CANADA: ICE Clear Canada Proposes Amendments to Clearing Rules

Thursday November 2 2017

On 26^th October 2017, ICE Clear Canada released proposed changes which will amend its clearing rules.

The amendments provide for new recovery tools, and for rules pertaining to Default Losses and Non-Default Losses. The amendments also include: clarification on the use of the Guaranty Fund Contributions of non-defaulting Clearing Participants, details on the powers of assessment payable in situations of one or more than one default, the process for non-defaulting Clearing Participants to terminate Clearing Participant status, and a new contribution by ICCA to the waterfall for Non-Default Losses.

There is an ongoing Consultation process between ICE Clear Canada and Market participants which will ultimately shape the final version of these rules. The deadline for recommendations is the 12^th January 2018.

For additional information please click the link above