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?
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.
- 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.
- Energy business strength: ICE’s energy segment has driven robust growth with revenues nearly doubled over the past three years and volumes up 18% YoY, despite recent market volatility.
- Digital and AI initiatives: The company is enhancing its data center and network infrastructure to support evolving risk management products and potential future AI integration, maintaining critical low-latency services for global financial markets.
- Contract evolution and global pricing: ICE has transformed its flagship Brent crude oil contract—now incorporating US West Texas Intermediate—to reflect a global benchmark despite changing market dynamics.
- Mortgage network expansion: ICE is progressing in the digital transformation of the mortgage ecosystem, leveraging acquisitions like Black Knight to build an extensive network aimed at reducing underwriting costs and streamlining services.
- Annual Meeting held on May 16, 2025 with a record date of March 20, 2025, where 574,498,015 shares were eligible to vote.
- Shareholders approved key proposals including the election of ten directors, advisory votes on executive compensation, amendments to the certificate of incorporation for regulatory compliance, and the ratification of Ernst & Young LLP as the independent auditor.
- ICE delivered record Q1 2025 net revenues of $2.5 billion (noted as $2.47 billion in some reports) with an 8% YoY increase and achieved adjusted diluted EPS of $1.72 (up 16% from Q1 2024) .
- Achieved robust operating performance with adjusted operating income of $1.5 billion and GAAP operating income of $1.2 billion, with adjusted operating income up 11% vs Q1 2024 .
- Strong segment performance: the Exchange segment posted record net revenues of $1.4 billion, while Fixed Income & Data Services generated $596 million in revenues, supported by a 14% rise in transaction revenues .
- Mortgage Tech delivered solid results with $510 million in revenues and a growing pipeline of large client implementations .
- Capital management remains strong with $519 million returned to shareholders via significant share repurchases .
- FY25 forward guidance projects low-to-mid single digit growth across key segments .