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Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2020

Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases to third-party 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, and FX index futures and options contracts, equity futures contracts, and digital assets futures contracts

ICE Futures U.S.

U.S.

ICE Clear Credit

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

Creditex 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 and digital assets futures contracts

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, 2020	As of December 31, 2019	As of September 30, 2020	As of December 31, 2019
ICE Clear Europe	$237	$233	$75	$75
ICE Clear U.S.	103	103	25	25
ICE Clear Credit	50	50	50	50
ICE Clear Netherlands	2	2	N/A	N/A
ICE Clear Singapore	1	1	N/A	N/A
ICE NGX	15	15	100	100
Total	$408	$404	$250	$250

Schedule of Margin Deposits and Guaranty Funds Assets

As of September 30, 2020, 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	$	34,666	$	37,463	$	5,815	$	—	$	4	$	77,948
Unsettled variation margin, net	—		—		—		137		—		137
Guaranty fund	4,247		2,611		534		—		5		7,397
Delivery contracts receivable/payable, net	—		—		—		418		—		418
Total	$	38,913	$	40,074	$	6,349	$	555	$	9	$	85,900

As of December 31, 2019, our cash and cash equivalent margin 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	$	28,318	$	22,145	$	6,802	$	—	$	2	$	57,267
Unsettled variation margin, net	—		—		—		255		—		255
Guaranty fund	4,144		2,268		463		—		5		6,880
Delivery contracts receivable/payable, net	—		—		—		585		—		585
Total	$	32,462	$	24,413	$	7,265	$	840	$	7	$	64,987

(1) $32.3 billion and $6.6 billion is related to futures/options and CDS, respectively.

(2) $27.4 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, 2020		As of December 31, 2019
ICE Clear Europe	National Bank Account (1)	$	10,355	$	9,667
ICE Clear Europe	Reverse repo	25,328		19,187
ICE Clear Europe	Sovereign Debt	3,226		3,591
ICE Clear Europe	Demand deposits	4		17
ICE Clear Credit	National Bank Account	31,924		19,480
ICE Clear Credit	Reverse repo	4,630		2,411
ICE Clear Credit	Demand deposits	3,520		2,522
ICE Clear U.S.	Reverse repo	4,849		4,320
ICE Clear U.S.	Sovereign Debt	1,500		2,945
Other ICE Clearing Houses	Demand deposits	9		7
ICE NGX	Unsettled Variation Margin and Delivery Contracts Receivable/Payable	555		840
Total		$	85,900	$	64,987

(1) As of September 30, 2020, ICE Clear Europe held €6.6 billion ($7.8 billion based on the euro/U.S. dollar exchange rate of 1.1721 as of September 30, 2020) at De Nederlandsche Bank, or DNB, £2.0 billion ($2.6 billion based on the pound sterling/U.S. dollar exchange rate of 1.2923 as of September 30, 2020) at the Bank of England, or BOE, and €10 million ($12 million based on the above exchange rate) at the BOE. As of December 31, 2019, ICE Clear Europe held €8.0 billion ($9.0 billion based on the euro/U.S. dollar exchange rate of 1.1212 as of December 31, 2019) at DNB, £500 million ($663 million based on the pound sterling/U.S. dollar exchange rate of 1.3260 as of December 31, 2019) at the BOE and €10 million ($11 million based on the above exchange rate) at the BOE.

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, 2020
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	42,022	$	8,846	$	21,528	$	—	$	72,396
Letters of credit	—		—		—		2,172		2,172
ICE NGX cash deposits	—		—		—		305		305
Total	$	42,022	$	8,846	$	21,528	$	2,477	$	74,873
Guaranty fund:
Government securities at face value	$	502	$	594	$	199	$	—	$	1,295


	As of December 31, 2019
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	30,635	$	13,710	$	12,633	$	—	$	56,978
Letters of credit	—		—		—		2,469		2,469
ICE NGX cash deposits	—		—		—		362		362
Total	$	30,635	$	13,710	$	12,633	$	2,831	$	59,809
Guaranty fund:
Government securities at face value	$	475	$	523	$	243	$	—	$	1,241

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, 2020

(In C$ millions)

As of September 30, 2020

(In $USD millions)

Daylight liquidity facility

C$300

$225

Overdraft facility

Total

C$320

$240