Clearing Operations (Tables)

12 Months Ended

Dec. 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 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 in our balance sheets and are as follows (in millions):


	ICE Portion of Guaranty Fund Contribution		Default insurance
	As of December 31,		As of December 31,
Clearing House	2024	2023	2024	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	45	15	200	200
Total	$370	$340	$400	$400

Schedule Of Margin Deposits And Guaranty Funds Assets

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

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 Accounts

Details of our deposits are as follows (in millions):


Cash and Cash Equivalent Margin Deposits and Guaranty Funds
		As of December 31,
Clearing House	Investment Type	2024		2023
ICE Clear Europe	National bank account(1)	$	4,817	$	5,819
ICE Clear Europe	Reverse repo	37,276		32,695
ICE Clear Europe	Sovereign debt	4,515		3,745
ICE Clear Europe	Demand deposits	648		40
ICE Clear Credit	National bank account	20,369		22,754
ICE Clear Credit	Reverse repo	4,089		5,381
ICE Clear Credit	Demand deposits	2,697		3,235
ICE Clear U.S.	Reverse repo	7,382		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		$	82,149	$	78,980

Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
		As of December 31,
Clearing House	Investment Type	2024		2023
ICE NGX	Unsettled variation margin and delivery contracts receivable	$	1,639	$	1,584
ICE Clear Europe	Invested deposits - sovereign debt	524		230
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	2,163	$	1,814

(1) As of December 31, 2024, ICE Clear Europe held £3.8 billion ($4.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2514 as of December 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 European Central Bank, or 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 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


	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	—		—		—		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