Ice rule change will see members post more cash

Changes pinned on CCP’s lack of access to Fed deposit account

Photo of pile of dollars
Dash for cash: clearing members won’t be able to meet top-up calls with Treasuries any more

A shift in policy at Ice Clear US means clearing members will no longer be able to post securities to meet additional margin requirements imposed as part of an equivalence deal with European regulators last year.

The additional margin requirement stems from the European Market Infrastructure Regulation (Emir), and is known as the Emir top-up. US rules require central counterparties (CCPs) such as Ice to calculate margin over a one-day margin period of risk, while Emir specifies a two-day period

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