On March 4, the Federal Reserve Board approved the application of ICE US Trust LLC (ICE Trust) to become a member of the Federal Reserve System and to operate a clearinghouse for certain credit default swap transactions. ICE Trust proposes initially to clear contracts that are based on certain CDX North American indices and are submitted by the participants as principals. Each participant would also be required to contribute at least $20 million to the ICE Trust guaranty fund, with additional amounts to be required based on that participant’s expected level of position exposures.