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3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp
US Treasury par yield curve · Jul 31 · Source: U.S. Treasury
Saturday, August 1, 2026
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SR-ICC-2026-003

An American clearing house has been cleared to clear credit default swaps on eight more sovereigns, and the new names run from Costa Rica to Angola to Pakistan

Money & World
The Editorial Team ·
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Ecuador, Guatemala, El Salvador, Uruguay, Costa Rica, Kenya, Angola, Pakistan.

Those are the eight governments whose single name credit default swaps ICE Clear Credit LLC may now clear, under an order the Securities and Exchange Commission signed on 29 July and filed for public inspection on Friday. The clearing house filed for the change on 12 May. Notice went out nine days later, comments came in, and the Commission has approved it.

Seven of the eight arrive as Standard Emerging Market Sovereign Single Name contracts, added to the list of eligible reference entities in Rule 26D-102 of the clearing rules. Pakistan arrives separately, as an Asia/Pacific Sovereign Single Name contract under Rule 26E-102.

Nothing changes underneath

The order is explicit that the clearing house is taking on these contracts with the apparatus it already has. The terms are consistent with the other contracts ICC clears, and ICC will rely on its existing risk management framework and other policies and procedures without making any changes.

That is the sentence a risk committee would read first.

What the Commission found

Approval rests on Section 17A(b)(3)(F) of the Securities Exchange Act, which requires a clearing agency's rules to be designed to promote prompt and accurate clearance and settlement, and on Rules 17Ad-22(e)(1) and 17Ad-22(e)(4)(ii), which go to legal basis and to credit risk. The Commission records that it considered the comment letters it received and that it weighed the proposal against efficiency, competition and capital formation.

It also recites, at some length, that the burden of demonstrating consistency sits with the clearing house rather than the regulator, and that unquestioning reliance on an applicant's own representations does not justify approval. The authority cited for that is a 2017 decision of the D.C. Circuit.

What the document does not contain

No volume figure. No notional outstanding, no margin number, no open interest, and no clearing participant named.

The order does not say how many comment letters arrived or what they argued. It sets no start date for clearing the new names, and it says nothing whatever about the finances of any of the eight sovereigns.

The document: Securities and Exchange Commission, Securities Exchange Act Release No. 34-106008, File No. SR-ICC-2026-003, order dated 29 July 2026, captioned Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the Clearance of Additional Credit Default Swap Contracts. FR Doc. 2026-15621, filed for public inspection at 08:45 on 31 July 2026, publication date 3 August 2026, issued for the Commission by the Division of Trading and Markets under delegated authority and signed by Sherry R. Haywood, Assistant Secretary. The raw text was fetched from federalregister.gov and read in full here; no fetch-tool summary was relied upon, and every date, rule number, statutory citation and reference entity name below was matched against that text. Verified on procedure: ICE Clear Credit LLC filed the proposed rule change on 12 May 2026 under Section 19(b)(2) of the Securities Exchange Act of 1934 and Rule 19b-4; it was published for comment on 21 May 2026 at Release No. 34-105533, 91 FR 31481, 27 May 2026; the Commission states it received comments, available at the public comment page for SR-ICC-2026-003; and the Commission approves the proposed rule change. Verified on what is added, in the order's own list: Standard Emerging Market Sovereign Single Name CDS contracts on the Republic of Ecuador, the Republic of Guatemala, the Republic of El Salvador, the Oriental Republic of Uruguay, the Republic of Costa Rica, the Republic of Kenya and the Republic of Angola, and an Asia/Pacific Sovereign Single Name CDS contract on the Islamic Republic of Pakistan. Verified on mechanism: the change amends Subchapter 26D and Subchapter 26E of Chapter 26 of ICC's CDS Clearing Rules, adding the seven entities to the list of specific Eligible SES Reference Entities in Rule 26D-102 and adding Pakistan to the list of specific Eligible SAS Reference Entities in Rule 26E-102. Verified on risk posture, in the order's own words: the additional contracts have terms consistent with the other contracts that ICC already clears, and to clear these additional contracts ICC will rely on its existing risk management framework and other policies and procedures without making any changes. Verified on the findings: the Commission finds the proposed rule change consistent with Section 17A(b)(3)(F) of the Act and with Rules 17Ad-22(e)(1) and 17Ad-22(e)(4)(ii), states that it considered the comment letters received, and records that it considered the proposal's impact on efficiency, competition and capital formation under 15 U.S.C. 78c(f). Verified that the order recites the standard that the burden to demonstrate consistency rests on the self-regulatory organisation, citing Rule 700(b)(3) of the Commission's Rules of Practice, and that unquestioning reliance on an SRO's representations is not sufficient to justify approval, citing Susquehanna Int'l Group, LLP v. Securities and Exchange Commission, 866 F.3d 442, 447, D.C. Cir. 2017. The order does not state how many comment letters were received, does not state who submitted them, does not state what position they took, does not state any volume, notional, margin or open interest figure for any contract, does not name any clearing participant, does not state when clearing of the new contracts begins, and contains no assessment of the creditworthiness of any sovereign. None of those things is asserted below..

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