Intercontinental Exchange Inc (ICE)

Business Description

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.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Jeffrey C. Sprecher	Chair and Chief Executive Officer	Inception of ICE	Jeffrey C. Sprecher has been a director and the Chief Executive Officer of ICE since its inception. He has served as Chair of the Board of Directors since November 2002. Mr. Sprecher acquired CPEX, the predecessor company to ICE, in 1997. He holds a Bachelor of Science degree in Chemical Engineering and an MBA .
A. Warren Gardiner	Chief Financial Officer	May 2021	A. Warren Gardiner has served as the CFO of ICE since May 2021. He is responsible for all aspects of ICE's finance and accounting functions. Before becoming CFO, he was Vice President of Investor Relations at ICE. He is a CFA Charterholder and holds a Bachelor of Arts degree in Managerial Economics .
Christopher S. Edmonds	President, Fixed Income & Data Services	January 2024	Christopher S. Edmonds has served as President, Fixed Income & Data Services at ICE since January 2024. He manages ICE's global fixed income and data business. Prior to this, he was Chief Development Officer and has been with ICE since February 2010 .
Douglas A. Foley	Senior Vice President, Human Resources & Administration	November 2013	Douglas A. Foley has served as Senior Vice President of Human Resources & Administration at ICE since November 2013. He is responsible for ICE's global human resource and real estate functions. Before joining ICE, he worked at Ernst & Young LLP and Delta Air Lines .
Benjamin R. Jackson	President	November 2017	Benjamin R. Jackson has served as President of ICE since November 2017. He is responsible for ICE's global technology, information security, and operations. He joined ICE in July 2011 from SunGard, where he led the company’s energy and commodities business segment .
Mayur V. Kapani	Chief Technology Officer	June 2016	Mayur V. Kapani has served as the Chief Technology Officer at ICE since June 2016. He oversees all global technology development groups within ICE. Mr. Kapani joined ICE in 2006 and previously served as Senior Vice President of Trading Technology .
Elizabeth K. King	Global Head of Clearing & Chief Regulatory Officer	January 2024	Elizabeth K. King has served as the Global Head of Clearing and Chief Regulatory Officer at ICE since January 2024. She has been the Chief Regulatory Officer since October 2018. Before joining ICE, she was the Deputy General Counsel and Global Head of Regulatory Affairs at KCG .
Lynn C. Martin	President, NYSE Group and Chair, ICE Fixed Income & Data Services	January 2022	Lynn C. Martin has served as President of NYSE Group since January 2022 and Chair of Fixed Income & Data Services at ICE. Before her current role, she was the President of Fixed Income & Data Services and President of ICE Data Services .
Andrew J. Surdykowski	General Counsel	October 2018	Andrew J. Surdykowski has served as General Counsel at ICE since October 2018. He is responsible for overseeing the company's legal affairs globally. Before becoming General Counsel, he was Senior Vice President, Associate General Counsel, and Assistant Corporate Secretary .
Stuart G. Williams	Chief Operating Officer	July 2022	Stuart G. Williams has served as the Chief Operating Officer of ICE since July 2022. He is responsible for the day-to-day operations and support of the global infrastructure. Before becoming COO, he held several leadership roles at ICE Futures Europe .

Questions to Ask Management

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?
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?
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?
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?
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?

Program Details	Program 1
Approval Date	December 2021
End Date/Duration	No fixed expiration date
Total additional amount	$3.15 billion
Remaining authorization amount	$2.5 billion (as of September 30, 2024)
Details	The program considers factors such as stock market conditions, stock price performance, and strategic growth initiatives. It does not obligate the company to acquire any specific amount of stock and can be amended or terminated at any time.

Debt Maturity Schedule

Year	Amount Due (in millions)	Debt Type	Interest Rate (%)	% of Total Debt
2024	$1,400	Commercial Paper	5.2	6.6% = (1,400 / 21,200) * 100
2025	$1,248	Senior Notes (unsecured, due May 23, 2025)	3.65	5.9% = (1,248 / 21,200) * 100
2025	$1,249	Senior Notes (unsecured, due December 1, 2025)	3.75	5.9% = (1,249 / 21,200) * 100
2027	$1,491	Senior Notes (unsecured, due September 15, 2027)	4.00	7.0% = (1,491 / 21,200) * 100
2027	$498	Senior Notes (unsecured, due September 15, 2027)	3.10	2.3% = (498 / 21,200) * 100
2028	$933	Senior Notes (unsecured, due September 1, 2028)	3.625	4.4% = (933 / 21,200) * 100
2028	$596	Senior Notes (unsecured, due September 21, 2028)	3.75	2.8% = (596 / 21,200) * 100
2029	$1,243	Senior Notes (unsecured, due June 15, 2029)	4.35	5.9% = (1,243 / 21,200) * 100
2030	$1,239	Senior Notes (unsecured, due June 15, 2030)	2.10	5.8% = (1,239 / 21,200) * 100
2031	$743	Senior Notes (unsecured, due June 15, 2031)	5.25	3.5% = (743 / 21,200) * 100
2032	$1,487	Senior Notes (unsecured, due September 15, 2032)	1.85	7.0% = (1,487 / 21,200) * 100
2033	$1,490	Senior Notes (unsecured, due March 15, 2033)	4.60	7.0% = (1,490 / 21,200) * 100
2040	$1,233	Senior Notes (unsecured, due September 15, 2040)	2.65	5.8% = (1,233 / 21,200) * 100
2048	$1,233	Senior Notes (unsecured, due September 21, 2048)	4.25	5.8% = (1,233 / 21,200) * 100
2050	$1,223	Senior Notes (unsecured, due June 15, 2050)	3.00	5.8% = (1,223 / 21,200) * 100
2052	$1,466	Senior Notes (unsecured, due June 15, 2052)	4.95	6.9% = (1,466 / 21,200) * 100
2060	$1,472	Senior Notes (unsecured, due September 15, 2060)	3.00	6.9% = (1,472 / 21,200) * 100
2062	$985	Senior Notes (unsecured, due June 15, 2062)	5.20	4.6% = (985 / 21,200) * 100

Competitors

Competitors mentioned in the company's latest 10K filing.

Regulated, diversified futures exchanges: Compete in asset classes such as energy, agriculture, equity and equity index, credit, and interest rate derivatives markets and foreign exchange .
Exchanges offering listing and trading of cash equities, ETFs, closed-end funds, and other structured products .
Market data and information vendors, financial firm consortia, and single financial institutions selling such data and information .
Providers of digital solutions for the U.S. residential mortgage industry, including technology providers for loan origination, closing solutions, and other ancillary solutions, and loan servicing .
Interdealer brokers active in the global credit derivatives markets .
Existing and newly formed electronic trading platforms, service providers, and exchanges .
Other clearing houses .
Consortia of customers, members, or market participants that may establish new exchanges, trading platforms, or clearing facilities .
Nasdaq, Inc.: Principal U.S. competitor in equity options markets and corporate listings .
Cboe Global Markets, Inc.: Principal U.S. competitor in equity options markets and ETF listings .
Large investment banks, brokers, and customers: Compete by assuming the role of principal and acting as counterparty to orders or matching order flows through bilateral trading arrangements .
Third-party providers of similar data assets, including niche providers and lender in-house capabilities in the mortgage technology sector .

Auditor

Name	Start Date	End Date	Reason for Change
Ernst & Young LLP	2002	Present	Current auditor