor-specific parameters to address volatility
clustering for each tenor and to maintain the adaptiveness of the IM
requirements to market conditions while preserving the stability of
those requirements. New appendix 3 contains a set of initial tenor-
specific EWMA factors. The amended language states that ICC performs
time series devolatilization and subsequent estimations for IR
increases and decreases for two alternative sets of EWMA factors in
addition to the current set of tenor-specific EWMA factors. Proposed
figures illustrate initial and devolatilized IR changes to show the
effect of devolatilization. Additional proposed language supports the
use of such EWMA process over an alternative statistical process (i.e.,
the Generalized Auto-Regressive Conditional Heteroscedastic or
``GARCH'' process) described in the following section. As noted under
the current language, the impact of the alternative EWMA factors is
expected to be small. ICC proposes corresponding changes to Table 2,
which sets out the related sensitivity analysis scenarios, to ensure
consistency across the document.
ICC proposes amendments to Section 2.2 (previously Section 2.1).
ICC proposes to update the section title to more specifically reference
the univariate model. This section title would be updated from
``Alternative Models for Fitting Distributions to Observed Data'' to
``Alternative Univariate Models.'' The current language describes the
current EWMA process used as part of the IR dynamics model and the
alternative GARCH process, along with the associated statistical
techniques used for parameter estimation. ICC proposes updates to this
section to clarify that such processes and parameter estimation
techniques are not interchangeable, and such processes and techniques
are grouped accordingly in amended Table 2. For clarity, additional
language updates align with the updated section title by referring to
the ``alternatively estimated univariate model,'' rather than
alternatively estimated parameters and risk scales. Further edits
enhance clarity by referring to ``rate changes'' to clarify what ICC is
deriving or estimating and discuss the utilization of alternative time
series devolatilization.
ICC proposes additional edits to Sections 2 and 4. ICC proposes to
update the quantile levels used for a sensitivity analysis in Section
2.4 and Table 2. ICC proposes terminology updates to replace ``shifts''
or ``shifting'' with more specific language, including ``regime
changes'' and ``switching'' in Section 2.5 and Table 2. ICC proposes to
define a reference to volatility shifts as certain regime changes and
to add commas where appropriate in Section 2.5. ICC proposes new
Section 2.7 to discuss the minimum rate levels that are considered for
each Treasury constant maturity tenor, with the corresponding values
documented in a new appendix to the document. Finally, ICC proposes
changes to Section 5 to set out the proposed appendices mentioned above
and clarifications to note which scenarios and tables are expressed in
basis points.
(b) Statutory Basis
ICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \6\ and the regulations
thereunder applicable to it, including the applicable standards under
Rule 17Ad-22.\7\ In particular, Section 17A(b)(3)(F) of the Act \8\
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, 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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\6\ 15 U.S.C. 78q-1.
\7\ 17 CFR 240.17Ad-22.
\8\ 15 U.S.C. 78q-1(b)(3)(F).
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As described above, the proposed changes generally respond to
feedback received on the Treasury Clearing Service Risk Documentation
and include clarifying amendments and
[[Page 35289]]
other minor clean-up changes. Such changes promote readability and
clarity with respect to ICC's risk management modeling approach;
general stress testing framework for GF computations, financial
resources modeling and GF design; and the process for setting and
reviewing the risk management model core parameters and their
underlying assumptions to ensure that the documentation remains up-to-
date, clear and transparent to support the effectiveness of ICC's risk
management for the Treasury Clearing Service. For example, among other
changes, ICC proposes to simplify or clarify equations, more
specifically identify a parameter value, and update language describing
how the model is currently parameterized in the IM Approach Model
Description. Additional proposed language in the GF and Stress Test
Approach Model Description describes the rationale for different
approaches to the IM analyses and computations and clarifies which
portion of the IR dynamics component is applied to collateralize a
loss. The updates to the Risk Parameter Policy revise the descriptions
of the sensitivity analyses performed by ICC, including to introduce a
new appendix containing a set of initial tenor-specific EWMA factors,
provide support for the use of ICC's EWMA process, and clarify that
certain processes and parameter estimation techniques are not
interchangeable. Moreover, as described above, the proposed changes
address independent validation recommendations and enhance the
readability and transparency of the Treasury Clearing Service Risk
Documentation, which would strengthen the methodology and risk
management practices, which would in turn strengthen ICC's ability to
maintain its financial resources and withstand the pressures of
defaults. Accordingly, in ICC's view, the proposed rule change is
designed to promote the prompt and accurate clearance and settlement of
the contracts cleared at 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, within
the meaning of Section 17A(b)(3)(F) of the Act.\9\
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\9\ Id.
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Rule 17Ad-22(e)(2)(i) and (v) \10\ 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 Treasury Clearing Service Risk
Documentation clearly assigns and documents responsibility and
accountability for key risk management functions to relevant
departments or groups, including the estimation and review of the model
core parameters and the performance of sensitivity analysis. The
proposed changes more clearly set out such key risk management
functions to ensure that responsible parties appropriately carry out
their assigned duties. 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).\11\
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\10\ 17 CFR 240.17Ad-22(e)(2)(i) and (v).
\11\ Id.
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Rule 17Ad-22(e)(4)(iii) and (vi) \12\ 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 participant family
that would potentially cause the largest aggregate credit exposure for
the covered clearing agency in extreme but plausible market conditions,
and by testing the sufficiency of its total financial resources
available to meet the minimum financial resource requirements,
including by conducting stress testing of its total financial resources
once each day using standard predetermined parameters and assumptions;
conducting a comprehensive analysis on at least a monthly basis of the
existing stress testing scenarios, models, and underlying parameters
and assumptions; and reporting the results of its analyses to
appropriate decision makers at ICC. The proposed changes promote the
soundness of ICC's risk management approach for the Treasury Clearing
Service by more clearly setting forth the quantitative risk models and
associated methods and techniques used to estimate IM requirements for
cleared portfolios of Treasury related instruments. As amended, the GF
and Stress Test Approach Model Description more clearly describes the
general stress testing framework for GF computations. The amended Risk
Parameter Policy more clearly describes the process of setting and
reviewing the risk management model core parameters and their
underlying assumptions for the Treasury Clearing Service and the
performance the sensitivity analyses, including the sensitivity of the
Treasury Clearing Service risk management system's outputs to certain
core parameters and alternative data analysis and model parameter
estimation techniques. Moreover, under the changes, the GF would
continue to provide adequate funds to cover losses in accordance with
regulatory requirements and would continue to support a significant
liquidity pool in case of liquidity events. ICC will continue to size
the GF to provide financial resources based on Cover-2 regulatory
standards. ICC believes that the proposed rule change addresses
independent validation recommendations and enhances the readability and
transparency of the Treasury Clearing Service Risk Documentation, 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. ICC thus believes
the proposed rule change meets the requirements of Rule 17Ad-
22(e)(4)(iii) and (vi).\13\
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\12\ 17 CFR 240.17Ad-22(e)(4)(iii) and (vi).
\13\ Id.
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Rule 17Ad-22(e)(6)(i) \14\ 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. The
proposed clarifications would further promote clarity and transparency
in the Treasury Clearing Service Risk Documentation, including in the
Risk Parameter Policy. 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,
[[Page 35290]]
consistent with the requirements of Rule 17Ad-22(e)(6)(i).\15\
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\14\ 17 CFR 240.17Ad-22(e)(6)(i).
\15\ 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 Treasury Clearing Service Risk Documentation 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/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="e795928b82ca84888a8a82899394a7948284c9808891">[email protected]</span></a>. Please include
File Number SR-ICC-2026-005 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-2026-005. 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/sro.shtml">http://www.sec.gov/rules/sro.shtml</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-2026-005 and
should be submitted on or before July 1, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-11567 Filed 6-9-26; 8:45 am]
BILLING CODE 8011-01-P
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