Intercontinental Exchange, Inc.

Previous wording

Acquisition of MarketAxess Holdings Inc.

Current wording

Pending Acquisition of MarketAxess Holdings Inc.

Previous wording

On July 29, 2026, we entered into a definitive agreement to acquire MarketAxess Holdings Inc., or MarketAxess, a leading operator of electronic trading platforms for global institutional fixed income markets.

Current wording

On July 29, 2026, we entered into a definitive agreement to acquire MarketAxess Holdings Inc., or MarketAxess, a leading operator of electronic trading platforms for global institutional fixed income markets. The transaction implies an equity value of approximately $6.0 billion, or $167 per share, with purchase consideration consisting entirely of cash. For further information regarding the financing agreements entered into in connection with this acquisition, see Note 8.

Previous 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 six months of 2026, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years 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 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 nine months of 2026, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years 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 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, 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.

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 creditworthiness of our counterparties, clearing members and our financial service providers and take risk management measures in line with established risk management frameworks.

Previous wording

In January 2026, the OECD released a comprehensive package of administrative guidance related to Pillar Two implementing the G7's June 2025 political agreement on a "Side-by-Side" system. This system, if implemented by each relevant jurisdiction, will apply for accounting periods beginning on or after January 1, 2026, and will effectively exempt U.S. parented groups from the main international components of Pillar Two. This new guidance on Pillar Two did not have a material impact on our financial statements as of June 30, 2026 or December 31, 2025.

Current wording

In January 2026, the Organisation for Economic Cooperation and Development, or OECD, released a comprehensive package of administrative guidance related to Pillar Two implementing the G7's June 2025 political agreement on a "Side- by-Side" system. This system, if implemented by each relevant jurisdiction, will apply for accounting periods beginning on or after January 1, 2026, and will effectively exempt U.S. parented groups from the main international components of Pillar Two. This new guidance on Pillar Two did not have a material impact on our financial statements as of September 30, 2026 or December 31, 2025.

Previous wording

•EMIR 3.0. In February 2026, the Delegated Act specifying the Active Account Requirement, or AAR, under the European Market Infrastructure Regulation, or EMIR, known as EMIR 3.0, became effective. The AAR mandates EU market participants to establish accounts for euro-denominated short-term interest rate derivatives at an EU central counterparty and clear a certain number of trades in an EU account. In 2025, ICE Clear Netherlands was authorized to clear euro-denominated short-term interest rate derivatives traded at ICE Futures Europe and thus allows market participants in scope for the AAR to satisfy their obligations. Nevertheless, the AAR could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.

Current wording

•EMIR 3.0. In February 2026, the Delegated Act specifying the Active Account Requirement, or AAR, under the European Market Infrastructure Regulation, or EMIR, known as EMIR 3.0, became effective. The AAR mandates EU market participants to establish accounts for euro-denominated short-term interest rate derivatives at an EU central counterparty, or CCP, and clear a certain number of trades in an EU account. In July 2026, the European Securities and Markets Authority, or ESMA, published its interim report on the AAR and its first annual report on the joint monitoring mechanism. ESMA noted early but limited signs of clearing activity shifting from U.K.-based Tier 2 CCPs to EU CCPs and concluded it is too early to assess the AAR's effectiveness. In 2025, ICE Clear Netherlands was authorized to clear euro-denominated short-term interest rate derivatives traded at ICE Futures Europe and thus allows market participants in scope for the AAR to satisfy their obligations. Nevertheless, the AAR could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.

Previous wording

•Policy Intervention to Address High Energy Prices. In July 2026, the European Commission published a proposal to revise the EU Emissions Trading System, or EU ETS, with a focus on reducing carbon price volatility and limiting impact on electricity prices. Any resulting policy changes could affect ICE Endex, the primary European exchange for emissions allowance trading under the EU ETS, and ICE Clear Europe which clears those contracts.

Current wording

•Policy Intervention to Address High Energy Prices. The U.S. is exploring a temporary diesel export ban to ease domestic diesel prices. If implemented, volumes at ICE Futures Europe, the exchange for gasoline and crude related futures, and ICE Clear Europe which clears those contracts, could be impacted. Separately, in July 2026, the European Commission published a proposal to revise the EU Emissions Trading System, or EU ETS, with a focus on reducing carbon price volatility and limiting impact on electricity prices. Any resulting policy changes could affect ICE Endex, the primary European exchange for emissions allowance trading under the EU ETS, and ICE Clear Europe which clears those contracts.

Previous wording

•Digital Asset Regulation. The U.S. House and Senate are working to finalize market structure legislation, known as the Clarity Act, covering digital commodities and securities. If decentralized finance platforms offering products similar to regulated instruments are excluded from regulation, it could affect market and competitive dynamics and result in reduced contract volumes traded and cleared at our exchanges and clearing houses. We are monitoring the proposals and any impact on our exchanges and clearing houses.

Current wording

•Digital Asset Regulation. The regulatory structure for digital assets continues to take shape through potential legislation, rulemaking, and other actions by relevant regulators. If platforms offering products similar to regulated instruments are excluded from regulation or subject to lesser requirements, it could affect market and competitive dynamics and result in reduced trading volumes on our exchanges and contracts cleared at our clearing houses. We are monitoring the developments and any impact on our exchanges and clearing houses.

Previous wording

•Equity Market Structure Rules. In June 2026, the SEC issued a proposal that would amend Regulation NMS Rule 611 (the "order protection" or "trade through" rule) and Rule 610(e) (prohibiting locked and crossed markets). The proposal, if adopted, would represent one of the most significant changes to U.S. equity market structure in recent decades and could have meaningful effects on market and competitive dynamics for venues that facilitate trading of equity securities, including potentially reducing fragmentation. In connection with the proposal, the SEC also extended until November 2027 the compliance period for changes to tick sizes and reduced fee caps exchanges can charge market participants for access to protected quotations.

Current wording

•Equity Market Structure Rules. In June 2026, the SEC issued a proposal that would amend Regulation NMS Rule 611 (the "order protection" or "trade through" rule) and Rule 610(e) (prohibiting locked and crossed markets). The proposal, if adopted, would represent one of the most significant changes to the U.S. equity market structure in recent decades and could have meaningful effects on market and competitive dynamics for venues that facilitate trading of equity securities, including potentially reducing fragmentation. Separately, more recently, the SEC issued what it calls an Innovation Exemption that provides a time-limited conditional exception from exchange registration requirements for the on-chain trading of tokenized U.S. listed securities. This exemption would allow venues to compete with regulated entities in the secondary market trading of U.S. listed securities with fewer regulatory requirements and could impact trading volumes on our securities exchanges.

Previous wording

•Consolidated Audit Trail. In April 2026, the SEC issued a concept release soliciting public comment in support of a comprehensive review of the Consolidated Audit Trail, or CAT, and other audit trails and related data sources currently used in the regulation of U.S. securities markets. Among the topics for which the SEC sought comment is CAT funding and cost management, regulatory purposes, structure and governance, and design and scope. The future of the CAT, including the proportion of funding that exchanges will contribute prospectively and for historical costs, will be heavily influenced by the comments received. In the meantime, the SEC has approved certain cost savings amendments for the CAT, and private litigations are going.

Current wording

•Consolidated Audit Trail. In April 2026, the SEC issued a concept release soliciting public comment in support of a comprehensive review of the Consolidated Audit Trail, or CAT, and other audit trails and related data sources currently used in the regulation of U.S. securities markets. After considering comments submitted, SEC leadership announced the agency is now considering fundamental changes to restructure the CAT to address cost, governance, and funding issues. The funding obligations of exchanges and the exchanges' regulatory capabilities using the CAT ultimately could be substantially different than the current state. Private litigation is ongoing.

Previous wording

•Capital Markets. The SEC proposed several rules during this quarter designed to encourage more companies to go and stay public, including optionality for semiannual reporting, extending current disclosure scaling and other accommodations that simplify the filer status framework, expanding the availability of shelf registration, and rescinding climate-related disclosure rules. If adopted, these rules could have effects on competitive dynamics for listing venues.

Current wording

•Capital Markets. The SEC proposed several rules during this quarter designed to encourage more companies to go and stay public, including changes to shareholder proposal rules and modernization of the proxy solicitation process.

Previous wording

(1) Operating income/(loss) from our Mortgage Technology segment was $32 million and $(16) million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

(1) Operating income from our Mortgage Technology segment was $45 million and $6 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

(2) The adjusted figures exclude items that are not reflective of our cash operations or core business performance. Adjusted net income attributable to ICE is presented net of taxes. These adjusted numbers are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.

Current wording

(2) The adjusted figures exclude items that are not reflective of our cash operations or core business performance. Adjusted net income attributable to ICE is presented net of taxes. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.

Previous wording

(2)The adjusted figures exclude items that are not reflective of our ongoing cash operations or core business performance. Adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders are presented net of taxes. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.

Current wording

(2)The adjusted figures exclude items that are not reflective of our cash operations or core business performance. Adjusted net income attributable to ICE and adjusted diluted earnings per share attributable to ICE common stockholders are presented net of taxes. These adjusted figures are not calculated in accordance with U.S. GAAP. See “—Non-GAAP Financial Measures” below.

Previous wording

•Revenues, less transaction-based expenses, increased $627 million and $123 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. 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 six and three months ended June 30, 2026 includes $58 million and $6 million, respectively, in favorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2025.

Current wording

•Revenues, less transaction-based expenses, increased $981 million and $354 million for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. See "—Exchanges Segment", "—Fixed Income and Data Services Segment" and "—Mortgage Technology Segment" below for a discussion of the significant changes in our revenues. Due to fluctuations in the U.S. dollar compared to the pound sterling and euro, our consolidated revenues were higher by $54 million and lower by $4 million for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

•Operating expenses increased $89 million and $29 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. The changes in operating expenses during the six and three months ended June 30, 2026 include $9 million and $1 million, respectively, in unfavorable foreign exchange effects arising from fluctuations in the U.S. dollar from the comparable periods in 2025.

Current wording

•Operating expenses increased $207 million and $118 million for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. See "—Consolidated Operating Expenses" below for a discussion of the significant changes in our operating expenses. Due to fluctuations in the U.S. dollar compared to the pound sterling and euro, our consolidated operating expenses were higher by $8 million and lower by $1 million for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

For the six and three months ended June 30, 2026, 28% and 24%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. For the six and three months ended June 30, 2025, 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 higher by $52 million and $5 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.

Current wording

For the nine months ended September 30, 2026 and 2025, 27% and 24%, respectively, of our Exchanges segment revenues, less transaction-based expenses, were billed in pounds sterling or euros. For the three months ended September 30, 2026 and 2025, 25% and 22%, 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 higher by $48 million and lower by $4 million for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $1.1 billion and $842 million for the six months ended June 30, 2026 and 2025, respectively, and $469 million and $440 million for the three months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 was primarily due to higher volumes traded as compared to the comparable period in 2025.

Current wording

Our Exchange transaction and clearing revenues are presented net of rebates. We recorded rebates of $1.7 billion and $1.2 billion for the nine months ended September 30, 2026 and 2025, respectively, and $533 million and $372 million for the three months ended September 30, 2026 and 2025, 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, 2026 was primarily due to higher volumes traded as compared to the comparable periods in 2025.

Previous wording

•Energy Futures and Options: Total volume in our energy futures and options markets increased 5% and decreased 21% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, and revenues increased 16% and decreased 13% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.

Current wording

•Energy Futures and Options: Total volume in our energy futures and options markets increased 9% and 18% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, and revenues increased 18% and 25% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

–Environmentals and other futures and options volume increased 8% and decreased 7% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in volumes for the six month period ended June 30, 2026 was primarily due to higher power volume combined with higher emissions volume driven by political uncertainty and a sharp decline in European Union Allowance, or EUA, prices primarily impacting our first quarter volumes. The decrease in volume for the three month period ended June 30, 2026 was due to lower emissions volume.

Current wording

–Environmentals and other futures and options volume increased 9% and 10% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, primarily due to higher power volume combined with higher emissions volume driven by political uncertainty and a sharp decline in European Union Allowance, or EUA, prices, which primarily affected the first quarter of 2026.

Previous wording

•Agricultural and Metals Futures and Options: Total volume in our agricultural and metals futures and options markets increased 32% and 36% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 31% and 35% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.

Current wording

•Agricultural and Metals Futures and Options: Total volume in our agricultural and metals futures and options markets increased 40% and 57% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 40% and 62% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

–Other agricultural and metal futures and options volume increased 38% and 40% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, primarily driven by geopolitical risks and shifting demand impacting our coffee and cocoa markets.

Current wording

–Other agricultural and metal futures and options volume increased 40% and 44% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, primarily due to higher coffee and cocoa volume. Coffee volume increased due to continued price volatility. Cocoa volume increased due to weather-related supply concerns impacting both the near-term and long-term supply outlook.

Previous wording

•Financial Futures and Options: Total volume in our financial futures and options markets increased 44% and 23% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 43% and 21% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.

Current wording

•Financial Futures and Options: Total volume in our financial futures and options markets increased 44% and 45% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 41% and 37% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous 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 9% and 5% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 17% and 11% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The overall increase in volume was primarily due to higher equity market volatility compared to the prior year period.

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 9% and 8% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025 and revenues increased 14% and 9% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. For the nine month period, the increase was primarily due to volatility in China and emerging markets impacting the MSCI® volume combined with fee increases within our FTSE® indices. For the three-month period, the increase in revenues was primarily due to the FTSE® indices fee increases.

Previous wording

•Cash Equities and Equity Options: Cash equities volume increased 24% and 12% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, primarily due to higher industry volumes driven by geopolitical risks and higher retail participation. Cash equities revenues, net of transaction-based expenses, were $187 million and $164 million for the six months ended June 30, 2026 and 2025, respectively, and $102 million and $83 million for the three months ended June 30, 2026 and 2025, respectively. The increase in revenue was primarily related to higher industry volumes partially offset by lower capture rate.

Current wording

•Cash Equities and Equity Options: Cash equities volume increased 15% and decreased 2% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. The increase in volume for the nine-month period was primarily due to higher industry volumes driven by geopolitical risks and higher retail participation. Cash equities revenues, net of transaction-based expenses, were $283 million and $233 million for the nine months ended September 30, 2026 and 2025, respectively, and $96 million and $69 million for the three months ended September 30, 2026 and 2025, respectively. The increase in revenue for the nine month period ended September 30, 2026 was primarily related to higher capture rate combined with higher industry volumes. The increase in revenue for the three month period ended September 30, 2026 was primarily related to higher capture rate partially offset by lower industry volumes.

Previous wording

Equity options volume increased 33% and 44% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by higher industry volumes. Equity options revenues, net of transaction-based expenses, were $76 million and $78 million for the six months ended June 30, 2026 and 2025, respectively, and $38 million and $40 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in revenue was primarily due to lower capture rate, partially offset by higher industry volumes.

Current wording

Equity options volume increased 32% and 29% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, driven by higher industry volumes due to geopolitical risks. Equity options revenues, net of transaction-based expenses, were $112 million and $114 million for the nine months ended September 30, 2026 and 2025, respectively, and $36 million for both the three months ended September 30, 2026 and 2025. The decrease in revenue for the nine month period ended September 30, 2026 was primarily due to lower capture rate, partially offset by higher industry volumes, and revenues were flat for the three month period ended September 30, 2026 primarily due to lower capture rate offset by higher industry volumes.

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 7% and 15% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase for the six month period was primarily due to higher net interest income and fees on collateral balances, partially offset by lower exchange regulatory fees. The increase for the three month period was primarily due to higher net interest income and fees on collateral balances.

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 increased 9% and 13% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. The increase for both the nine and three month periods was primarily due to higher net interest income and fees on collateral balances, partially offset by lower exchange regulatory fees.

Previous wording

•Data and Connectivity Services: Our data and connectivity services revenues increased 13% and 12% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025. The increase in revenue was driven by strong customer retention, new customer additions and increased spending by existing customers.

Current wording

•Data and Connectivity Services: Our data and connectivity services revenues increased 12% and 10% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. The increase in revenue was driven by strong customer retention, new customer additions and increased spending by existing customers.

Previous 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 increased 5% for each of the six and three months ended June 30, 2026 from the comparable periods in 2025, primarily due to new listings. 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 increased 5% and 4% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, primarily due to new listings. All listings fees are billed upfront, and revenues are recognized over time as the identified performance obligations are satisfied.

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 exchanges 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 exchanges 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 $288 million and $412 million for the six months ended June 30, 2026 and 2025, respectively, and $288 million and $150 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in Section 31 fees for the six month period ended June 30, 2026 was primarily due to the SEC setting the fee rate to zero beginning in May 2025, after the full fiscal year 2025 appropriation had been collected. The SEC reinstated the fee rate in April 2026, which drove the increase in Section 31 fees for the three months ended June 30, 2026 compared to the same prior year 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 $286 million as of June 30, 2026.

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 exchanges 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 exchanges 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 $571 million and $412 million for the nine months ended September 30, 2026 and 2025, respectively, and $283 million for the three months ended September 30, 2026. We did not incur any Section 31 fees for the three months ended September 30, 2025 due to the SEC setting the fee rate to zero beginning in May 2025, after the full fiscal year 2025 appropriation had been collected. The SEC reinstated the fee rate in April 2026. The increase in Section 31 fees for the nine and three month periods ended September 30, 2026 was primarily due to higher volumes and the impact of the fee rate described above. 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 $94 million as of September 30, 2026.

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 exchanges revenue. Cash liquidity payments, routing and clearing fees were $1.3 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively, and $657 million and $569 million for the three months ended June 30, 2026 and 2025, respectively. The increase was primarily due to higher volumes traded during the six months ended June 30, 2026 as compared to the comparable period in 2025.

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 exchanges revenue. Cash liquidity payments, routing and clearing fees were $1.9 billion and $1.7 billion for the nine months ended September 30, 2026 and 2025, respectively, and $582 million and $596 million for the three months ended September 30, 2026 and 2025, respectively. The increase for the nine month period ended September 30, 2026 was primarily due to higher volumes traded partially offset by higher capture rate within the cash equities exchanges. The decrease for the three month period ended September 30, 2026 was due to higher capture rate within the cash equities exchanges partially offset by higher volumes.

Previous wording

For each of the six and three months ended June 30, 2026, 10% of our Fixed Income and Data Services segment revenues were billed in pounds sterling or euros. For the six and three months ended June 30, 2025, 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 higher by $6 million and $1 million for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025.

Current wording

For each of the nine and three months ended September 30, 2026 and 2025, 10% 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 $6 million and were flat for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025.

Previous wording

Our Fixed Income and Data Services revenues increased 9% and 8% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, primarily due to strength in our fixed income data and analytics products and our data and network technology portfolio, and our CDS clearing business.

Current wording

Our Fixed Income and Data Services revenues increased 9% for both the nine and three months ended September 30, 2026 from the comparable periods in 2025, primarily due to strength in our fixed income data and analytics products and our data and network technology portfolio, and our CDS clearing business.

Previous wording

•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $4 million and $2 million for the six and three months ended June 30, 2026, respectively, and $6 million and $4 million for the six and three months ended June 30, 2025, respectively. Our fixed income execution revenues decreased 2% and 4% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 primarily due to lower trading volumes as market volatility moderated relative to the prior year period.

Current wording

•Fixed Income Execution: Fixed income execution includes revenues from ICE Bonds. Execution fees are reported net of rebates, which were $7 million for both the nine months ended September 30, 2026 and 2025, and $3 million for both the three months ended September 30, 2026 and 2025. Our fixed income execution revenues were flat for the nine months ended September 30, 2026 from the comparable period in 2025. Our fixed income execution revenues increased 5% for the three months ended September 30, 2026 from the comparable period in 2025 primarily due to increased execution volume amid market volatility and the interest rate environment.

Previous wording

•CDS Clearing: CDS clearing revenues increased 11% and 2%, respectively, for the six and three months ended June 30, 2026 from the comparable periods in 2025. Clearing fees are reported net of rebates, which were $3 million and $2 million for the six and three months ended June 30, 2026, respectively, and $2 million for both the six and three months ended June 30, 2025. The notional value of CDS cleared was $16.1 trillion and $12.8 trillion for the six months ended June 30, 2026 and 2025, respectively, and $6.2 trillion and $5.8 trillion for the three months ended June 30, 2026 and 2025, respectively. The increase in revenues was primarily due to higher clearing volumes driven by elevated market volatility from geopolitical events during the period.

Current wording

•CDS Clearing: CDS clearing revenues increased 11% and 12% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025. Clearing fees are reported net of rebates, which were $9 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively, and $6 million and $3 million for the three months ended September 30, 2026 and 2025, respectively. The notional value of CDS cleared was $24.9 trillion and $19.7 trillion for the nine months ended September 30, 2026 and 2025, respectively, and $8.8 trillion and $7.0 trillion for the three months ended September 30, 2026 and 2025, respectively. The increase in revenues was primarily due to higher clearing volumes driven by elevated market volatility from geopolitical events during the period.

Previous wording

•Fixed Income Data and Analytics: Our fixed income data and analytics revenues increased 8% and 9% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025 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 8% for both the nine and three months ended September 30, 2026 from the comparable periods in 2025 due to growth in our pricing and reference data business and strength in our index business.

Previous wording

•Data and Network Technology: Our data and network technology revenues increased 12% and 11% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.

Current wording

•Data and Network Technology: Our data and network technology revenues increased 11% and 10% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, driven by growth in our ICE Global Network offering, coupled with strength in our consolidated feeds, desktop and derivative analytics revenues.

Previous wording

As of June 30, 2026, ASV was $2.080 billion, which increased 7.9% compared to the ASV as of June 30, 2025. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.

Current wording

As of September 30, 2026, ASV was $2.107 billion, which increased 7.7% compared to the ASV as of September 30, 2025. ASV represents nearly 100% of total data services revenues for this segment. This does not adjust for year-over-year foreign exchange fluctuations.

Previous wording

Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 5% for each of the six and three months ended June 30, 2026 from the comparable periods in 2025 primarily due to higher origination volumes, revenue contributions from new client implementations, and renewal expansions with existing customers that drove broader product adoption.

Current wording

Our mortgage technology revenues are derived from our comprehensive, end-to-end U.S. residential mortgage platform. Our mortgage technology business is intended to enable greater workflow efficiency and mitigate risks for customers throughout the mortgage life cycle. Mortgage technology revenues increased 5% and 4% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025 primarily due to higher origination volumes, revenue contributions from new client implementations, and renewal expansions with existing customers that drove broader product adoption.

Previous wording

•Origination technology: Our origination technology revenues increased 7% and 5% for the six and three months ended June 30, 2026, respectively, from the comparable periods in 2025, driven by origination volume impacting Encompass and Encompass network revenues and renewal expansions of existing customers. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription. Revenues from the Encompass network are largely transaction-based.

Current wording

•Origination technology: Our origination technology revenues increased 5% and 1% for the nine and three months ended September 30, 2026, respectively, from the comparable periods in 2025, driven by origination volume impacting Encompass and Encompass network revenues and renewal expansions of existing customers. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription. Revenues from the Encompass network are largely transaction-based.