ICE Clear U.S., Inc. advised its clearing members that beginning Febrclearinuary 1, 2015, because of charges it will assess on cash balances, “in a low or negative interest rate environment, these charges may result in negative return on cash deposits held by ICUS.” Currently, ICUS assesses an annualized fee on cash balances equal to fees charged by external managers plus additional basis points based on a sliding scale related to investment return. However, beginning February 1, ICUS will pay a return on US dollar deposits equal to the net interest income earned on the balances less an external investment management fee less a flat charge of five basis points. This fee will be calculated daily, accrued monthly and charged or credited on a monthly basis. ICUS will no longer pay any interest on non-USD balances and will pass along any charges for negative interest that ICUS is assessed on clearing member balances.