Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2025

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 and ICE Futures Abu Dhabi

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, environmental commodities and physical and financial electricity

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 September 30, 2025	As of December 31, 2024	As of September 30, 2025	As of December 31, 2024
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	45	45	200	200
Total	$370	$370	$400	$400

Schedule of Cash and Invested Deposits

As of September 30, 2025, 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	$	44,786	$	24,079	$	7,947	$	—	$	5	$	76,817
Unsettled variation margin, net	—		—		—		854		—		854
Guaranty fund	2,450		4,900		786		—		5		8,141
Delivery contracts receivable/payable, net	—		—		—		431		—		431
Total	$	47,236	$	28,979	$	8,733	$	1,285	$	10	$	86,243

As of December 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	$	45,427	$	23,843	$	7,069	$	—	$	4	$	76,343
Unsettled variation margin, net	—		—		—		934		—		934
Guaranty fund	2,353		3,312		660		—		5		6,330
Delivery contracts receivable/payable, net	—		—		—		705		—		705
Total	$	47,780	$	27,155	$	7,729	$	1,639	$	9	$	84,312

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 September 30, 2025		As of December 31, 2024
ICE Clear Europe	National bank account	$	4,920	$	4,817
ICE Clear Europe	Reverse repo	38,575		37,276
ICE Clear Europe	Sovereign debt	2,099		4,515
ICE Clear Europe	Demand deposits	291		648
ICE Clear Credit	National bank account	20,310		20,369
ICE Clear Credit	Reverse repo	4,807		4,089
ICE Clear Credit	Demand deposits	3,862		2,697
ICE Clear U.S.	Reverse repo	8,236		7,382
ICE Clear U.S.	Sovereign debt	497		347
Other ICE Clearing Houses	Demand deposits	10		9
Total cash and cash equivalent margin deposits and guaranty funds		$	83,607	$	82,149


Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of September 30, 2025		As of December 31, 2024
ICE NGX	Unsettled variation margin and delivery contracts receivable	$	1,285	$	1,639
ICE Clear Europe	Invested deposits - sovereign debt	1,351		524
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	2,636	$	2,163

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 September 30, 2025
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	35,378	$	38,490	$	15,156	$	—	$	89,024
Letters of credit	—		—		—		3,262		3,262
Emissions certificates at fair value	1,204		—		—		—		1,204
ICE NGX cash deposits	—		—		—		734		734
Total	$	36,582	$	38,490	$	15,156	$	3,996	$	94,224
Guaranty fund:
Government securities at face value	$	681	$	1,998	$	347	$	—	$	3,026


	As of December 31, 2024
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	33,884	$	31,590	$	15,186	$	—	$	80,660
Letters of credit	—		—		—		4,391		4,391
Emissions certificates at fair value	585		—		—		—		585
ICE NGX cash deposits	—		—		—		723		723
Total	$	34,469	$	31,590	$	15,186	$	5,114	$	86,359
Guaranty fund:
Government securities at face value	$	747	$	1,389	$	281	$	—	$	2,417