The purpose of the Industry Clearing Committee (ICC) is to assist in co-ordinating industry efforts to reach optimal levels of, and address obstacles to, central counterparty clearing and provide recommendations on central clearing central counterparty clearing practices across multiple OTC derivative asset classes.

The ICC has broad participation reflective of the OTC derivatives markets and include sell-side participants, buy-side participants (including hedge funds and asset managers) and CCPs. The ICC will partner with as many trade associations globally or regionally as is necessary for the ICC to perform its function.

The ICC has been formed to meet current and emerging industry needs in respect of clearing. It is recognized that there are some variances between the structure and mode of operation of the ICC versus other ISDA committees/working groups. This is inevitable, given the differing needs and characteristics of clearing.

Aims and Functions

  • To be representative of sell-side, buy-side, CCPs and FCMs in order to deliver collaborative solutions.
  • To extend the reach of clearing in terms of both (i) eligible product types and (ii) clearing participants. To act as a forum where the industry discusses potential CCP product offerings and specifications with the applicable CCPs.
  • To challenge and overcome obstacles to clearing, both direct and indirect, through appropriate means, including utilizing targeted working groups to address specific issues.
  • To explore the capital implications of clearing.
  • To liaise with supervisors, supra-national governmental agencies and other relevant bodies on clearing matters relating to the OTC derivatives markets.

Structure

There are 3 elements of the ICC’s structure.

The Organisational Group
This is the administrative and coordinating group of the ICC, and is a sub-set of the Plenary Group. The Organisational Group has no decision-making power. [link to list of member firms]

The Plenary Group
The Plenary Group is the decision-making group within the ICC structure that is responsible for making all industry recommendations relating to the ICC’s work. [link to list of member firms]

The Working Groups
These are practical / technical groups formed to deal with specific issues and tasks.

Identified Work Streams

The identified work streams form the basis for the working groups.

Product Introduction
CCP Access
Operations
Margin Arrangements
Legal
Capital Treatment and Risk Management
Interoperability

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