Clearing Operations (Tables)

6 Months Ended

Jun. 30, 2023

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, foreign exchange, or FX, interest rate, equity index and digital asset futures and/or options 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 asset futures contracts

ICE Futures Singapore

Singapore

ICE NGX

Physical North American natural gas and electricity

ICE NGX

Canada

Schedule of Guaranty Fund Contribution and Default Insurance

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


	ICE Portion of Guaranty Fund Contribution		Default insurance
Clearing House	As of June 30, 2023	As of December 31, 2022	As of June 30, 2023	As of December 31, 2022
ICE Clear Europe	$247	$247	$100	$100
ICE Clear U.S.	90	90	25	25
ICE Clear Credit	50	50	75	75
ICE Clear Netherlands	2	2	N/A	N/A
ICE Clear Singapore	1	1	N/A	N/A
ICE NGX	15	15	200	200
Total	$405	$405	$400	$400

Schedule of Margin Deposits and Guaranty Funds Assets

As of June 30, 2023, our cash and invested margin 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	$	45,464	$	29,056	$	4,968	$	—	$	5	$	79,493
Unsettled variation margin, net	—		—		—		693		—		693
Guaranty fund	3,886		3,197		646		—		4		7,733
Delivery contracts receivable/payable, net	—		—		—		410		—		410
Total	$	49,350	$	32,253	$	5,614	$	1,103	$	9	$	88,329

As of December 31, 2022, our cash and invested margin 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	$	101,243	$	31,277	$	4,141	$	—	$	5	$	136,666
Unsettled variation margin, net	—		—		—		749		—		749
Guaranty fund	4,162		3,177		597		—		4		7,940
Delivery contracts receivable/payable, net	—		—		—		2,017		—		2,017
Total	$	105,405	$	34,454	$	4,738	$	2,766	$	9	$	147,372

(1) $44.7 billion and $4.6 billion is related to futures/options and CDS, respectively.

(2) $97.6 billion and $7.8 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 June 30, 2023		As of December 31, 2022
ICE Clear Europe	National bank account (1)	$	5,932	$	17,390
ICE Clear Europe	Reverse repo	41,300		65,352
ICE Clear Europe	Sovereign debt	1,791		19,894
ICE Clear Europe	Demand deposits	16		153
ICE Clear Credit	National bank account	24,910		27,145
ICE Clear Credit	Reverse repo	4,310		3,916
ICE Clear Credit	Demand deposits	3,034		3,393
ICE Clear U.S.	Reverse repo	5,465		4,266
ICE Clear U.S.	Sovereign Debt	149		472
Other ICE Clearing Houses	Demand deposits	10		9

Total cash and cash equivalent margin deposits and guaranty funds		$	86,917	$	141,990


Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of June 30, 2023		As of December 31, 2022
ICE NGX	Unsettled variation margin and delivery contracts receivable/payable	1,103		2,766
ICE Clear Europe	Invested deposits - sovereign debt	309		2,616
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	1,412	$	5,382

(1) As of June 30, 2023, ICE Clear Europe held €58 million ($63 million based on the euro/U.S. dollar exchange rate of 1.0911 as of June 30, 2023) at the European Central Bank, or ECB, £4.6 billion ($5.9 billion based on the pound sterling/U.S. dollar exchange rate of 1.2697 as of June 30, 2023) 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, 2022, ICE Clear Europe held €11.7 billion ($12.5 billion based on the euro/U.S. dollar exchange rate of 1.0704 as of December 31, 2022) at ECB, £4.0 billion ($4.9 billion based on the pound sterling/U.S. dollar exchange rate of 1.2093 as of December 31, 2022) at the BOE and €10 million ($11 million based on the above exchange rate) at the BOE.

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 (in millions):


	As of June 30, 2023
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	53,228	$	31,705	$	12,920	$	—	$	97,853
Letters of credit and other	237		—		—		4,326		4,563
ICE NGX cash deposits	—		—		—		1,349		1,349
Total	$	53,465	$	31,705	$	12,920	$	5,675	$	103,765
Guaranty fund:
Government securities at face value	$	765	$	846	$	289	$	—	$	1,900


	As of December 31, 2022
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	74,964	$	26,601	$	14,855	$	—	$	116,420
Letters of credit	—		—		—		5,434		5,434
ICE NGX cash deposits	—		—		—		2,357		2,357
Total	$	74,964	$	26,601	$	14,855	$	7,791	$	124,211
Guaranty fund:
Government securities at face value	$	641	$	805	$	269	$	—	$	1,715