Intercontinental Exchange, Inc. (ICE) is a leading global provider of technology and data services, specializing in operating regulated marketplaces and offering a range of financial and technological solutions. The company operates through three main business segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology, providing services such as trading and clearing derivatives, financial securities, pricing, reference data, and digital workflow tools for the mortgage market . ICE's diverse offerings cater to various sectors, making it a significant player in the global financial and technology landscape.
- Exchanges - Operates regulated marketplaces for trading and clearing derivatives and financial securities, while also providing related data and connectivity services.
- Fixed Income and Data Services - Offers pricing, reference data, indices, analytics, and execution services to support financial market activities.
- Mortgage Technology - Provides digital workflow tools designed for the U.S. residential mortgage market, enhancing efficiency and accuracy in mortgage processing.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jeffrey C. Sprecher ExecutiveBoard | Chair of the Board and Chief Executive Officer | None | Jeffrey C. Sprecher has been the CEO of ICE since its inception and Chair of the Board since November 2002. He has led ICE's growth into a leading global operator of exchanges and clearinghouses. | View Report → |
A. Warren Gardiner Executive | Chief Financial Officer | None | A. Warren Gardiner became CFO in May 2021, overseeing finance, accounting, and investor relations. He previously served as VP of Investor Relations. | |
Andrew J. Surdykowski Executive | General Counsel | None | Andrew J. Surdykowski has been General Counsel since October 2018, managing ICE's global legal affairs. | |
Benjamin R. Jackson Executive | President | Chair of ICE Mortgage Technology Holdings, Inc. | Benjamin R. Jackson has been President of ICE since November 2017, overseeing global technology and operations. | |
Christopher S. Edmonds Executive | President, Fixed Income & Data Services | None | Christopher S. Edmonds joined ICE in 2010 and became President of Fixed Income & Data Services in January 2024. He has held various leadership roles within ICE. | |
Douglas A. Foley Executive | Senior Vice President of Human Resources & Administration | None | Douglas A. Foley joined ICE in 2008 and has been SVP of HR & Administration since 2013, overseeing global HR and real estate functions. | |
Elizabeth K. King Executive | Global Head of Clearing and Chief Regulatory Officer | None | Elizabeth K. King joined ICE in 2014 and oversees global regulatory strategies and clearing operations. | |
Lynn C. Martin Executive | President of NYSE Group | Board of Trustees at Manhattan College; Advisory Board of the School of Science at Manhattan College; Member of Phi Beta Kappa National Honor Society | Lynn C. Martin has been President of NYSE Group since January 2022, previously leading ICE's Fixed Income & Data Services. | |
Mayur V. Kapani Executive | Chief Technology Officer | None | Mayur V. Kapani has been CTO since June 2016, leading global technology development and acquisition diligence. | |
Stuart G. Williams Executive | Chief Operating Officer | CFTC Global Markets Advisory Committee | Stuart G. Williams has been COO since July 2022, overseeing global infrastructure and customer service teams. | |
Judith A. Sprieser Board | Director | Board of Directors of Allstate Insurance Company and Newell Brands Inc.; Boards of Managers of ICE Clear Credit LLC and ICE Mortgage Services, LLC; Governing board of MERSCORP Holdings, Inc. | Judith A. Sprieser has been an Independent Director at ICE since 2004, with extensive financial expertise and business acumen. | |
Martha A. Tirinnanzi Board | Director | Founder and President of Financial Standards, Inc.; Board of Directors of The RBB Fund, Inc. and The RBB Fund Trust; Board of Directors of Community Development Trust | Martha A. Tirinnanzi has been a Director at ICE since March 2022, recognized for her audit, risk, and governance expertise. |
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Despite record energy revenues up 33% year-over-year and double-digit growth over the past 5 years , how do you plan to sustain this growth in your energy complex considering potential macroeconomic and geopolitical headwinds?
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With the announced launch of a clearing service for U.S. treasury securities and repurchase agreements in response to the new SEC rule effective in 2025 , what challenges do you foresee in entering this market, and how will you differentiate your offering from existing competitors?
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Your ICE Mortgage Technology segment experienced attrition within your data and document automation product ; could you provide more details on the reasons behind this attrition and what strategies you have in place to mitigate it?
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Given the recent acquisition of Black Knight and its integration into your ICE Mortgage Technology business , how are you addressing integration risks to ensure that the expected synergies are realized, especially in a challenging mortgage market?
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As natural gas markets become increasingly global with the rise of LNG and new benchmarks like TTF and JKM , how does ICE plan to maintain its competitive edge against other exchanges in providing risk management tools for these markets?
Research analysts who have asked questions during Intercontinental Exchange earnings calls.
Christopher Allen
Citigroup
4 questions for ICE
Craig Siegenthaler
Bank of America
4 questions for ICE
Kyle Voigt
Keefe, Bruyette & Woods
4 questions for ICE
Alexander Blostein
Goldman Sachs
3 questions for ICE
Alex Kramm
UBS Group AG
3 questions for ICE
Benjamin Budish
Barclays PLC
3 questions for ICE
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for ICE
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for ICE
Simon Clinch
Redburn Atlantic
3 questions for ICE
Alex Blostein
Goldman Sachs
2 questions for ICE
Ashish Sabadra
RBC Capital Markets
2 questions for ICE
Ben Budish
Barclays PLC
2 questions for ICE
Bill Keay
RBC Capital Markets
2 questions for ICE
Dan Fannon
Jefferies & Company Inc.
2 questions for ICE
Ken Worthington
JPMorgan Chase & Co.
2 questions for ICE
Patrick Moley
Piper Sandler & Co.
2 questions for ICE
Robin Holby
TD Cowen
1 question for ICE
Simon Alistair Clinch
Redburn Atlantic
1 question for ICE
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Principal U.S. competitor in the equity options markets and also a competitor for corporate and ETF listings in the U.S. | |
Principal U.S. competitor in the equity options markets and also a competitor for ETF listings in the U.S. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Black Knight, Inc. | 2023 | Acquired by ICE on September 5, 2023, for an aggregate value of approximately $11.8 billion, comprising 90% cash (aggregate of $10.5 billion) and 10% ICE common stock, with stockholders able to elect between cash and stock; the deal also involved divestitures—including the sale of Optimal Blue and Empower loan origination system businesses for $241 million and issuance of a $500 million promissory note—and was conditioned on regulatory approvals with the FTC. |
Recent press releases and 8-K filings for ICE.
- National delinquency rate fell to 3.27% in July, an 8 bps monthly drop and 9 bps improvement YoY, ending a 13-month streak of annual increases.
- 90+ days serious delinquencies held steady, up 30,000 YoY—the smallest annual rise since November.
- FHA delinquencies dipped 5 bps in July but remain 15 bps above last year, comprising 52% of serious delinquencies.
- Foreclosure activity intensified: inventory rose 10% YoY, starts grew for eight consecutive months, and sales climbed for five months, though the rate is still 35% below pre-pandemic norms.
- Prepayment rate (SMM) increased to 0.67%, up 12.34% YoY.
- ICE Clear Credit’s Treasury clearing application and rulebook have been published by the U.S. Securities and Exchange Commission, advancing the regulatory approval process for a new clearing offering.
- Subject to final approval, ICE plans to launch its U.S. Treasury clearing service later this year, allowing market participants to voluntarily clear before any mandate takes effect.
- The service will operate under a separate rulebook, membership and risk framework, offering both ‘Done Away’ and ‘Done With’ clearing options and leveraging ICE Link for trade matching and connectivity.
- Partnership launch: On August 11, 2025, ICE’s Consolidated Feed FX and precious metals rates will contribute to Chainlink Data Streams, providing onchain distribution to 2,000+ applications.
- Institutional-grade data: The integration delivers tamper-resistant, low-latency FX and metals pricing for DeFi and tokenized products, meeting traditional capital markets standards.
- Market opportunity: Aims to support tokenization in onchain finance, addressing a projected $30.1 trillion real-world assets market.
- Broad coverage: ICE Consolidated Feed aggregates content from over 300 global exchanges, enhancing reliability and supporting new tokenized asset innovation.
- Mortgage originations hit the highest quarterly volume since 2022, led by near three-year highs in purchase and cash-out refinance loans.
- Cash-out refinances made up 59% of Q2 refinance transactions, with borrowers tapping an average $94,000 in equity, accepting rates 1.45 pp higher and seeing payments rise by $590; these borrowers averaged a 719 credit score and $188,000 loan balance.
- Tappable home equity reached a record $11.6 trillion within a total equity pool of $17.8 trillion, with 48 million homeowners holding tappable equity and an average of $213,000 per homeowner.
- Home equity growth slowed to its lowest two-year pace, driven by price declines in key Sunbelt and Western markets (e.g., Austin -38%, Deltona -37%); about 1% of borrowers (~564,000) are now underwater.
- Total ADV and OI each rose 12% y/y, with a record futures open interest of 55.4 M lots on July 25 2025.
- Energy ADV increased 10% y/y and OI was up 5% y/y, including a record 40.1 M lots of energy futures on July 25 2025.
- Financials ADV grew 17% y/y; Interest Rates ADV climbed 20% y/y and OI surged 41% y/y.
- NYSE Cash Equities ADV jumped 56% y/y, while NYSE Equity Options ADV rose 6% y/y.
- National delinquency rate rose to 3.35% in June 2025, up 15 bps month-over-month and down 3.80% year-over-year.
- Foreclosure pre-sale inventory increased to 0.38% (+0.20 bps MoM; +9.90% YoY) and foreclosure starts reached 31,000 (+9.68% MoM; +36.50% YoY).
- Serious delinquencies (90+ days past due) held at 466,000 loans, up 8% YoY, with FHA loans comprising 51% of all SDQs.
- Prepayment rate (single-month mortality) slipped by 6 bps to 0.65%, yet remains 22% above last year’s level.
- Intercontinental Exchange reports a record H1 2025 with 1.2 billion futures and options contracts traded and 10 million average daily volume (approx. 6 million commodity contracts).
- Energy trading volumes reached 673.4 million contracts, including 400.8 million oil and 250.8 million natural gas contracts.
- Financials trading saw 512.0 million interest rate futures and options contracts, with 461.9 million in interest rate products.
- Record volumes in key benchmarks: ICE Brent (211.4 million), ICE WTI (55.3 million) and ICE TTF natural gas (61.2 million).
- Overall volumes are up 24% year-over-year, with open interest up 10%.
- ICE Home Price Index growth slowed to 1.3% year-over-year in early June, with 30% of large markets down at least 1% from recent highs, driving 25% of seriously delinquent loans into negative equity (27% in Cape Coral, 18% in Austin).
- More than 8% of borrowers used adjustable-rate mortgages or temporary buydowns this year, offering short-term relief but posing potential payment shock if rates reset higher.
- Nearly 20% of mortgage holders carry student loan debt (rising to 30% among FHA borrowers); those delinquent on student loans are 4× more likely to be delinquent on their mortgage.
- Credit risk transfer deals issued in 2023–2024 have seen modest upticks in negative equity rates, underscoring borrower-level vulnerabilities that warrant proactive monitoring.
- June total ADV rose 21% y/y; open interest climbed 9% y/y, with a record 105.6 M lots on June 12.
- June Oil ADV increased 43% y/y and Brent ADV surged 57% y/y, both setting new records.
- Q2 total ADV hit a record, up 26% y/y, driven by energy futures (+27%) and oil (+34%).
- Q2 Interest Rates ADV grew 34% y/y, including record SONIA ADV up 34% y/y.
- IPO market dynamics and sentiment were highlighted, noting successful public listings such as Circle’s IPO and pre-Memorial Day entries by Hinge Health and Mountain.
- Futures business strength was underlined with robust energy franchise performance, including a 6% YoY increase in energy open interest driven by institutional participation.
- The development of the mortgage business was discussed, emphasizing the use of mortgage rate lock index futures and data insights to drive efficiency and revenue.
- ICE detailed its initiatives around extended electronic trading hours and potential expansion in zero DTE options, alongside strategic perspectives on crypto, tokenization, and responsible AI adoption.