Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2018

Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases outside of our execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses":

ICE Clearing House Portion of Guaranty Fund Contribution

ICE Exchange Portion of Guaranty Fund Contribution

As of December 31,
(in millions)

Clearing House

Products Cleared

Exchange where Executed

Location

2018

2017

2018

ICE Clear Europe

Energy, agricultural, interest rates and equity index futures and options contracts and OTC European CDS instruments

ICE Futures Europe, ICE Futures U.S. and ICE Endex

U.K.

$150

$56

ICE Clear U.S.

Agricultural, metals, FX and equity index futures and options contracts

ICE Futures U.S

U.S.

ICE Clear Credit

North American, European, Asian-Pacific and Emerging Market CDS instruments

Creditex and third-party venues

U.S.

—

ICE Clear Netherlands

Approved to offer clearing of Dutch equity options

ICE Endex

—

ICE Clear Singapore

Energy, metals and financial futures products

ICE Futures Singapore

Singapore

—

ICE NGX

Physical North American natural gas, electricity and oil futures

ICE NGX

Canada

N/A

—

ICE Clear Canada

Canola contracts transitioned to ICE Clear U.S. on July 30, 2018 and ICE Clear Canada ceased operations.

N/A

Canada

N/A

—

Total

$253

$254

$67

Schedule Of Margin Deposits And Guaranty Funds Assets

As of December 31, 2018, our cash and cash equivalent margin deposits are as follows (in millions):



	ICE Clear Europe ⁽¹⁾		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	27,597	$	22,770	$	6,260	$	—	$	3	$	56,630
Unsettled variation margin, net	—		—		—		417		—		417
Guaranty fund	3,267		2,456		460		—		5		6,188
Delivery contracts receivable/payable, net	—		—		—		720		—		720
Total	$	30,864	$	25,226	$	6,720	$	1,137	$	8	$	63,955

As of December 31, 2017, our cash and cash equivalent deposits, are as follows (in millions):



	ICE Clear Europe ⁽²⁾		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	19,792	$	20,703	$	3,898	$	—	$	126	$	44,519
Unsettled variation margin, net	—		—		—		227		1		228
Guaranty fund	3,037		2,607		299		—		23		5,966
Delivery contracts receivable/payable, net	—		—		—		509		—		509
Total	$	22,829	$	23,310	$	4,197	$	736	$	150	$	51,222

⁽¹⁾ $25.8 billion and $5.1 billion is related to futures and options and CDS, respectively.

⁽²⁾$18.5 billion and $4.3 billion is related to futures and options and CDS, respectively.

Schedule of Cash Accounts

Details of our cash and cash equivalent deposits are as follows (in millions):



		As of December 31,
Clearing House	Investment Type	2018		2017
ICE Clear Europe	National Bank Account⁽¹⁾	$	8,647	$	4,002
ICE Clear Europe	Reverse repo	18,097		13,927
ICE Clear Europe	Sovereign Debt	4,035		4,868
ICE Clear Europe	Demand deposits	85		32
ICE Clear Credit	National Bank Account⁽²⁾	19,484		18,445
ICE Clear Credit	Reverse repo	1,935		1,680
ICE Clear Credit	Demand deposits	3,807		3,185
ICE Clear U.S.	Reverse repo	4,380		3,033
ICE Clear U.S.	U.S. Treasuries	2,340		1,164
ICE Clear Canada	Demand deposits	—		140
Other ICE Clearing Houses	Demand deposits	8		10
ICE NGX	Unsettled Variation Margin and Delivery Contracts Receivable/Payable	1,137		736
Total		$	63,955	$	51,222

⁽¹⁾As of December 31, 2018, ICE Clear Europe held €7.0 billion ($8.0 billion based on the euro/U.S. dollar exchange rate of 1.1466 as of December 31, 2018) at De Nederlandsche Bank, or DNB, and £500 million ($638 million based on the pound sterling/U.S. dollar exchange rate of 1.2756 as of December 31, 2018) at the Bank of England, or BOE. As of December 31, 2017, ICE Clear Europe held €3.3 billion ($4.0 billion based on the euro/U.S. dollar exchange rate of 1.2003 as of December 31, 2017) at DNB.

⁽²⁾ ICE Clear Credit is a systemically important financial market utility, or SIFMU, as designated by the Financial Stability Oversight Council, and holds its U.S. dollar cash margin in cash accounts at the Federal Reserve Bank of Chicago.

Schedule Of Assets Pledged By Clearing Members As Original Margin And Guaranty Fund Deposits

These pledged assets are not reflected in our balance sheets, and are as follows:



	As of December 31, 2018
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin:
Government securities at face value	$	29,887	$	12,990	$	10,208	$	—	$	—	$	53,085
Letters of credit	—		—		—		2,556		—		2,556
ICE NGX cash deposits	—		—		—		605		—		605
Total	$	29,887	$	12,990	$	10,208	$	3,161	$	—	$	56,246
Guaranty fund:
Government securities at face value	$	654	$	256	$	264	$	—	$	—	$	1,174



	As of December 31, 2017
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin:
Government securities at face value	$	23,496	$	5,699	$	9,581	$	—	$	18	$	38,794
Letters of credit	—		—		—		1,663		—		1,663
ICE NGX cash deposits	—		—		—		233		—		233
Total	$	23,496	$	5,699	$	9,581	$	1,896	$	18	$	40,690
Guaranty fund:
Government securities at face value	$	323	$	176	$	169	$	—	$	2	$	670

Schedule of Accounts Available In Event Of Physical Settlement Shortfalls

ICE NGX maintains the following accounts with a third-party Canadian chartered bank which are available in the event of physical settlement shortfalls:

Account Type

As of December 31, 2018
(In C$ millions)

As of December 31, 2018
(In $USD millions)

Daylight liquidity facility

Overdraft facility