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text-sm focus:outline-none"><div class="border-b-4 group-hover:border-black group-focus:border-black border-transparent">About Us</div></button><div class="hidden"></div><div class="hidden"></div></nav><div class="flex-1"></div><div class="hidden"></div><form method="GET" class="m-0 flex items-center text-black" action="/site-search"><div class="relative text-base"><input type="search" name="q" disabled="" placeholder="Search" class="border-0 border-b-2 border-solid bg-transparent p-2 text-base duration-100 focus:border-primary focus:outline-none border-black" value=""/><div class="pointer-events-none absolute right-0 top-1/2 -translate-y-1/2 px-4"><svg role="img" width="1em" height="1em" viewBox="0 0 18 18"><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-1362.000000, -104.000000)" fill="currentColor"><path d="M1379.00496,121.06904 C1378.86456,121.20944 1378.68096,121.28 1378.49736,121.28 C1378.31376,121.28 1378.13088,121.20944 1377.99048,121.06904 L1372.48032,115.538 C1371.37584,116.42576 1369.9776,116.96 1368.45552,116.96 C1364.89584,116.96 1362,114.05336 1362,110.48072 C1362,106.90736 1364.89584,104 1368.45552,104 C1372.0152,104 1374.91104,106.90736 1374.91104,110.48072 C1374.91104,112.00784 1374.37896,113.41112 1373.4948,114.51992 L1379.00496,120.05096 C1379.28504,120.33248 1379.28504,120.78752 1379.00496,121.06904 Z M1368.45552,105.44 C1365.6864,105.44 1363.43424,107.70152 1363.43424,110.48072 C1363.43424,113.2592 1365.6864,115.52 1368.45552,115.52 C1371.22392,115.52 1373.4768,113.2592 1373.4768,110.48072 C1373.4768,107.70152 1371.22392,105.44 1368.45552,105.44 Z"></path></g></g></svg></div></div></form></div></div><div id="integration-id-f3077ed"><img class="w-full max-h-screen select-none object-cover object-center" style="height:265px" alt="" src="https://www.ice.com/publicdocs/images/Hero-Image-General-07-1920x600.jpg"/><div class="-mt-20 md:-mt-32 lg:-mt-40"><div data-testid="belt" class="px-3 lg:px-24"><div class="flex flex-col items-stretch gap-4 lg:flex-row lg:gap-8"><div class="flex-2 my-8 p-8 bg-black text-white"><div id="integration-id-bbc19dc" class=""><h1 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-4xl imt:mb-6 imt:text-[2rem] md:text-6xl md:imt:text-5xl">Margining & Tech</h1></div><div class="h-6"></div><div id="integration-id-84887cf" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">In each of our clearing houses, we work to optimize capital efficiency for clearing participants around the world while maintaining optimal levels of initial and intraday margin to safeguard the global marketplace. The specific margin methodologies used vary based on the risk characteristics of the clearing house鈥檚 cleared products, but an overview can be seen below.</p></div></div><div class="my-8 flex-1 self-stretch border-solid p-8 bg-gray lg:self-end"><div id="integration-id-efe38bf" class=""><div class="text-center"><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:mb-6 imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem]">Interested in becoming a clearing member?</h3><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:mb-6 imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem]"></h3><div class="mb-6"></div><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:mb-6 imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem]"><a data-is-button="true" href="/contact?form=clearing" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Contact us</span></a></h3></div></div></div></div></div></div></div><div data-testid="belt" class="px-3 lg:px-24"><div class="h-16"></div><div id="integration-id-9d9a4e7" class=""><div class="text-center"><h2 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-3xl imt:mb-6 imt:text-[1.75rem] md:text-5xl md:imt:text-4xl">ICE Risk Model</h2><h2 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-3xl imt:mb-6 imt:text-[1.75rem] md:text-5xl md:imt:text-4xl"></h2><hr class="border-0 border-black border-t-2 w-1/5 border-solid mx-auto my-4"/></div></div><div class="h-4"></div><div id="integration-id-be54913" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">The ICE Risk Model is used at most of ICE's clearing houses to calculate futures and options margin on at least a daily basis. Initial margin is a returnable deposit based on your open positions and any possible margin offsets. While members may be required to provide additional margin to cover concentration risk, illiquid positions or wrong-way risk, we continually evaluate your portfolio to realize margin offsets.</p></div><div class="h-6"></div><div id="integration-id-57f0966" class="flex gap-x-4 text-left flex-col md:flex-row"><div class="flex-1"><div class="flex py-2 border-0 border-t border-solid first:border-t-0 md:first:border-t-0 border-black"><a href="/clear-europe/risk-management" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="">ICE Clear Europe Risk Management</div><div class="flex flex-1 justify-start pl-4"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div><div class="text-[0.75rem] font-light md:text-xs">ICE Clear Europe operates separate Product Risk Committees for Credit Default Swaps (CDS) and Futures and Options products.</div></div><div class="text-4xl"></div></a></div><div class="flex py-2 border-0 border-t border-solid first:border-t-0 md:first:border-t-0 border-black"><a href="/clear-us/risk-management" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="">ICE Clear U.S. Risk Management</div><div class="flex flex-1 justify-start pl-4"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div><div class="text-[0.75rem] font-light md:text-xs">To help mitigate systemic risk and protect the interests of our clearing customers, ICE Clear U.S. holds margin and guaranty funds including our own contribution and is a CFTC-registered Derivatives Clearing Organization (DCO).</div></div><div class="text-4xl"></div></a></div><div class="flex py-2 border-0 border-t border-solid first:border-t-0 md:first:border-t-0 border-black"><a href="/clear-credit" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="">ICE Clear Credit Risk Management</div><div class="flex flex-1 justify-start pl-4"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div><div class="text-[0.75rem] font-light md:text-xs">With capital efficiencies generated through a sophisticated risk model, we are able to serve your best interests while we help mitigate systemic risk in the marketplace.</div></div><div class="text-4xl"></div></a></div></div><div class="flex-1"><div class="flex py-2 border-0 border-t border-solid md:first:border-t-0 border-black"><a href="/clear-netherlands/risk-management" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="">ICE Clear Netherlands Risk Management</div><div class="flex flex-1 justify-start pl-4"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div><div class="text-[0.75rem] font-light md:text-xs">ICE Clear Netherlands employs advanced and prudent risk management practices, giving customers the confidence that risk is managed in a competent and timely manner.</div></div><div class="text-4xl"></div></a></div><div class="flex py-2 border-0 border-t border-solid md:first:border-t-0 border-black"><a href="/clear-singapore/risk-management" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="">ICE Clear Singapore Risk Management</div><div class="flex flex-1 justify-start pl-4"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div><div class="text-[0.75rem] font-light md:text-xs">ICE Clear Singapore has established a Risk Committee, comprised of representatives of the Clearing House, Members and other participants.</div></div><div class="text-4xl"></div></a></div></div></div><div class="h-16"></div><div id="integration-id-4a5cddd" data-testid="belt" class="-mx-3 lg:-mx-24"><div id="integration-id-0b65193" class="bg-black text-white"><div id="integration-id-cba7065" data-testid="belt" class="px-3 lg:px-24"><div class="h-10"></div><div id="integration-id-aa3b818" class="bg-black text-white flex gap-4 flex-col items-start md:flex-row"><div id="integration-id-695c7af" class="pr-8 w-1/3"><div id="integration-id-3374ca5" class="text-white"><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:mb-6 imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem]">CDS Clearing Account Types</h3><div class="mb-6"></div></div></div><div id="integration-id-8c8641e" class="w-2/3"><div id="integration-id-4889da1" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">We provide individual segregation, omnibus segregated client accounts, and co-mingled general accounts to help you choose the model that best meets the risk profile you want to achieve. High degrees of segregation provide high degrees of protection, but that will be a more costly solution when compared to omnibus accounts where your firm's positions are co-mingled with other customers' positions. We provide various options to consider and our experienced specialists can help you understand the features of each account type so your firm can determine the balance of risk and cost that best suits your business.</p></div><div class="h-10"></div></div></div></div></div></div><div class="h-16"></div><div id="integration-id-aa0df27" class=""><div class="text-center"><h2 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-3xl imt:mb-6 imt:text-[1.75rem] md:text-5xl md:imt:text-4xl">Resources</h2><h2 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-3xl imt:mb-6 imt:text-[1.75rem] md:text-5xl md:imt:text-4xl"></h2><hr class="border-0 border-black border-t-2 w-1/5 border-solid mx-auto my-4"/></div></div><div class="h-6"></div><div id="integration-id-2e4ea69"><div><div class="w-full overflow-x-auto"><div id=":56902:R1pdkp::main" class="justify-center justify-items-center gap-x-2 gap-y-4 p-2 grid"><div id="integration-id-1a346b0" class="flex"><div data-tileitem="true" class="flex border-black border-2 border-solid w-96 flex-col-reverse"><div class="flex flex-1 justify-between gap-8 p-8 flex-col"><div><div class="text-center"><h4 class="m-0 font-headings border-0 pb-0 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-xl imt:mb-6 imt:text-lg md:text-3xl md:imt:text-[1.5rem]">ICE Link</h4></div><div class="mt-10"><div id="integration-id-328f027" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">ICE Link is a post-trade connectivity and middleware application for the credit default swaps (CDS) market.</p></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p></div></div></div><div><div id="integration-id-f84bab5" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/technology/ice-link" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div></div></div><div id="integration-id-37c5746" class="flex"><div data-tileitem="true" class="flex border-black border-2 border-solid w-96 flex-col-reverse"><div class="flex flex-1 justify-between gap-8 p-8 flex-col"><div><div class="text-center"><h4 class="m-0 font-headings border-0 pb-0 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-xl imt:mb-6 imt:text-lg md:text-3xl md:imt:text-[1.5rem]">Clearing House Membership</h4></div><div class="mt-10"><div id="integration-id-ccc7c48" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">Strict membership criteria help ensure that our clearing members are highly capitalized and financially responsible for all trades cleared through their operations with ICE.</p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p></div></div></div><div><div id="integration-id-5376856" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/clearing/membership" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div></div></div></div><div id=":56902:R1pdkp::last-row" class="flex flex-row flex-wrap justify-center justify-items-center gap-x-2 gap-y-4 p-2"><div id="integration-id-1a346b0" class="flex"><div data-tileitem="true" class="flex border-black border-2 border-solid w-96 flex-col-reverse"><div class="flex flex-1 justify-between gap-8 p-8 flex-col"><div><div class="text-center"><h4 class="m-0 font-headings border-0 pb-0 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-xl imt:mb-6 imt:text-lg md:text-3xl md:imt:text-[1.5rem]">ICE Link</h4></div><div class="mt-10"><div id="integration-id-328f027" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">ICE Link is a post-trade connectivity and middleware application for the credit default swaps (CDS) market.</p></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p></div></div></div><div><div id="integration-id-f84bab5" class=""><div class="text-center"><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/technology/ice-link" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div></div></div><div id="integration-id-37c5746" class="flex"><div data-tileitem="true" class="flex border-black border-2 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