On Oct. 3, ICE CEU proposed changes to current Clearing Rules.
ICE CEU issued Circular C24/071 setting out proposed changes to the Clearing Rules.
Follows ICE CEU Jul. 2024 proposed changes to current clearing rules, see #218253.
Proposed Changes
Amendments relate to introduction of 2 additional Customer Accounts by ICE CEU, i.e. Standard Private Omnibus Direct Accounts, may be used for indirect client positions.
The new accounts will use account codes D and V, changes are made to Clearing Rules Part 1 General Provisions to add new types of account to Customer Account Category.
Add definitions of Standard Private Omnibus Direct Account and Standard Private Omnibus Indirect Account for F&O, Standard TTFCA Private Omnibus Indirect Account for F&O, and to add references to the new account types where required.
Amends Part 9 Default Rules to add new account types to rule on net sums payable.
A marked-up text of proposed amendments is provided as attachment to the Circular.
Effectiveness
Clearing members have until Oct. 17, 2024 to comment on proposed rule changes.
Nov. 2024 ICE CEU Self-Certification
On Nov. 12, 2024, ICE CEU submitted self-certification to CFTC to amend clearing rule, establish 2 additional types of customer accounts for non-FCM/BD clearing members.
Adds new definitions in ICE CEU Rule 101 for each of new indirect accounts and makes various conforming changes to other definitions to reference those new definitions.
Will also amend procedures to conform to the amendments, will specify the applicable account codes and net margining approach to be used for the new indirect accounts.
Amendments are to become effective on the first business day following the tenth business day after submission, or such later date as ICE Clear Europe may determine.
Effective 1st business day following 10th business day after submission, Nov. 27, 2024
