Clearing Operations (Tables)

3 Months Ended

Mar. 31, 2022

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, ICE Futures Abu Dhabi and third-party venues

U.K.

ICE Clear U.S.

Agricultural, metals, and foreign exchange, or 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 and electricity

ICE NGX

Canada

Original and Variation Margin

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 March 31, 2022	As of December 31, 2021	As of March 31, 2022	As of December 31, 2021
ICE Clear Europe	$247	$247	$75	$75
ICE Clear U.S.	90	83	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	200	100
Total	$405	$398	$350	$250

Schedule of Margin Deposits and Guaranty Funds Assets

As of March 31, 2022, our cash and invested margin and guaranty fund deposits were as follows (in millions):


	ICE Clear Europe (1)		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	103,989	$	43,567	$	6,408	$	—	$	65	$	154,029
Unsettled variation margin, net	—		—		—		598		—		598
Guaranty fund	3,969		4,623		628		—		4		9,224
Delivery contracts receivable/payable, net	—		—		—		1,072		—		1,072
Total	$	107,958	$	48,190	$	7,036	$	1,670	$	69	$	164,923

As of December 31, 2021, our cash and invested margin and guaranty fund deposits were as follows (in millions):


	ICE Clear Europe (2)		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	94,010	$	39,372	$	6,963	$	—	$	27	$	140,372
Unsettled variation margin, net	—		—		—		226		—		226
Guaranty fund	4,175		3,952		597		—		4		8,728
Delivery contracts receivable/payable, net	—		—		—		1,103		—		1,103
Total	$	98,185	$	43,324	$	7,560	$	1,329	$	31	$	150,429

(1) $100.6 billion and $7.4 billion is related to futures/options and CDS, respectively.

(2) $92.0 billion and $6.2 billion is related to futures/options and CDS, respectively.

Schedule of Cash and Cash Equivalents

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


Cash and Cash Equivalent Margin Deposits and Guaranty Funds
Clearing House	Investment Type	As of March 31, 2022		As of December 31, 2021
ICE Clear Europe	National bank account (1)	$	54,889	$	59,948
ICE Clear Europe	Reverse repo	39,575		25,518
ICE Clear Europe	Sovereign debt	11,213		9,324
ICE Clear Europe	Demand deposits	175		231
ICE Clear Credit	National bank account	41,628		37,282
ICE Clear Credit	Reverse repo	3,873		3,639
ICE Clear Credit	Demand deposits	2,688		2,403
ICE Clear U.S.	Reverse repo	5,662		6,485
ICE Clear U.S.	Sovereign Debt	1,375		1,075
Other ICE Clearing Houses	Demand deposits	69		31

Total cash and cash equivalent margin deposits and guaranty funds		$	161,147	$	145,936


Clearing House	Investment Type	As of March 31, 2022		As of December 31, 2021
ICE NGX	Unsettled variation margin and delivery contracts receivable/payable	1,670		1,329
ICE Clear Europe	Invested deposits - sovereign debt	2,106		3,164
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	3,776	$	4,493

(1) As of March 31, 2022, ICE Clear Europe held €45.7 billion ($50.5 billion based on the euro/U.S. dollar exchange rate of 1.1067 as of March 31, 2022) at the European Central Bank, or ECB, £3.3 billion ($4.4 billion based on the pound sterling/U.S. dollar exchange rate of 1.3141 as of March 31, 2022) 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, 2021, ICE Clear Europe held €47.2 billion ($53.7 billion based on the euro/U.S. dollar exchange rate of 1.1372 as of December 31, 2021) at ECB, £1.7 billion ($2.3 billion based on the pound sterling/U.S. dollar exchange rate of 1.3524 as of December 31, 2021), as well as $4.0 billion 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 March 31, 2022
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	71,296	$	7,903	$	17,349	$	—	$	96,548
Letters of credit	—		—		—		3,387		3,387
ICE NGX cash deposits	—		—		—		1,074		1,074
Total	$	71,296	$	7,903	$	17,349	$	4,461	$	101,009
Guaranty fund:
Government securities at face value	$	934	$	252	$	263	$	—	$	1,449


	As of December 31, 2021
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	58,156	$	8,425	$	17,211	$	—	$	83,792
Letters of credit	—		—		—		3,566		3,566
ICE NGX cash deposits	—		—		—		987		987
Total	$	58,156	$	8,425	$	17,211	$	4,553	$	88,345
Guaranty fund:
Government securities at face value	$	740	$	152	$	273	$	—	$	1,165