ICE Clear Credit Lowers Member Standard Before CFTC Rules
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Intercontinental Exchange Inc., owner of the world’s largest credit-default swaps clearinghouse, lowered its membership standards before U.S. rules designed to expand access to the service.
ICE Clear Credit, the clearinghouse formerly known as ICE Trust that was re-named last month when it came under Commodity Futures Trading Commission and Securities and Exchange Commission oversight, now requires broker dealers and futures commission merchants to have $100 million in adjusted net capital and 5 percent of their customer funds as excess net capital, according to its rules. Previously, $5 billion in minimum net worth was required to be a clearing member.