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Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2019

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":



Clearing House	Products Cleared	Exchange where Executed	Location
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., ICE Endex and third-party venues	U.K.
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, OTC and third-party venues	U.S.
ICE Clear Netherlands	Derivatives on equities and equity indices traded on regulated markets	ICE Endex	The Netherlands
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

Schedule Of Guaranty Fund Contribution and Default Insurance

Such amounts are recorded as long-term restricted cash and cash equivalents in our balance sheets and are as follows (in millions):



	ICE Portion of Guaranty Fund Contribution		Default insurance
Clearing House	As of September 30, 2019	As of December 31, 2018	As of September 30, 2019	As of December 31, 2018
ICE Clear Europe	$233	$206	$75	N/A
ICE Clear U.S.	103	61	25	N/A
ICE Clear Credit	50	50	50	N/A
ICE Clear Netherlands	2	2	N/A	N/A
ICE Clear Singapore	1	1	N/A	N/A
ICE NGX	N/A	N/A	100	$100
Total	$389	$320	$250	$100

Schedule of Margin Deposits and Guaranty Funds Assets

As of September 30, 2019, 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	$	28,971	$	22,534	$	7,157	$	—	$	5	$	58,667
Unsettled variation margin, net	—		—		—		229		—		229
Guaranty fund	4,198		2,120		445		—		5		6,768
Delivery contracts receivable/payable, net	—		—		—		324		—		324
Total	$	33,169	$	24,654	$	7,602	$	553	$	10	$	65,988

As of December 31, 2018, 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	$	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

⁽¹⁾ $27.9 billion and $5.3 billion is related to futures/options and CDS, respectively.

⁽²⁾$25.8 billion and $5.1 billion is related to futures/options and CDS, respectively.

Schedule of Cash and Cash Equivalents

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



Clearing House	Investment Type	As of September 30, 2019		As of December 31, 2018
ICE Clear Europe	National Bank Account ⁽¹⁾	$	5,886	$	8,647
ICE Clear Europe	Reverse repo	24,184		18,097
ICE Clear Europe	Sovereign Debt	2,940		4,035
ICE Clear Europe	Demand deposits	159		85
ICE Clear Credit	National Bank Account ⁽²⁾	19,947		19,484
ICE Clear Credit	Reverse repo	2,997		1,935
ICE Clear Credit	Demand deposits	1,710		3,807
ICE Clear U.S.	Reverse repo	5,061		4,380
ICE Clear U.S.	U.S. Treasuries	2,541		2,340
Other ICE Clearing Houses	Demand deposits	10		8
ICE NGX	Unsettled Variation Margin and Delivery Contracts Receivable/Payable	553		1,137
Total		$	65,988	$	63,955

⁽¹⁾As of September 30, 2019, ICE Clear Europe held €4.1 billion ($4.4 billion based on the euro/U.S. dollar exchange rate of 1.0899 as of September 30, 2019) at De Nederlandsche Bank, or DNB, £1.1 million ($1.4 million based on the pound sterling/U.S. dollar exchange rate of 1.2295 as of September 30, 2019) at the Bank of England, or BOE and €10 million ($11 million based on the above exchange rate) at the BOE. 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 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 BOE.

⁽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

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



	As of September 30, 2019
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	29,305	$	13,420	$	9,881	$	—	$	52,606
Letters of credit	—		—		—		2,247		2,247
ICE NGX cash deposits	—		—		—		322		322
Total	$	29,305	$	13,420	$	9,881	$	2,569	$	55,175
Guaranty fund:
Government securities at face value	$	407	$	284	$	274	$	—	$	965



	As of December 31, 2018
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		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

Schedule of Financial Instruments Owned and Pledged as Collateral

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

Account Type

As of September 30, 2019
(In C$ millions)

As of September 30, 2019
(In $USD millions)

Daylight liquidity facility

Overdraft facility