Intercontinental Exchange Inc
For the period ended Mar 31, 2025. Filed May 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 1, 2025
ICE$172.27-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001571949-24-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001571949-25-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 299 previous paragraphs and 290 current paragraphs.
157 unchanged; 105 reworded; 26 added; 33 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 18 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
•global political conditions;
Current report
•EU Benchmarks Regulation. In March 2025, the EU Council adopted amendments to the EU Benchmarks Regulation, or EU BMR, which reduces the scope to only include benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks and certain commodity benchmarks. ICE Benchmark Administration and ICE Data Indices are seeking recognition from the European Securities and Markets Authority, or ESMA, as a third-country benchmark administrator in advance of the transition period expiration on December 31, 2025.
Current report
•Recognition of our Businesses in Foreign Jurisdictions and Continued Access by Market Participants. In January 2025, the European Commission adopted a new equivalence decision that allows continued access by EU firms to clear trades at U.K. central counterparties until June 30, 2028. Subsequently, in March 2025, ESMA extended the tiering determination and recognition decisions for ICE Clear Europe until June 30, 2028, which allows continued access for EU firms to clear trades at ICE Clear Europe.
Current report
•Executive Order Protecting American Energy. In April 2025, President Trump signed an Executive Order aimed at securing U.S. energy dominance which requires the U.S. Attorney General to identify state and local regulations which are unconstitutional or pre-empted by federal law and burden the development and production of energy resources. Further, the Executive Order directs the Attorney General to identify state laws addressing climate change or involving carbon or greenhouse gas initiatives. If the Attorney General identifies state climate change-related programs and is successful in a legal challenge which results in overturning these state laws, certain environmental markets based on state compliance markets traded at ICE Futures U.S. and cleared at ICE Clear Europe could be impacted. We are monitoring the developments of this Executive Order and any impact on our markets.
Current report
•emerging technology initiatives and offerings in our markets, including the use of artificial intelligence and machine learning;
Current report
•Financial Futures and Options: Total volumes in our financial futures and options markets increased 28% and revenues increased 15% for the three months ended March 31, 2025 from the comparable period in 2024, driven by elevated volatility related to macroeconomic uncertainty and shifting U.S. trade policy.
Current report
–Interest rate futures and options volume increased 31% and revenue increased 17% for the three months ended March 31, 2025 from the comparable period in 2024, driven by elevated volatility related to divergence of rate paths by central banks and shifting U.S. trade policy.
Current report
During the three months ended March 31, 2025, we changed the caption of a disaggregated revenue line item in our Fixed Income and Data Services segment previously presented as "Other data and network services" to "Data and network technology" within the table above. This name change was made to better reflect the nature of the revenues included in this caption and did not impact the measurement or classification of revenue included in this caption.
Current report
Our data and analytics offerings include property ownership data, lien data, servicing data, automated valuation models and collateral risk scores, among others, provided to clients in the mortgage, real estate and capital markets verticals.
Current report
Employee headcount decreased from the comparable period in 2024 primarily due to headcount reductions in conjunction with realizing synergies from the Black Knight acquisition. Compensation and benefits expense increased $19 million for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to the impact of integrating Black Knight employees into our compensation and benefit plans, partially offset by the alignment of the Black Knight capitalized labor process.
Current report
Professional services expenses increased $4 million for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to increases in NYSE regulatory consulting fees, partially offset by a decrease in legal expenses.
Current report
During the three months ended March 31, 2025, we earned interest income of $33 million. During the three months ended March 31, 2024, we earned interest income of $30 million. Interest income increased during the three months ended March 31, 2025, from the same period in 2024 primarily due to increased investment balances from the net proceeds of the 2031 Notes.
Current report
During the three months ended March 31, 2025 and 2024, we incurred interest expense of $206 million and $241 million, respectively. The decrease in interest expense during the three months ended March 31, 2025 from the comparable period in 2024 primarily relates to decreased borrowings as we continued to pay down debt following the Black Knight acquisition.
Current report
•Interest expense incurred on our senior notes was $194 million during the three months ended March 31, 2025, and $184 million during the three months ended March 31, 2024. The increase was due to interest incurred on the 2031 Notes issued in May 2024.
Current report
•Interest expense incurred on borrowings under our Commercial Paper program was $8 million during the three months ended March 31, 2025, and $28 million during the three months ended March 31, 2024. The decrease was primarily due to lower outstanding borrowings during the period.
Current report
•We previously had a term loan that we fully repaid in the second quarter of 2024, therefore, we did not incur any interest expense on the term loan during the three months ended March 31, 2025. We incurred $25 million of interest expense under our term loan obligations during the three months ended March 31, 2024.
Current report
Equity and Equity Method Investments
Current report
Legal & Regulatory
Current report
Other
Current report
As of March 31, 2025, we also had redeemable non-controlling interests, reflected in temporary equity within our consolidated balance sheet, related to a put right held by non-ICE members to require us to purchase their interests in an entity acquired by us in 2024.
Current report
•Excluding the PennyMac arbitration settlement, the three months ended March 31, 2025 included $113 million of net income increases primarily driven by higher Exchange segment revenues; and
Current report
•We had net purchases of restricted investments of $83 million during the three months ended March 31, 2025 as compared to net proceeds from restricted investments of $638 million for the three months ended March 31, 2024.
Current report
•Capital expenditures and capitalized software development costs increased $44 million driven by the purchase of our new Jacksonville campus combined with increased capitalized software development costs; and
Current report
•During the three months ended March 31, 2024, we repaid $600 million of the Term Loan;
Current report
•We resumed share repurchases during the three months ended March 31, 2025 and repurchased $241 million of shares with cash during the quarter; and
Current report
•The cost of shares withheld to satisfy taxes on employee equity awards increased $24 million due to an increase in shares that vested period over period combined with an increase in the ICE stock price.
Removed paragraphs (33)
Previous report
•global political conditions including the presidential election in the United States, or U.S., and general elections in many jurisdictions in the U.S.;
Previous report
•Increased Bank Capital Requirements. The Board of Governors of the Federal Reserve, or the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation proposed to implement various Basel Committee standards which would increase U.S. bank capital requirements (Basel III Endgame). The Basel III Endgame would apply credit valuation adjustment risk capital requirements to bank-affiliated clearing members' exposures to their clearing clients. The Federal Reserve also proposes to revise the risk-based capital surcharge for global systemically important bank holding companies to include bank-affiliated clearing members' exposures to their clearing clients in additional aspects of the surcharge calculation, or G-SIB Surcharge. Both proposals would increase capital requirements for client clearing activities, which could increase costs for clearing services, decrease clearing members' clearing capacity, and result in a reduction of cleared volumes at ICE clearing houses. The Basel III Endgame proposal could also discourage participation in mortgage lending and servicing, resulting in a reduction of mortgage volumes at ICE Mortgage Technology, negatively impact U.S. capital markets, end users' ability to hedge and raise financing through public markets and degrade liquidity. In September 2024, Michael Barr, Vice Chairman for Supervision of the Federal Reserve, indicated that he intends to recommend that both the Basel III Endgame and G-SIB Surcharge be re-proposed.
Previous report
•EMIR 3.0. In February 2024, the European Commission, European Parliament, and Council of the EU reached agreement on the final text of the European Market Infrastructure Regulation, or EMIR, known as EMIR 3.0. EMIR 3.0 contains provisions requiring EU market participants to establish accounts for euro-denominated short-term interest rate derivatives, or STIRs, at an EU central counterparty, or CCP, and a requirement to clear a certain number of trades in an EU account. At this time, the number of trades required to be cleared in an EU account is not finalized; however, these requirements could result in a reduction of traded and cleared contracts at ICE Futures Europe and ICE Clear Europe.
Previous report
•Policy Intervention to Address High Energy Prices. Various legislative proposals in the EU have been adopted to address high energy prices and impact ICE Endex, the primary European exchange for the benchmark European gas contract, and ICE Clear Europe, which clears ICE Endex contracts. These policy interventions include price limiting mechanisms for exchange-traded gas products and a new liquefied natural gas, or LNG, import benchmark. In December 2022, a coalition of G7 and other nations set the price of certain Russian crude oil at or below $60 a barrel, which remains in place and impacts the services we offer to clients. In December 2023, the EU extended until January 31, 2025, the price cap on certain Dutch Title Transfer Facility, or TTF, derivatives traded on ICE Endex. Former Prime Minister of Italy and economist Mario Draghi's September 2024 report, titled "The Future of European Competitiveness, Part A: A Competitiveness Strategy for Europe," recommends further legislative changes to address high energy prices.
Previous report
•Benchmarks Regulation. All London Interbank Offered Rate, or LIBOR, settings have ceased to be published. The last remaining "synthetic" LIBOR settings ceased publication in September 2024.
Previous report
In addition, certain benchmarks provided by our index businesses may continue to be used by supervised entities in the EU under transitional provisions of the EU Benchmarks Regulation until December 31, 2025, after which supervised entities will rely on the mechanisms provided under the regulation for the use of third-country benchmarks.
Previous report
•EU Deforestation Regulation. In October 2024, the European Commission proposed to postpone the effective date of the EU Deforestation Regulation, or EUDR, from December 30, 2024 to December 30, 2025 for large companies and to June 30, 2026 for small companies. The EUDR requires that certain commodities (including cocoa and coffee) and their products be from deforestation-free land and meet other requirements before they can be placed or made available on the EU market, or exported from it. The EUDR requirements may decelerate the physical trade of cocoa and coffee, impact the usability of EU coffee and cocoa physical inventories, and reduce trading volumes on ICE Futures Europe of the Robusta Coffee Contract and London Cocoa Contract and on ICE Futures U.S. of the Coffee C Contract (Arabica). The proposal to postpone the implementation date needs approval by both the EU Parliament and EU Member States. It is uncertain whether the approval will be granted before the end of 2024. We are monitoring these developments and any impact on ICE Futures Europe, ICE Futures U.S. and ICE Benchmark Administration.
Previous report
•U.K. Deforestation Regulation. In December 2023, the U.K. Government announced its intent to implement a regulation which would require that certain commodities (including cocoa) and their products be from deforestation-free land and meet other requirements. We are monitoring the impact of these developments and any impact on ICE Futures Europe.
Previous report
•U.K. Commodity Derivatives Reform. In December 2023, the Financial Conduct Authority, or FCA, published a consultation proposing to revise the U.K. commodity derivatives framework. The Financial Services and Markets Act 2023, or FSMA 2023, reformed the U.K.’s commodity derivatives regulatory regime including revoking the Markets in Financial Instruments Directive II, or MIFID II, requirement to set position limits on all exchange traded and over-the-counter contracts and transferring the powers to set position limits from the FCA to trading venue operators. The FCA's current proposals would require that trading venues set position limits for critical and related contracts including ICE's softs, agricultural and energy contracts such as Brent, WTI, gasoil and natural gas, to establish accountability thresholds and to report enhanced position data. These requirements could make trading on ICE Futures Europe more difficult and could result in a reduction in volumes and liquidity.
Previous report
•EU DORA Regulation. The Digital Operational Resilience Act, or DORA, is an EU regulation that establishes an information and communication technology, or ICT, risk management framework for the EU financial sector. DORA establishes technical standards that financial entities and their critical third-party technology service providers must implement by January 2025 and imposes requirements relating to risk management, reporting, and information and communications technology service provider oversight. Some of our businesses are likely to be impacted by DORA as EU financial entities or critical ICT third-party service providers to EU financial entities.
Previous report
•Regulation of ESG Data and Ratings. Many jurisdictions have adopted or are proposing or considering proposals to regulate environmental, social or governance, or ESG, data providers, as well as ESG ratings. In April 2024, the EU adopted a regulation on the transparency and integrity of ESG rating activities which aims to enhance the integrity, transparency, governance, and independence of ESG ratings provided in the EU and is expected to be published in the Official Journal of the EU by the end of 2024. The regulation will impact certain ICE Data Service offerings and may require authorization and supervision by the European Securities and Markets Authority.
Previous report
•Equity Market Structure Rules. In September 2024, the SEC adopted new rules regarding equity market structure which will take effect in November 2025. The rules amend the minimum pricing increments, or tick sizes, for the quoting of certain stocks to allow these stocks to be priced with tighter spreads. The rules also reduce existing fee caps exchanges can charge market participants for access to protected quotations and accelerate the availability of information for smaller-sized orders. These rules could affect market and competitive dynamics for venues that facilitate trading of equity securities, including the NYSE.
Previous report
•Recognition of our Businesses in Foreign Jurisdictions and Continued Access by Market Participants. In February 2022, the European Commission extended until June 2025 the temporary equivalence of U.K. CCPs, which allows EU firms to clear trades at ICE Clear Europe. In the absence of an extension of the temporary equivalence or permanent equivalence of U.K. CCPs by the European Commission, EU persons would be restricted in accessing clearing services at ICE Clear Europe, which could impact clearing revenues, and could also cause us to change our business practices, restructure our businesses or move certain of our businesses and employees.
Previous report
Tax Policy Changes
Previous report
The Organisation for Economic Cooperation and Development, or OECD, Pillar Two minimum tax rules, which generally provide for a minimum effective tax rate of 15%, are intended to apply to tax years beginning in 2024. In 2023, the OECD issued administrative guidance providing transitional safe harbor rules concerning the implementation of the Pillar Two framework, which will apply to fiscal years ending on or before December 31, 2026. The EU member states and many other countries, including the U.K., have committed to implement or have already enacted legislation adopting the Pillar Two rules. We are monitoring developments and evaluating the impacts of these new rules on our tax rate, including our ability to qualify for the safe harbor rules as implemented by each jurisdiction; however, we do not expect a material impact to our effective tax rate given our current tax profile.
Previous report
•Financial Futures and Options: Total volumes in our financial futures and options markets increased 28% and 43% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 and revenues increased 19% and 26% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, including the impacts of foreign exchange effects. The nine and three months ended September 30, 2024 benefited from interest rate volatility related to central bank activity speculation.
Previous report
–Interest rate futures and options volume increased 36% and 52% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 and revenue increased 30% and 37% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. The nine and three months ended September 30, 2024 benefited from interest rate volatility related to increased central bank activity speculation.
Previous report
Included in the total consolidated operating expenses for the nine and three months ended September 30, 2024 was $850 million and $287 million, respectively, related to Black Knight. Included in the total consolidated operating expenses for both the nine and three months ended September 30, 2023 was $139 million related to Black Knight.
Previous report
Professional services expenses increased $26 million and $9 million for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, primarily due to the incremental expense from owning Black Knight for the full nine and three months ended September 30, 2024 combined with increases in NYSE regulatory consulting and general legal matter expenses.
Previous report
Selling, general and administrative expenses increased $36 million and decreased $5 million for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023.
Previous report
For the nine months ended September 30, 2024, the increase was primarily due to $20 million attributable to incremental expense from owning Black Knight for the full nine-month period and increases in other underlying costs, including customer acquisition costs from higher IPO activity, marketing, travel and entertainment. The year-to-date period also included $10 million of expense for valid claims made following an equity trading issue at NYSE that occurred in June 2024, which is net of insurance proceeds, and a $10 million accrual related to a regulatory matter.
Previous report
During the nine months ended September 30, 2023, we also recorded $6 million of expense for claims made following a NYSE system outage in January 2023 and an $11 million regulatory matter expense, as well as higher credit loss expense.
Previous report
In connection with our acquisition of Black Knight, we acquired an investment in Dun & Bradstreet. During the three months ended September 30, 2023, we sold 51% of our investment for $97 million and recorded a loss on the sale of $1 million, a fair value loss of $7 million and a $1 million dividend, all of which are included as other expense, net.
Previous report
During the three months ended September 30, 2023, we recorded an impairment related to our Consolidated Audit Trail, or CAT, loan receivable of $16 million.
Previous report
(1) YTD 2023 acquisition and integration costs, net of divestitures, excludes $90 million from the sale of our investment in Dun & Bradstreet.
Previous report
•An increase in net income, excluding depreciation and amortization, of $357 million which is primarily related to the full period impact of the Black Knight acquisition.
Previous report
◦A change of $201 million related to the timing of the Section 31 fee rate changes and payments; and
Previous report
•Capital expenditures and capitalized software development costs increased $150 million driven by full period Black Knight activity combined with leasehold improvements and build out of our new offices and one of our existing data centers;
Previous report
•During the nine months ended September 30, 2024, we had purchases of equity and equity method investments of $24 million as compared to net proceeds of $90 million during the nine months ended September 30, 2023. The net proceeds were due to the sale of our Dun & Bradstreet investment for $97 million partially offset by equity investment purchases; and
Previous report
•During the nine months ended September 30, 2024, we had net repayments of debt of $861 million, primarily due to the repayment of the Term Loan, partially offset by the issuance of the 2031 Notes. During the nine months ended September 30, 2023, we had net proceeds from debt issuance of $514 million, primarily due to funding of the Black Knight acquisition;
Previous report
During the nine months ended September 30, 2023, we excluded $12 million of net interest income on interest earned on investments from the pre-acquisition debt proceeds, net of interest expense on pre-acquisition-related debt from our May 2022 debt refinancing related to the Black Knight acquisition.
Previous report
•During the nine months ended September 30, 2024, net $10 million of expense for valid claims made following an equity trading issue at NYSE that occurred in June 2024. This includes $30 million of expense for valid claims accrued as of June 30, 2024, net of $20 million in insurance proceeds received during the three months ended September 30, 2024.
Previous report
•During the nine months ended September 30, 2023, $6 million of expense for claims made following a NYSE system outage that occurred in January 2023 and an impairment related to our consolidated audit trail, or CAT, loan receivable of $16 million.
Reworded paragraphs (105)
Previous wording
The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report. Figures in the tables may not recalculate or sum exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
Current wording
The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report. Figures in the tables presented may not recalculate or sum exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
Previous wording
•conditions in global financial markets and domestic and international economic and social conditions, including inflation, risk of recession, political uncertainty and discord, geopolitical events or conflicts (including the conflicts in Ukraine and the Middle East), international trade policies and sanctions laws;
Current wording
•conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws;
Previous wording
•the impact of the introduction of, or any changes to, laws, regulations, rules or government policies with respect to, among other things, financial markets and climate change, as well as increased regulatory scrutiny or enforcement actions;
Current wording
•the global impact of the introduction of, or any changes to, laws, regulations, rules or government policies with respect to, among other things, financial markets and climate change, as well as increased regulatory scrutiny or enforcement actions;
Previous wording
•the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans;
Current wording
•the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks, cyberterrorism or other disruptions;
Previous wording
•our ability to realize the expected benefits of our acquisitions and our investments, including our acquisition of Black Knight, Inc., or Black Knight, and our ability to remain in compliance with the Federal Trade Commission consent order to resolve antitrust concerns regarding our acquisition of Black Knight;
Current wording
•our ability to realize the expected benefits of our acquisitions and our investments, including our acquisition of Black Knight, Inc., or Black Knight;
Previous wording
•our ability to keep pace with technological developments and client preferences;
Current wording
•our ability to keep pace with technological developments and client preferences, including with regard to our emerging technology initiatives and the use of artificial intelligence in certain of our existing products;
Previous wording
•the impact of climate change and the transition to renewable energy;
Current wording
•the impact of climate change and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes;
Previous wording
•our ability to keep information and data relating to the customers of the users of the software and services provided by our Mortgage Technology business confidential;
Current wording
•our ability to keep information and data relating to the customers of the users of the software and services provided by our ICE Mortgage Technology business confidential;
Previous wording
•the impacts of a public health emergency or pandemic, including a re-emergence of the COVID-19 pandemic, on our business, results of operations and financial condition as well as the broader business environment;
Current wording
•the impacts of a public health emergency or pandemic on our business, results of operations and financial condition as well as the broader business environment;
Previous wording
We are a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. These products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows:
Current wording
We are a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows:
Previous wording
Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Since 2022, macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment.
Current wording
Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Since 2022, macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment.
Previous wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates in 2022, 2023 and, to a lesser extent, during the nine months ended September 30, 2024, have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates remain high or further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Current wording
Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during the first few months of 2025, we have seen increased trading across a number of our products, such as interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates in 2023 and, to a lesser extent, 2024, resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates remain high or further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness.
Previous wording
We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, geopolitical events and military conflicts, including election uncertainty and outcomes and repercussions from the conflicts in Ukraine and the Middle East and the impact that any of the foregoing may have on the global economy and on our business. We also continue to closely monitor credit worthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.
Current wording
We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, inflation rates, changes in tariffs and trade policies, market volatility, geopolitical events and military conflicts and repercussions from, and the impact that, any of the foregoing may have on the global economy and on our business. We also continue to closely monitor credit worthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.
Previous wording
(1) Operating loss from our Mortgage Technology segment was $134 million and $202 million for the nine months ended September 30, 2024 and 2023, respectively.
Current wording
(1) Operating loss from our Mortgage Technology segment was $27 million and $48 million for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
•Revenues, less transaction-based expenses, increased $1.2 billion and $346 million for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the nine and three months ended September 30, 2024 includes $14 million and $6 million, respectively, in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2023.
Current wording
•Revenues, less transaction-based expenses, increased $183 million for the three months ended March 31, 2025 from the comparable period in 2024. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. The change in revenues during the three months ended March 31, 2025 includes $8 million in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2024.
Previous wording
•Operating expenses increased $706 million and $88 million for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The increase in operating expenses during the nine and three months ended September 30, 2024 includes $6 million and $2 million, respectively, in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2023.
Current wording
•Operating expenses increased $25 million for the three months ended March 31, 2025 from the comparable period in 2024. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The increase in operating expenses during the three months ended March 31, 2025 includes $1 million in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable period in 2024.
Previous wording
For both the nine and three months ended September 30, 2024, 22% of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros, and for the nine and three months ended September 30, 2023, 19% and 20% of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros, respectively. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were higher by $11 million and $4 million for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023.
Current wording
For the three months ended March 31, 2025 and 2024, 24% and 23%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Exchanges segment revenues, less transaction-based expenses, were lower by $7 million for the three months ended March 31, 2025 from the comparable period in 2024.
Previous wording
Our exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $936 million and $729 million for the nine months ended September 30, 2024 and 2023, respectively, and $320 million and $241 million for the three months ended September 30, 2024 and 2023, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the nine and three months ended September 30, 2024 was primarily due to higher volumes traded as compared to the comparable periods in 2023.
Current wording
Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $402 million and $297 million for the three months ended March 31, 2025 and 2024, respectively. We offer rebates in certain of our markets primarily to support market liquidity and trading volume by providing qualified participants in those markets a discount to the applicable commission rate. Such rebates are calculated based on volumes traded. The increase in rebates for the three months ended March 31, 2025 was primarily due to higher volumes traded as compared to the comparable period in 2024.
Previous wording
•Energy Futures and Options: Total energy volume increased 28% and revenues increased 29% for the nine months ended September 30, 2024 from the comparable period in 2023 and volume increased 25% and revenues increased 23% for the three months ended September 30, 2024 from the comparable period in 2023.
Current wording
•Energy Futures and Options: Total volumes in our energy futures and options markets increased 24% and revenues increased 22% for the three months ended March 31, 2025 from the comparable period in 2024.
Previous wording
–Total oil futures and options volume increased 23% and 19% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, in part due to ongoing geopolitical issues in the Middle East as well as supply/demand dynamics.
Current wording
–Oil futures and options volume increased 18% for the three months ended March 31, 2025 from the comparable period in 2024, due to ongoing geopolitical risks and uncertainty regarding oil supply and demand fundamentals.
Previous wording
–Our global natural gas futures and options volume increased 35% for both the nine and three months ended September 30, 2024 from the comparable periods in 2023, due to continued growth in our TTF and Asian JKM gas complexes, as well as strength in our North American natural gas products driven by increased volatility related to shifting weather and fundamentals.
Current wording
–Global natural gas futures and options volume increased 33% for the three months ended March 31, 2025 from the comparable period in 2024. The volume increase in our North American gas products was driven by volatility related to rising variability in storage outcomes and increased demand for natural gas. In addition, continued growth in our TTF and Asian JKM gas contracts was driven by weather-related supply and demand dynamics, supply disruptions and geopolitical uncertainty.
Previous wording
–Our environmentals and other futures and options volume increased 41% and 56% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, due to ongoing geopolitical issues in the Middle East as well as supply/demand dynamics.
Current wording
–Environmentals and other futures and options volume increased 25% for the three months ended March 31, 2025 from the comparable period in 2024, due to higher power and environmental volumes compared to the prior year period.
Previous wording
•Agricultural and Metals Futures and Options: Total volumes in our agricultural and metals futures and options markets increased 1% and were flat for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 and revenues decreased 3% for both the nine and three months ended September 30, 2024 from the comparable periods in 2023. In the third quarter of 2024, increased sugar, coffee and cotton volumes were offset by lower cocoa volumes.
Current wording
•Agricultural and Metals Futures and Options: Total volumes in our agricultural and metals futures and options markets decreased 13% and revenues decreased 11% for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to lower cocoa volumes.
Previous wording
–Sugar futures and options volumes decreased 8% and increased 17% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023.
Current wording
–Sugar futures and options volumes increased 20% for the three months ended March 31, 2025 from the comparable period in 2024, driven by price volatility related to a global deficit due to supply constraints and strong demand.
Previous wording
–Other agricultural and metal futures and options volume increased 8% and decreased 11% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023.
Current wording
–Other agricultural and metal futures and options volume decreased 30% for the three months ended March 31, 2025 from the comparable period in 2024, primarily driven by an ongoing global supply shortage and historically high prices impacting our cocoa markets.
Previous wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity index products, decreased 9% and 2% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. Revenue decreased 3% and increased 4% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. The decrease in other financial futures and options volume was primarily due to lower equity market volatility than during the comparable period in 2023.
Current wording
–Other financial futures and options volume, which includes our MSCI®, FTSE® and NYSE FANG+ equity indices, U.S. Dollar Index and foreign exchange products, increased 3% and revenue increased 8% for the three months ended March 31, 2025 from the comparable period in 2024. The overall increase in other financial futures and options volume was primarily due to higher equity market volatility than during the comparable period in 2024.
Previous wording
•Cash Equities and Equity Options: Cash equities volume increased 9% and 11% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, driven by increased participation and higher market share. Cash equities revenues, net of transaction-based expenses, were $228 million and $198 million for the nine months ended September 30, 2024 and 2023, respectively, and $77 million and $64 million for the three months ended September 30, 2024 and 2023, respectively. Equity options volume increased 20% and 32% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, driven by increased participation and higher market share. Equity options revenues, net of transaction-based expenses, were $89 million and $86 million for the nine months ended September 30, 2024 and 2023, respectively, and $30 million and $29 million for the three months ended September 30, 2024 and 2023, respectively.
Current wording
•Cash Equities and Equity Options: Cash equities volume increased 20% for the three months ended March 31, 2025 from the comparable period in 2024, due to higher industry volumes and heightened volatility driven by uncertainty related to geopolitical risks. Cash equities revenues, net of transaction-based expenses, were $81 million and $71 million for the three months ended March 31, 2025 and 2024, respectively. The increase in revenues was driven by an increase in volume, partially offset by lower market share. Equity options volume increased 8% for the three months ended March 31, 2025 from the comparable period in 2024, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $38 million and $28 million for the three months ended March 31, 2025 and 2024, respectively. The increase in revenues was driven by an increase in volume, partially offset by lower market share.
Previous wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues increased 1% and 5% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023.
Current wording
•OTC and Other: OTC and other transactions include revenues from our OTC energy business and other trade confirmation services, as well as net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Our OTC and other revenues decreased 1% for the three months ended March 31, 2025 from the comparable period in 2024.
Previous wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 3% for both the nine and three months ended September 30, 2024 from the comparable periods in 2023. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.
Current wording
•Data and Connectivity Services: Our data and connectivity services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024. The increase in revenue was driven by the strong retention rate of existing customers, the addition of new customers and increased purchases by existing customers.
Previous wording
•Listings Revenues: Through NYSE, NYSE American and NYSE Arca, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues decreased 3% and 1% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 due to the roll off of initial listing fees from the strong initial public offering, or IPO, market in 2021. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Current wording
•Listings Revenues: Through NYSE, NYSE American, NYSE Arca and NYSE Texas, we generate listings revenue related to the provision of listings services for public companies and ETFs, and related corporate actions for listed companies. Listings revenues were flat for the three months ended March 31, 2025 from the comparable period in 2024. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.
Previous wording
Open interest is the aggregate number of contracts (long or short) that clearing members hold either for their own account or on behalf of their clients. Open interest refers to the total number of contracts that are currently “open,” in other words, contracts that have been entered into but not yet liquidated by either an offsetting trade, exercise, expiration or assignment. Open interest represents a measure that we believe is useful for management and investors in understanding future activity remaining to be closed out in terms of the number of contracts that members and their clients continue to hold in the particular contract and by the number of contracts held for each contract month listed by the exchange. The following charts and table present our quarter-end open interest for our futures and options contracts (in thousands, except for percentages):
Current wording
Open interest is the aggregate number of contracts (long or short) that clearing members hold either for their own account or on behalf of their clients. Open interest refers to the total number of contracts that are currently “open,” in other words, contracts that have been entered into but not yet liquidated by either an offsetting trade, exercise, expiration or assignment. Open interest is also a measure that we believe is useful for management and investors in understanding future activity remaining to be closed out in terms of the number of contracts that members and their clients continue to hold in the particular contract and by the number of contracts held for each contract month listed by the exchange. The following charts and table present our quarter-end open interest for our futures and options contracts (in thousands, except for percentages):
Previous wording
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our transaction and clearing revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections. Section 31 fees were $437 million and $231 million for the nine months ended September 30, 2024 and 2023, respectively, and $232 million and $56 million for the three months ended September 30, 2024 and 2023, respectively. The increase in Section 31 fees during the nine and three months ended months ended September 30, 2024 was primarily due to an increase in rates and volume during the period. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. The total amount of Section 31 fees payable is included in current liabilities and was $76 million as of September 30, 2024.
Current wording
Our equities and equity options markets pay fees to the SEC pursuant to Section 31 of the Exchange Act. Section 31 fees are recorded on a gross basis as a component of transaction and clearing fee revenue. These Section 31 fees are assessed to recover the government’s costs of supervising and regulating the securities markets and professionals and are subject to change. We, in turn, collect corresponding activity assessment fees from member organizations clearing or settling trades on the equities and options exchanges, and recognize these amounts in our transaction and clearing revenues when invoiced. The activity assessment fees are designed to equal the Section 31 fees. As a result, activity assessment fees and the corresponding Section 31 fees do not have an impact on our net income, although the timing of payment by us will vary from collections. Section 31 fees were $262 million and $67 million for the three months ended March 31, 2025 and 2024, respectively. The increase in Section 31 fees during the three months ended March 31, 2025 was primarily due to an increase volumes during the period combined with higher rates. The fees we collect are included in cash at the time of receipt and we remit the amounts to the SEC twice a year as required. The total amount of Section 31 fees payable is included in current liabilities and was $260 million as of March 31, 2025.
Previous wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of transaction and clearing fee revenue. Cash liquidity payments, routing and clearing fees were $1.3 billion and $1.2 billion for the nine months ended September 30, 2024 and 2023, respectively, and $452 million and $370 million for the three months ended September 30, 2024 and 2023, respectively.
Current wording
We make liquidity payments to cash and options trading customers, as well as routing charges made to other exchanges which are included in transaction-based expenses. We incur routing charges when we do not have the best bid or offer in the market for a security that a customer is trying to buy or sell on one of our securities exchanges. In that case, we route the customer’s order to the external market center that displays the best bid or offer. The external market center charges us a fee per share (denominated in tenths of a cent per share) for routing to its system. We record routing charges on a gross basis as a component of transaction and clearing fee revenue. Cash liquidity payments, routing and clearing fees were $494 million and $444 million for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
In the table above, we consider fixed income data and analytics revenues and other data and network services revenues to be recurring revenues.
Current wording
In the table above, we consider fixed income data and analytics revenues and data and network technology revenues to be recurring revenues.
Previous wording
For the nine and three months ended September 30, 2024, 11% and 10%, respectively, of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros, and for both the nine and three months ended September 30, 2023, 11% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were higher by $3 million and $2 million for the nine and three months ended September 30, 2024, respectively, than the comparable periods in 2023.
Current wording
For the three months ended March 31, 2025 and 2024, 10% and 11%, respectively, of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. As the pound sterling or euro exchange rate changes, the U.S. equivalent of revenues denominated in foreign currencies changes accordingly. Due to the fluctuations of the pound sterling and euro compared to the U.S. dollar, our Fixed Income and Data Services revenues were lower by $1 million for the three months ended March 31, 2025 than the comparable period in 2024.
Previous wording
Our Fixed Income and Data Services revenues increased 3% and 5% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, primarily due to strength in our fixed income data and analytics products and our other data and network services.
Current wording
Our Fixed Income and Data Services revenues increased 5% for the three months ended March 31, 2025 from the comparable period in 2024, primarily due to strength in our fixed income data and analytics products and our data and network technology.
Previous wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were nominal for both the nine and three months ended September 30, 2024, and 2023. Our fixed income execution revenues decreased 5% and 2% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 as higher revenues from corporate and municipal bond trading were more than offset by lower levels of U.S. treasury activity.
Current wording
•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $2 million and $3 million for the three months ended March 31, 2025, and 2024, respectively. Our fixed income execution revenues increased 16% for the three months ended March 31, 2025 from the comparable period in 2024 driven by elevated market volatility related to geopolitical and macroeconomic uncertainty.
Previous wording
•CDS Clearing: CDS clearing revenues decreased 4% and increased 3% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023. The notional value of CDS cleared was $15.7 trillion and $15.3 trillion for the nine months ended September 30, 2024 and 2023, respectively, and $6.6 trillion and $5.0 trillion for the three months ended September 30, 2024 and 2023, respectively. The overall decrease in revenues for the nine months ended September 30, 2024 was primarily due to lower net interest income on collateral balances.
Current wording
•CDS Clearing: CDS clearing revenues increased 2% for the three months ended March 31, 2025 from the comparable period in 2024. The notional value of CDS cleared was $7.0 trillion and $5.0 trillion for the three months ended March 31, 2025 and 2024, respectively. The overall increase in the notional value of CDS cleared was primarily driven by elevated market volatility related to geopolitical and macroeconomic uncertainty.
Previous wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 5% and 6% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023 due to growth in our pricing and reference data business and strength in our index business.
Current wording
•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 4% for the three months ended March 31, 2025 from the comparable period in 2024 due to growth in our pricing and reference data business and strength in our index business.
Previous wording
•Other Data and Network Services: Our other data and network services revenues increased 5% and 6% for the nine and three months ended September 30, 2024, respectively, from the comparable periods in 2023, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds and desktop revenues.
Current wording
•Data and Network Technology: Our data and network technology revenues increased 7% for the three months ended March 31, 2025 from the comparable period in 2024, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.
Showing the first 40 of 105 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
In addition, our clearing houses earned interest income of $19 million and $23 million during the three months ended March 31, 2025, and 2024, respectively. The remainder primarily relates to interest earned on various unrestricted and restricted cash balances held within our group entities.
Current report — wording carried from elsewhere
•The three months ended March 31, 2024 included the $160 million gain related to the PennyMac arbitration final award payment;
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
*Percentage changes in the table above deemed "n/a" are not meaningful.
Previous report — wording carried elsewhere
Low-Taxed Income in 2023 and 2024, thus the majority of our foreign earnings in 2023 and 2024 are not expected to be subject to immediate U.S. income taxation. These foreign earnings can also generally be distributed to the U.S. with no additional material U.S. income tax consequences, primarily due to the availability of dividend received deductions.
Previous report — wording carried elsewhere
•An increase in changes in working capital accounts of $159 million, including the following:
Previous report — wording carried elsewhere
Other adjustments not considered to be a part of our core business operations include: