Clearing Operations (Tables)

3 Months Ended

Mar. 31, 2024

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

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 and equity index 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

ICE Futures Singapore

Singapore

ICE NGX

Physical North American natural gas, electricity and environmental commodities

ICE NGX

Canada

Schedule of Guaranty Fund Contribution and Default Insurance

Such amounts are recorded as long-term restricted cash and cash equivalents and 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 March 31, 2024	As of December 31, 2023	As of March 31, 2024	As of December 31, 2023
ICE Clear Europe	$197	$197	$100	$100
ICE Clear U.S.	75	75	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	$340	$340	$400	$400

Schedule of Cash and Invested Deposits

As of March 31, 2024, our cash and invested margin deposits were as follows (in millions):


	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	38,628	$	24,125	$	5,620	$	—	$	4	$	68,377
Unsettled variation margin, net	—		—		—		1,108		—		1,108
Guaranty fund	2,493		3,193		591		—		5		6,282
Delivery contracts receivable/payable, net	—		—		—		412		—		412
Total	$	41,121	$	27,318	$	6,211	$	1,520	$	9	$	76,179

As of December 31, 2023, our cash and invested margin deposits were as follows (in millions):


	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	40,170	$	28,353	$	4,693	$	—	$	5	$	73,221
Unsettled variation margin, net	—		—		—		984		—		984
Guaranty fund	2,358		3,017		609		—		5		5,989
Delivery contracts receivable/payable, net	—		—		—		600		—		600
Total	$	42,528	$	31,370	$	5,302	$	1,584	$	10	$	80,794

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, 2024		As of December 31, 2023
ICE Clear Europe	National bank account (1)	$	5,770	$	5,819
ICE Clear Europe	Reverse repo	32,676		32,695
ICE Clear Europe	Sovereign debt	2,080		3,745
ICE Clear Europe	Demand deposits	59		40
ICE Clear Credit	National bank account	18,887		22,754
ICE Clear Credit	Reverse repo	5,101		5,381
ICE Clear Credit	Demand deposits	3,330		3,235
ICE Clear U.S.	Reverse repo	5,864		4,955
ICE Clear U.S.	Sovereign Debt	347		347
Other ICE Clearing Houses	Demand deposits	9		9

Total cash and cash equivalent margin deposits and guaranty funds		$	74,123	$	78,980


Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of March 31, 2024		As of December 31, 2023
ICE NGX	Unsettled variation margin and delivery contracts receivable/payable	1,520		1,584
ICE Clear Europe	Invested deposits - sovereign debt	536		230
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	2,056	$	1,814

(1) As of March 31, 2024, ICE Clear Europe held €12 million ($13 million based on the euro/U.S. dollar exchange rate of 1.0795 as of March 31, 2024) at the European Central Bank, or ECB, and £4.6 billion ($5.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2625 as of March 31, 2024) at the Bank of England, or BOE. As of December 31, 2023, ICE Clear Europe held €11 million ($12 million based on the euro/U.S. dollar exchange rate of 1.1037 as of December 31, 2023) at the ECB, £4.6 billion ($5.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2732 as of December 31, 2023) 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 March 31, 2024
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	44,224	$	30,209	$	15,115	$	—	$	89,548
Letters of credit and other	—		—		—		4,534		4,534
Emissions certificates at fair value	730		—		—		—		730
ICE NGX cash deposits	—		—		—		1,060		1,060
Total	$	44,954	$	30,209	$	15,115	$	5,594	$	95,872
Guaranty fund:
Government securities at face value	$	610	$	1,181	$	306	$	—	$	2,097


	As of December 31, 2023
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	45,698	$	26,992	$	13,062	$	—	$	85,752
Letters of credit and other	—		—		—		5,006		5,006
Emissions certificates at fair value	904		—		—		—		904
ICE NGX cash deposits	—		—		—		1,219		1,219
Total	$	46,602	$	26,992	$	13,062	$	6,225	$	92,881
Guaranty fund:
Government securities at face value	$	765	$	1,119	$	345	$	—	$	2,229