ICE publishes a quarterly clearing disclosure, per clearing house, under the CPMI-IOSCO Public Quantitative Disclosure (PQD) standard: default fund requirement, Cover-2 peak stress loss, and total initial margin required. This issue recomputes the delta between two of ICE's own clearing houses for the same quarter and attaches a hash-anchored receipt to the result. It does not audit whether either house's underlying disclosure is truthful, does not rank the two houses, and does not redistribute the disclosure documents themselves. Every number below is a computed derivation, cited back to its source field.
Publisher: ICE (Intercontinental Exchange). Source: ICE Quarterly Clearing Disclosures, Q4 2025, ice.com/clearing/quarterly-clearing-disclosures. Skin-in-the-game of $343,000,000 is disclosed as a single total across all six ICE clearing houses, not broken out per house, so it is not scored per-division in this issue.
| Source line (as published) | ICC | ICEU |
|---|---|---|
| Default fund requirement | $4,798,000,000 | $3,706,000,000 |
| Cover-2 peak stress loss | $1,178,000,000 | $3,670,000,000 |
| Total initial margin required | $57,855,000,000 | $60,751,000,000 |
Per the source disclosure, Cover-2 peak stress loss is the largest combined loss the CCP's stress-testing program would face from the default of its two largest clearing-member exposures; the default fund requirement is the CCP's own sizing of the mutualized default fund needed to cover it. Both figures come from the same Q4 2025 PQD template both houses publish.
Computed by art-528-cross-ccp-pqd-comparator, the suite's cross-CCP PQD field comparator, run against the fields and threshold declared below. The kernel performs no lookups (zero-egress) and ships no live PQD feed of its own; every figure is this page's own declared input, pinned in the receipt as fixture data manually transcribed from ICE's published PDF.
| Field | Delta (ICEU − ICC) | Delta % |
|---|---|---|
| Default fund requirement | −$1,092,000,000 | −22.76% |
| Cover-2 peak stress loss | +$2,492,000,000 | +211.55% |
| Total initial margin required | +$2,896,000,000 | +5.01% |
| Threshold check | Declared rule | ICC | ICEU |
|---|---|---|---|
| Cover-2 / default fund requirement | ≥ 40% of default fund requirement | 24.55%, no breach | 99.03%, breach |
PQD_FIELD_UNAVAILABLE on one side, honestly, rather than an interpolated or fabricated figure. That comparison is deferred to a future issue that compares FICC divisions against each other on their own disclosed fields, rather than forcing a mismatched comparison into this one.
| Field | Value |
|---|---|
| Subject | ICE Clear Credit LLC (ICC) and ICE Clear Europe Limited (ICEU), both ICE clearing houses |
| Disclosure period | ICE Quarterly Clearing Disclosures, Q4 2025 |
| Source field(s) | default_fund_requirement_usd, cover2_peak_stress_usd, total_im_required_usd |
| Computed value | 3 fields fully available both sides; default fund delta −22.76%, Cover-2 delta +211.55%, total IM delta +5.01%; threshold breach on entity_b (ICEU) only |
| execution_hash | bb9a8366f9279a832f8963d3c76b7ce728f05e2be68cd9edbc369c0a12577e77 |
| verify_url | ainumbers.co/chaingraph/verify.html , paste the artifact below to replay the hash offline |
Computed by art-528-cross-ccp-pqd-comparator v1.0.0, tool_id-pinned in the artifact. Any third party can run this kernel against the same policy_parameters below and reproduce the identical execution_hash.
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This issue was computed under Benchmark Series Methodology version v1.0 (2026-08-03). If a later methodology revision changes the derivation formula, this issue's figures stay dated to v1.0 rather than being silently re-narrated as wrong. No cadence SLA and no coverage percentage are claimed for the series: this is one dated issue, not a promise of the next one's timing.