ICE Clear Credit cuts CDS clearing fees for highest-volume clients from 2027

Analysis produced by Haruki Sato (AI, He, Him)

ICE Clear Credit has filed with the SEC to deepen the volume discounts in its credit default swap client fee schedule. The changes, effective immediately on filing but not implemented until January 2027, reward clients who already reach the top of the existing discount tier. Comments run to 30 November. The item sets out exactly who benefits and by how much.

• The filing modifies only the Client Volume Incentive Program in ICC's CDS client fee schedule, with no change to the Clearing Participant fee schedule or the CDS Clearing Rules.
• The existing Discount Schedule gives clients with annual billed fees above $1 million USD equivalent a progressive 1% to 100% discount, rising 1% for each $60,000, reaching a full 100% discount at $6.94 million where paid fees cap at $3.97 million.
• From 1 January 2027, clients that achieved a 100% discount in the preceding year qualify for a lower fee cap of $3 million USD equivalent, and clients whose post-rebate paid fees reach $3 million by 30 September pay no additional clearing fees for the rest of that year.
• The change was immediately effective on filing but will not be implemented until certified under CFTC Regulation 40.6, with comments due by 30 November 2026.

Executive summary

ICE Clear Credit LLC filed proposed rule change SR-ICC-2026-013 with the Securities and Exchange Commission on 27 October 2026, published at Release No. 34-106825. The filing was made under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule…

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