Clearing Operations (Tables)
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6 Months Ended |
Jun. 30, 2023 |
| Broker-Dealer [Abstract] |
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| Schedule of Guaranty Fund Contribution |
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 |
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| 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 |
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| 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.
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| 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.
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| 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 | |
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