ICE · 10-Q · 2026Q3 · Full report

Regulatory Risk

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 37 · Surprise 42

ICE identifies the U.S., U.K., EU, Canada, Singapore and Abu Dhabi as principal regulatory jurisdictions, and says evolving laws and regulatory actions may affect how ICE and its customers operate, trading volumes and demand for market data. In March 2026, U.S. banking regulators re-proposed Basel III Endgame capital rules, eliminating the credit valuation adjustment risk capital requirement and certain risk-based capital surcharge calculations for bank-affiliated clearing members; ICE is evaluating potential effects, including on mortgage origination and servicing. The EU’s EMIR 3.0 Active Account Requirement became effective in February 2026 and requires in-scope EU participants to maintain an EU CCP account and clear a certain number of euro short-term interest-rate derivative trades there; it could reduce activity at ICE Futures Europe and ICE Clear Europe. The U.S. is also exploring a temporary diesel export ban, while the European Commission proposed EU Emissions Trading System revisions in July 2026; either policy could affect the relevant ICE energy and emissions markets and clearing activity.

Key facts

• The EMIR 3.0 Active Account Requirement became effective in February 2026 and requires EU market participants to establish EU CCP accounts for euro-denominated short-term interest rate derivatives and clear a certain number of trades in an EU account. source
• Changes to the Consolidated Audit Trail could substantially change exchanges’ funding obligations and regulatory capabilities using the CAT, and private litigation is ongoing. source
• The SEC proposed several rules during the quarter concerning shareholder proposal rules and modernization of the proxy solicitation process to encourage more companies to go and stay public. source
• ICE Clear Netherlands was authorized in 2025 to clear euro-denominated short-term interest rate derivatives traded at ICE Futures Europe, enabling market participants subject to the AAR to satisfy their obligations. source
• For the nine months ended September 30, 2026, ICE reversed $10 million of a previously recorded regulatory matter accrual; for the same period in 2025, ICE adjusted $4 million of regulatory-matter expense. source
• The EMIR 3.0 Active Account Requirement could reduce trading and clearing volumes for euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe. source
• A proposed temporary U.S. diesel export ban, if implemented, could affect volumes at ICE Futures Europe and ICE Clear Europe for gasoline- and crude-related futures. source
• The European Commission proposed revising the EU ETS in July 2026 to reduce carbon-price volatility and limit effects on electricity prices; resulting policy changes could affect ICE Endex and ICE Clear Europe. source