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Quarterly Clearing Disclosures

Public quantitative disclosure standards1 for central counterparties


Each quarter, clearing houses are required by IOSCO and the Committee on Payments and Market Infrastructures (CPMI) to publish disclosures. These provide transparency around the clearing house’s financial resources during that quarter.

The disclosures are intended to help market participants and the public, to:

  • compare CCP risk controls, including their financial condition and financial resources to withstand potential losses;
  • have a clear, accurate and full understanding of the risks associated with a CCP;
  • understand and assess a CCP’s systemic importance and its impact on systemic risk in all jurisdictions and currencies for which it provides services; and understand and assess the risks of participating in CCPs

You can find out more information about each of the disclosures here.

Links to ICE Clearing House Disclosures are included below.

For questions regarding the ICE Clearing House CPMI-IOSCO Quantitative Disclosures, please email us.

1 Committee on Payments and Market Infrastructures, Board of the International Organization of Securities Commissions, Public quantitative disclosure standards for central counterparties

2022 Quarterly Clearing Disclosures

Fourth Quarter 2022

Webcast

Q4 2022 Quarterly Disclosure Call: March 7, 2023 11 a.m. ET

Recording of the Call will be available after the call

Presentation

Understanding ICE Clearing Disclosures - Q4 2022

Historical Disclosures

The importance of central bank access to collateral deposits

Chris Edmonds, Global Head of Clearing and Risk at ICE & Ashwini Panse, ICE’s Chief Risk Officer, North American Clearing Houses, discuss the importance of central bank access in the World Federation of Exchanges’ Focus magazine.

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The importance of "Skin-in-the-Game" in managing CCP risk

Chris Edmonds, Global Head of Clearing and Risk at ICE & Ashwini Panse, ICE’s Chief Risk Officer, North American Clearing Houses, discuss the purpose of Skin in the Game in the World Federation of Exchanges’ Focus magazine.

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CCPs offer a high degree of transparency for parties involved in the clearing process

ICE recognises the importance of operating highly transparent CCPs and believes transparency is critical to supporting healthy derivatives markets – providing ICE’s stakeholders with adequate information to fully understand the clearing process.

Through Public Quarterly Disclosers (PQDs), Qualitative Disclosure Frameworks, Quarterly Webcasts, Circulars or Notices, as well as through other tools, ICE communicates with its members and helps manages their exposure to risk.

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Resources

Disclosure Framework

The disclosure framework is the assessment of ICE Clearing Houses against the Principles for Financial Market Infrastructures (PFMI) issued by CPMI and IOSCO. The framework is updated at least every two years.

The CCP12 PQD Template

The CCP12 PQD Template is a common template used by the CCPs around the globe and represents a global harmonized approach and CCP12’s active response to CPMI-IOSCO’s 2015 PQD Standards. The template has been adopted by CCPs across the globe, by both members and non-members of CCP12 and improves standardization and transparency of the CCP industry by facilitating comparable data points and formats, a method to track PQD changes, and further ensures machine readable data points.

CCP12 PQD FAQ Guide

The CCP12 PQD FAQ Guide provides supplementary guidance by including high level definitions and methodology to be utilized by the CCPs to address the required disclosures and promotes on-going efforts to further align and harmonize the disclosures. The document assists in overall quality of analysis conducted by the consumers of information and their conclusions and has reduced the overall volume of clarifications that have been required to be made by the CCPs.