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

Ice logo against US flag backdrop
Igor Golovnov/Alamy Stock Photo

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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