ICE takes next steps in releasing US Treasury clearing service
20 August 2025 US
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CE Clear Credit has filed an application with the US Securities and Exchange Commission (SEC) to register as a clearing agency to clear transactions involving US Treasury securities.
The Intercontinental Exchange (ICE) first announced its plan to launch a clearing service for all US Treasury securities and repurchasing agreements in June 2024.
Based on regulatory approval, ICE Clear Credit plans to launch its new service later this year, allowing the market to voluntarily clear prior to the implementation of the US Treasury clearing mandate.
The service is being developed separately from the firm鈥檚 existing credit default swap (CDS) clearing service, with a separate membership, rulebook, and risk management framework.
The solution will allow for both 鈥榙one away鈥� and 鈥榙one with鈥� implementation, allowing market participants to choose their preferred method of clearing.
According to ICE, the publication of this application by the SEC is a key step in the regulatory approval process.
To grant ICE Clear Credit鈥檚 application, the Commission must find that it satisfies the requirements of the Exchange Act and the rules and regulations thereunder.
Chief commercial officer of ICE Clear Credit, Paul Hamill, states: 鈥淲e鈥檙e thrilled to see this next milestone as we work to familiarise customers with our plans to launch a Treasury clearing service later this year.
鈥淭he rulebook underpins our access model, allowing customers to clear US Treasury securities the same trusted way CDS products are currently cleared.
鈥淭his model allows us to leverage the industry-accepted tools we already have in place, such as ICE Link, for trade matching, porting, and connectivity across platforms.鈥�
President of ICE Clear Credit, Stan Ivanoc, adds: 鈥淏y leveraging our experience to establish and operate ICE Clear Credit, as well as several other exchanges and clearing houses, we鈥檝e been able to expediently develop a robust and flexible solution that will provide market participants with the ability to clear US Treasury securities in a trusted and capital efficient environment.鈥�
The Intercontinental Exchange (ICE) first announced its plan to launch a clearing service for all US Treasury securities and repurchasing agreements in June 2024.
Based on regulatory approval, ICE Clear Credit plans to launch its new service later this year, allowing the market to voluntarily clear prior to the implementation of the US Treasury clearing mandate.
The service is being developed separately from the firm鈥檚 existing credit default swap (CDS) clearing service, with a separate membership, rulebook, and risk management framework.
The solution will allow for both 鈥榙one away鈥� and 鈥榙one with鈥� implementation, allowing market participants to choose their preferred method of clearing.
According to ICE, the publication of this application by the SEC is a key step in the regulatory approval process.
To grant ICE Clear Credit鈥檚 application, the Commission must find that it satisfies the requirements of the Exchange Act and the rules and regulations thereunder.
Chief commercial officer of ICE Clear Credit, Paul Hamill, states: 鈥淲e鈥檙e thrilled to see this next milestone as we work to familiarise customers with our plans to launch a Treasury clearing service later this year.
鈥淭he rulebook underpins our access model, allowing customers to clear US Treasury securities the same trusted way CDS products are currently cleared.
鈥淭his model allows us to leverage the industry-accepted tools we already have in place, such as ICE Link, for trade matching, porting, and connectivity across platforms.鈥�
President of ICE Clear Credit, Stan Ivanoc, adds: 鈥淏y leveraging our experience to establish and operate ICE Clear Credit, as well as several other exchanges and clearing houses, we鈥檝e been able to expediently develop a robust and flexible solution that will provide market participants with the ability to clear US Treasury securities in a trusted and capital efficient environment.鈥�
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