ice

What ice does

ICE (Intercontinental Exchange, Inc.) is a U.S.-based financial market infrastructure operator organized around four business segments: Exchanges and Clearing (NYSE, ICE Futures, ICE Clear U.S./Europe/Canada/Singapore, IRM 2 Value-at-Risk portfolio margining across 1,000+ global energy derivatives contracts); Fixed Income and Data Services (market data subscriptions, benchmark administration covering LIBOR transition, ICE Swap Rate, and Brent/WTI indices, plus the ICE Compass AI-driven analytics platform for fixed income traders); Mortgage Technology (Encompass loan origination system and Ellie Mae workflows inherited from the 2022 acquisition of Black Knight); and Energy Markets (oil, natural gas, environmental, power, and coal benchmarks, with ERCOT power futures and options up 30% year-over-year in 2025 volume).

Revenue is generated through a mix of transaction-based fees from exchange and clearing operations, recurring subscription fees from data feeds and mortgage technology SaaS, and benchmark administration services, with the pricing typically quote-based for institutional members and volume-based for high-frequency trading participants. ICE goes to market through direct enterprise field sales to banks, broker-dealers, trading firms, asset managers, and utilities, supported by industry events and content marketing via ICE Insights.

In 2026 the company has expanded into new growth vectors: a 50/50 joint venture with OKX structured as a U.S. registered broker-dealer and FCM to distribute NYSE tokenized equities and ICE futures to OKX's 120 million crypto users; a strategic investment in OKX at a $25 billion valuation with a board seat; GPU Compute Futures contracts with Ornn AI Inc. tied to AI rental pricing and distributed via Bloomberg Terminal; and participation in Anthropic's Project Glasswing to deploy Claude AI across security operations. ICE trades on the NYSE under ticker ICE and operates from Atlanta, with regional headquarters in New York and European operations in London.

Name

ice

Legal name

Intercontinental Exchange, Inc.

Website

https://ice.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

ICE (Intercontinental Exchange) operates the NYSE, ICE Futures, ICE Clear, ICE Mortgage Technology, ICE Data Services, and benchmark administration, providing exchange, clearing, data, and analytics infrastructure to global institutional financial and energy markets.

Ownership category

akta.pro rank

Product category

Financial Market Infrastructure (Exchanges and Clearing)

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

akta.pro secondary industries

Execution Management Systems (EMS) & Smart Order Routing (SOR) Platforms (FSAFANAM), Interdealer Bond Broker (IDB) Platforms (FSAFACAF), IPO & New Issue Issuer Services (Listing/ISIN setup) (FSACAKAH)

Keywords

• Exchange and clearing
• Derivatives trading
• Mortgage technology
• Fixed income data
• Market data services

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Exchange and Clearing Transaction Fees: ICE generates revenue through transaction fees on its exchanges including NYSE, ICE Futures, and energy markets. Fees are charged per trade or contract executed, representing the core revenue engine.
2. Clearing Services: ICE Clear operations generate clearing fees from margin requirements and trade processing across multiple asset classes including derivatives, energy, and mortgage-backed securities.
3. Fixed Income and Data Services: Market data subscriptions and analytics services including ICE Compass, sustainable bonds data, and benchmark administration services. Revenue from financial data terminals and professional data feeds.
4. Mortgage Technology: Encompass loan origination system and mortgage technology platform generating subscription and per-transaction fees from mortgage lenders and servicers.
5. Energy Markets: Revenue from energy trading including oil (Brent, WTI), natural gas, environmental markets, power and coal futures and options contracts.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels3 records

Core offering

ICE operates global exchanges and clearinghouses (NYSE, ICE Futures, ICE Clear) for equities, derivatives, energy, and commodities; provides fixed income and market data analytics services; runs a mortgage technology platform (Encompass) that digitizes loan origination and servicing; and administers benchmark indices including Brent crude, WTI, and LIBOR successor rates. The company also operates newer AI analytics (ICE Compass), tokenized securities infrastructure through an OKX joint venture, and GPU compute futures contracts.

Product overview

ICE (Intercontinental Exchange) operates as a unified platform-plus-modules architecture offering four core business segments: Exchanges and Clearing (digital exchange infrastructure for price discovery, capital raising, indexing, and clearing); Fixed Income and Data Services (extensive market data and analytics for decision-making); Mortgage Technology (digitizing the mortgage process including origination, servicing, and data); and Energy Markets (global commodity benchmarks for oil, natural gas, environmentals, power, and coal). Key products include NYSE, ICE Futures, ICE Clear, ICE Data Services, ICE Mortgage Technology (including Encompass loan origination system), ICE Benchmark Administration, and newer offerings like ICE Compass AI analytics and GPU compute futures.

Differentiator

Problem solved

Functional benefit

Brands

• NYSE: New York Stock Exchange, the world's largest stock exchange by market capitalization of listed companies
• ICE Mortgage Technology
• Black Knight
• ICE Compass
• ICE Benchmark Administration

Products and services

• NYSE (New York Stock Exchange) The New York Stock Exchange, one of the world's largest stock exchanges operated by ICE, providing price discovery, capital raising, and listing services for global companies.
• ICE Futures Derivatives trading across multiple asset classes including commodities (cocoa, coffee, cotton, sugar), energy (oil, natural gas), and financial futures, operating regulated exchanges in the US, Europe, Canada, and Singapore.
• ICE Clear Clearing and risk management services across multiple clearing houses including ICE Clear US, ICE Clear Europe, ICE Clear Canada, and ICE Clear Singapore, supporting futures and OTC derivatives.
• ICE Data Services Comprehensive financial market data services providing pricing, reference data, analytics, and indices for fixed income, equities, commodities, and currencies to institutional clients globally.
• ICE Mortgage Technology (Encompass) Cloud-based loan origination system and mortgage technology platform that digitizes the mortgage process including origination, servicing, and data solutions, serving lenders, servicers, and borrowers across the US housing market.
• ICE Compass AI-driven analytics platform for fixed income traders providing pre-trade decisioning and trading signal extraction from bond market data.
• ICE Benchmark Administration Administrator of benchmark indices including LIBOR, ICE Swap Rate, and Brent Crude indices, providing reference rates used across global financial markets.
• ICE Energy Markets Global energy markets offering benchmark prices for oil (Brent, WTI), natural gas, environmentals, power, and coal commodities traded on ICE exchanges worldwide.
• GPU Compute Futures Futures contracts tied to AI computing rental costs based on the Ornn Compute Price Index (OCPI) benchmark covering H100 and H200 GPUs.
• ICE Market Signals and Sentiment Market intelligence platform that transforms unstructured web data including news, sentiment, and prediction markets into actionable signals for the financial industry.

Quantifiable outcome

• Record Q1 2026 revenue of $3 billion with 37% earnings surge driven by derivatives boom
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability5 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• AnthropiccoreTechnology or Integration · 1 June 2026ICE joined Anthropic's Project Glasswing and is deploying Claude Mythos Preview across its exchanges, clearinghouses, NYSE, data services, and mortgage technology platform to strengthen security and analytics resilience in its trust-backed market infrastructure business.
• T. Rowe PricecoreStrategic or Co-development Partner · 1 June 2026T. Rowe Price is the first anchor client for ICE Compass, an AI-driven analytics platform for fixed income traders. The asset manager contributed to development and beta testing of the platform, serving as the primary reference customer for ICE's AI analytics push.
• Ornn AI Inc.coreTechnology or Integration · 19 May 2026ICE and Ornn AI Inc. launched GPU compute futures contracts on May 19, 2026 based on the OCPI (Ornn Compute Price Index) benchmark covering H100 and H200 GPUs. The OCPI derivatives product hit an all-time high of $2.94 on May 25, 2026, making GPU rental pricing accessible on Bloomberg Terminal alongside traditional commodities.
• Climate Bonds InitiativeminorStrategic or Co-development Partner · 8 May 2026ICE and the Climate Bonds Initiative formed a strategic data collaboration to improve transparency and data quality across the global sustainable bonds market. ICE's Sustainable Bonds Classification data will support the Climate Bonds Initiative's sustainable bond universe, research, and alignment assessments.
• OKXcoreStrategic or Co-development Partner · 1 March 2026ICE and OKX formed a 50/50 joint venture structured as a U.S. registered broker-dealer and FCM to connect OKX's 120 million crypto users with NYSE tokenized equities and ICE futures through regulated infrastructure. ICE previously invested in OKX at a $25 billion valuation in March 2026. The partnership builds on ICE licensing OKX's spot cryptocurrency price data for U.S.-regulated futures contracts.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CME Group: CME Group is the largest U.S. derivatives exchange operator and ICE's most direct competitor across interest rate, equity, commodity, and (now contested) crypto futures. Both run regulated exchange/clearing infrastructure for institutional traders globally.
• Nasdaq, Inc. Nasdaq operates a competing major U.S. stock exchange, an options exchange (PHLX), and a growing market technology and data services business. Direct overlap with ICE in U.S. equity listings, options, and index/data products.
• Cboe Global Markets: Cboe operates options and futures exchanges, ETF listings (BZX), and market data services. Comparable to ICE in operating U.S.-regulated trading venues and data/analytics offerings, though smaller scale.

Broad incumbents

• Deutsche Börse: Deutsche Börse operates the Frankfurt Stock Exchange, Eurex derivatives, and Clearstream post-trade infrastructure. Comparable as a broad European-headquartered exchange/clearing/data incumbent serving institutional markets.
• London Stock Exchange Group (LSEG): LSEG operates the London Stock Exchange, Refinitiv data services, and post-trade infrastructure. Overlaps with ICE in equity listings, fixed income data, and benchmark/rates administration.

Emerging players

• MarketAxess: MarketAxess operates electronic trading platforms for fixed income credit products. Directly comparable to ICE's fixed income electronic trading and data ambitions, though more narrowly focused on credit and not a vertically integrated exchange operator.
• Tradeweb Markets: Tradeweb operates electronic marketplaces for fixed income, derivatives, and ETFs. Comparable to ICE in fixed income electronic trading and data, though operating as a multilateral trading facility rather than a traditional exchange.

Regional players

• Hong Kong Exchanges and Clearing (HKEX): HKEX operates equity and derivatives exchanges in Asia and the London Metal Exchange. Comparable as a vertically integrated exchange/clearing operator, but primarily serving Asia-Pacific markets and a different listing clientele than ICE.
• Japan Exchange Group (JPX): JPX operates the Tokyo Stock Exchange and Osaka Exchange, including derivatives. Comparable as an exchange/clearing operator with a different geographic focus and a more domestic retail/institutional mix than ICE.
• Singapore Exchange (SGX): SGX operates equities, fixed income, and derivatives exchanges across Asia with a focus on Asian risk-transfer markets. Comparable as a regional exchange operator with cross-listed derivatives products similar in spirit to ICE Futures Singapore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ICE_Markets
• LinkedInlinkedin.com/company/icemarkets

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries11 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ice