Clearing Operations (Tables)

3 Months Ended

Mar. 31, 2026

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

Execution Venues

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 ICE Endex Spot Ltd

U.K.

ICE Clear U.S.

Agricultural, metals, foreign exchange, or FX, interest rate and equity index futures and options contracts

ICE Futures U.S.

U.S.

ICE Clear Credit

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

ICE Swap Trade and other unaffiliated third-party venues

U.S.

ICE Clear Netherlands

Equity, equity indices and interest rate derivatives

ICE Endex and ICE Futures Europe

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 Cash and Invested Deposits

The unsettled variation margin and delivered contracts receivable balance at ICE NGX and the cash collateral posted by Members at our mutualized clearing houses are broken out by margin requirement and clearing house as follows (in millions):


	As of March 31, 2026
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	75,059	$	29,288	$	7,279	$	—	$	5	$	111,631
Unsettled variation margin, net	—		—		—		395		—		395
Guaranty fund	3,045		5,199		811		—		3		9,058
Delivery contracts receivable, net	—		—		—		542		—		542
Total	$	78,104	$	34,487	$	8,090	$	937	$	8	$	121,626


	As of December 31, 2025
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Other ICE Clearing Houses		Total
Original margin	$	40,627	$	23,965	$	7,088	$	—	$	4	$	71,684
Unsettled variation margin, net	—		—		—		740		—		740
Guaranty fund	3,075		3,986		817		—		6		7,884
Delivery contracts receivable, net	—		—		—		918		—		918
Total	$	43,702	$	27,951	$	7,905	$	1,658	$	10	$	81,226

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, 2026		As of December 31, 2025
ICE Clear Europe	National bank account	$	4,477	$	5,368
ICE Clear Europe	Reverse repo	60,381		33,020
ICE Clear Europe	Sovereign debt	9,475		2,359
ICE Clear Europe	Demand deposits	692		176
ICE Clear Credit	National bank account	24,102		19,422
ICE Clear Credit	Reverse repo	6,527		4,965
ICE Clear Credit	Demand deposits	3,858		3,564
ICE Clear U.S.	Reverse repo	7,594		7,342
ICE Clear U.S.	Sovereign debt	496		563
Other ICE Clearing Houses	Demand deposits	8		10
Total cash and cash equivalent margin deposits and guaranty funds		$	117,610	$	76,789


Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of March 31, 2026		As of December 31, 2025
ICE NGX	Unsettled variation margin and delivery contracts receivable	$	937	$	1,658
ICE Clear Europe	Invested deposits - sovereign debt	3,079		2,779
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	4,016	$	4,437

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, 2026
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	43,701	$	42,854	$	16,975	$	—	$	103,530
Letters of credit	—		—		—		3,349		3,349
Emissions certificates at fair value	974		—		—		—		974
ICE NGX cash deposits	—		—		—		765		765
Total	$	44,675	$	42,854	$	16,975	$	4,114	$	108,618
Guaranty fund:
Government securities at face value	$	812	$	2,245	$	302	$	—	$	3,359


	As of December 31, 2025
	ICE Clear Europe		ICE Clear Credit		ICE Clear U.S.		ICE NGX		Total
Original margin:
Government securities at face value	$	26,797	$	38,504	$	14,337	$	—	$	79,638
Letters of credit	—		—		—		3,960		3,960
Emissions certificates at fair value	1,399		—		—		—		1,399
ICE NGX cash deposits	—		—		—		947		947
Total	$	28,196	$	38,504	$	14,337	$	4,907	$	85,944
Guaranty fund:
Government securities at face value	$	736	$	1,944	$	287	$	—	$	2,967

Schedule of Guaranty Fund Contribution and Default Insurance

ICE's contribution to the respective guaranty funds and default insurance is broken out by each ICE Clearing House as follows (in millions):


	ICE Portion of Guaranty Fund Contribution		Default insurance
Clearing House	As of March 31, 2026	As of December 31, 2025	As of March 31, 2026	As of December 31, 2025
ICE Clear Europe	$208	$197	$100	$100
ICE Clear U.S.	80	75	25	25
ICE Clear Credit	50	50	75	75
ICE Clear Netherlands	12	13	N/A	N/A
ICE Clear Singapore	1	1	N/A	N/A
ICE NGX	45	45	200	200
Total	$396	$381	$400	$400