Here are 1-3 brief analogies for Intercontinental Exchange (ICE):

1. Nasdaq for all markets: Think of it as **Nasdaq** but operating a much wider range of global financial markets—from the New York Stock Exchange (NYSE) to critical energy futures—and also providing essential market data and services.

2. Salesforce for mortgages: It's like **Salesforce.com** but specifically focused on providing crucial software and technology solutions for the U.S. residential mortgage industry.

• Exchanges: Operates regulated marketplaces for trading a wide range of financial and commodity products globally, including equities, futures, and options.
• Clearing Services: Provides post-trade clearing and settlement to manage counterparty risk across various asset classes.
• Data & Analytics: Offers comprehensive market data, indices, analytics, and valuation services to financial institutions worldwide.
• Mortgage Technology: Delivers end-to-end software solutions and services to streamline the U.S. residential mortgage industry, from origination to servicing.

1. Financial Institutions (Investment Banks, Broker-Dealers, Trading Firms, Asset Managers):

These firms are major customers for ICE's global exchanges (such as the New York Stock Exchange, ICE Futures U.S., ICE Futures Europe) for trading, listings, and clearing services. They also extensively utilize ICE Data Services for market data, analytics, indices, and valuation tools across various asset classes.

• JPMorgan Chase & Co. (JPM)
• Goldman Sachs (GS)
• Morgan Stanley (MS)
• BlackRock (BLK)
• Virtu Financial (VIRT)

2. Mortgage Lenders and Originators:

Companies in the U.S. residential mortgage industry are significant customers for ICE Mortgage Technology. They leverage platforms like Encompass for loan origination, processing, and closing, as well as other mortgage-specific solutions.

• Wells Fargo & Company (WFC)
• Rocket Companies, Inc. (RKT)
• United Wholesale Mortgage (UWMC)

3. Corporations (for Listings and Hedging):

Public companies that choose to list their securities on ICE's exchanges (e.g., the New York Stock Exchange) are customers, paying listing fees and benefiting from market access. Additionally, corporations in commodity-intensive sectors often use ICE's futures markets for hedging against price fluctuations in energy, agriculture, and other commodities.

• Apple Inc. (AAPL) (as a NYSE-listed company)
• Exxon Mobil Corporation (XOM) (as a potential user of commodity futures for hedging)
• Delta Air Lines, Inc. (DAL) (as a potential user of energy futures for hedging)

• Google (GOOGL)

Jeffrey Sprecher, Chair & Chief Executive Officer

Jeffrey Sprecher is the Founder, Chair, and CEO of Intercontinental Exchange (ICE). He is credited with pioneering digital networks and the electronification of trading and marketplaces. Sprecher acquired Continental Power Exchange in 1997, which became the foundation for ICE, a company he took public in 2005. Under his leadership, ICE has grown from a startup in 2000 to a diversified Fortune 500 company through a series of innovations and acquisitions, including the International Petroleum Exchange (2001), the New York Board of Trade (2007), Creditex (2008), the Clearing Corporation (2009), the Climate Exchange (2010), and the NYSE (2013). He became Chair of the NYSE following ICE's acquisition.

Warren Gardiner, Chief Financial Officer

Warren Gardiner has served as Chief Financial Officer of Intercontinental Exchange since May 2021, overseeing all aspects of ICE's finance and accounting functions, treasury, tax, audit, controls, sales operations, and investor relations. Prior to this role, he was ICE's Vice President of Investor Relations from July 2017 to May 2021, where he managed interactions with the investment community and played a role in business development initiatives. Before joining ICE in 2017, Gardiner was a research analyst covering Financial Information and Exchanges equities at Evercore ISI and an equity research analyst at Barclays.

Benjamin Jackson, President

Benjamin Jackson is the President of Intercontinental Exchange, overseeing ICE's global technology, information security, operations, and coordinating global futures and OTC trading businesses. He is also responsible for leading the integration planning and execution of ICE's acquisitions and joint ventures, and chairs the Board of Directors of ICE Mortgage Technology Holdings, Inc. Jackson joined ICE in 2011, having previously served as Chief Commercial Officer for Intercontinental Exchange and President and Chief Operating Officer of ICE Futures U.S. Before ICE, he was Senior Executive Vice President at SunGard, where he led the company's energy and commodities business segment, and also served as President of SunGard's Kiodex commodity risk management platform.

Lynn Martin, President, NYSE Group & Chair, ICE Fixed Income & Data Services

Lynn Martin is the 68th President of the New York Stock Exchange (NYSE) and Chair of Fixed Income & Data Services at Intercontinental Exchange, Inc. (ICE). She began her career as a computer programmer at IBM. Within ICE and its subsidiaries, she has held numerous leadership positions, including President of Fixed Income & Data Services, President of ICE Data Services, COO of ICE Clear U.S., CEO of NYSE Liffe U.S., and CEO of New York Portfolio Clearing.

Elizabeth King, Global Head of Clearing & Chief Regulatory Officer

Elizabeth King is the Global Head of Clearing and Chief Regulatory Officer at Intercontinental Exchange, Inc. She is responsible for ICE's clearing house operations, the global risk management team, and the company's global regulatory and government affairs strategies. King previously served as President of Sustainable Finance, General Counsel, and Corporate Secretary of NYSE Group. Before joining ICE in March 2014, she was Deputy General Counsel and Global Head of Regulatory Affairs at KCG Holdings, Inc. Prior to KCG, King was Associate Director, Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), where she oversaw the SEC's regulatory program for securities markets.

Intercontinental Exchange (ICE) operates across three primary business segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The addressable market sizes for these segments are detailed below:

Exchanges

• The global Exchange industry revenue reached $57.9 billion in 2024.
• Global equity market capitalization increased to $126.7 trillion in 2024.
• The global foreign exchange (FX) market recorded an average daily turnover of $7.5 trillion in April 2022, increasing to $9.6 trillion per day in April 2025.

Fixed Income and Data Services

• The global fixed income markets outstanding were $145.1 trillion in 2024, with an estimated increase to $153.39 trillion in 2025.
• The global Financial Data Services market was valued at $24.15 billion in 2024 and is projected to reach $27.45 billion by 2025.

Mortgage Technology

• The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to grow to $35.3 billion by 2032.
• The global e-Mortgage market was valued at $12.1 billion in 2024 and is projected to reach $62.1 billion by 2034.
• The mortgage and loans software market globally was valued at $20.43 billion in 2024, with forecasts to reach $23.51 billion in 2025 and $73.2 billion by 2033.

Intercontinental Exchange (ICE) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Growth in Exchange Transaction Volumes: ICE expects continued growth from increased transaction volumes across its exchange segments. Notably, its interest rate business experienced a 20% increase in Q2 2025, and there's significant growth projected in global energy markets, including natural gas and environmental portfolios. The company also reported a 13% year-over-year increase in total open interest for August 2025, with strong performance in oil-related contracts (Brent crude up 16%, WTI up 5%) and interest rate products (open interest surging 41%).
2. Expansion of Fixed Income and Data Services: This segment is a significant driver, with recurring revenues from Fixed Income and Data Services seeing a 7% rise in Q3 2025. Growth is fueled by increased demand for pricing and reference data, as well as the expansion of its index business, which saw record ETF assets under management (AUM) reaching $754 billion by the end of Q3 2025. Product innovation, including more comprehensive data and analytics tools for fixed income and commodity markets, further enhances offerings and attracts a broader client base. The ICE Global Network also demonstrated heightened demand, contributing to a 10% increase in data and network technology revenues in Q3 2025.
3. Advancements and Adoption in Mortgage Technology: ICE's Mortgage Technology segment is expected to contribute to revenue growth through ongoing enhancements and new customer acquisition. The company is focused on introducing AI to create a fully automated and integrated digital mortgage platform, aiming to improve efficiencies and reduce costs. Revenues in this segment grew by 5% in Q2 2025, driven by improvements in its Data and Analytics and Servicing business segments. New customers coming online and higher transaction fees from Encompass closed loans are also expected to offset certain headwinds.
4. Strategic Investments and Partnerships: Strategic initiatives and partnerships are poised to amplify ICE's growth potential. An example includes a strategic investment in Polymarket, expanding ICE's footprint into decentralized prediction markets. The company is also exploring collaborations with major financial institutions and technology providers, including the development of blockchain solutions for supply chain finance, which could significantly impact future revenue streams.
5. Consistent Growth in Recurring Revenues: Across its diverse business lines, ICE emphasizes sustained growth in recurring revenues. This includes revenues from Exchange Data Services and NYSE Listings, which collectively reached $378 million in Q2 2025, up 5% year-over-year, and $389 million in Q3 2025, up 7% year-over-year. This stable and predictable revenue stream, underpinned by high-value proprietary data offerings, is a fundamental driver for overall company growth.

Share Repurchases

• Intercontinental Exchange authorized a new share repurchase program of up to $2.4 billion in February 2020.
• In the first quarter of 2020, ICE repurchased $699 million of its common stock.
• Through September 30, 2025, ICE repurchased $894 million in common stock, with Q1 2025 repurchases totaling $241 million and Q2 2025 repurchases amounting to $255 million.

Share Issuance

• The acquisition of Black Knight, Inc. in late 2023 was a cash and stock transaction valued at $13.1 billion, indicating a share issuance component.

Outbound Investments

• In August 2020, ICE acquired Ellie Mae, a cloud-based platform for the mortgage finance industry, for approximately $11 billion.
• ICE completed the acquisition of Black Knight, Inc. in late 2023 for $13.1 billion, expanding its mortgage technology offerings.
• In October 2025, ICE announced a strategic investment of up to $2 billion in Polymarket, a decentralized prediction market platform.

Capital Expenditures

• Intercontinental Exchange expects total capital expenditures for 2025 to be in the range of $730 million to $780 million.
• Higher technology spend related to data center buildout and strategy contributed to operating expenses in Q2 2025.