On Jul. 9, 2025, CFTC certified to ICE FUS default management procedure updates.
On Jun. 24, ICE ICC updated default management procedures, rules.
ICE ICC self-certified changes to the ICE FUS clearing participant Default management procedures and the ICE FUS clearing rules and issued FOIA request for confidentiality.
On the same day, CFTC issued confirmation of receipt and beginning of 10-day review.
Rulemaking
Revises the Default Management Procedures and makes related changes to the rules.
Removes direct liquidation transactions as both a hedging and liquidation mechanism,.
Updates ICE FUS’s position porting functionality; general updates and clarifications.
Describes operational set-up necessary to execute hedging and/or liquidation transactions directly with clearing participant counterparties, as no longer necessary.
The proposal removes direct execution of transactions in the context of hedging a defaulting clearing participant portfolio from the Default Management Procedures.
A red-lined version of the rules are available on page 10 of the proposal notice.
Effectiveness
Implementation of the rule is at least 10 business days following CFTC receipt.
Jul. 2025 ICE ICC Revised Clearing Rules
On Jul. 7, 2025, ICE ICC issued revised Clearing rules rulebook, as of Jul. 7, 2025.
Jul. 9, 2025 CFTC Certification
On Jul. 9, 2025, CFTC certified to ICE FUS default management procedure updates.
