
Ice Clear Credit may face Esma review as euro CDSs migrate to US
Upgrade in systemic status would depend on extent of migration from UK-based Ice Clear Europe

Europe’s markets regulator is considering whether to review the systemic status of Ice’s US operations, as the exchange group consolidates credit default swap (CDS) clearing in Chicago – a move that could increase regulatory requirements on the central counterparty (CCP).
US-based Ice Clear Credit (ICC) is designated as a Tier 1 third-country CCP by the European Securities and Markets Authority (Esma), meaning it is not deemed a financial stability threat to the European Union and is subject
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