Intercontinental Exchange Group Inc.

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Intercontinental Exchange Group
Founded 2000
Headquarters 5660 New Northside Drive NW, 3rd Floor, Atlanta, GA 30328, with offices in New York, London, Chicago, Singapore, Winnipeg, Amsterdam

Image: 200 pixels

Key People Jeffrey Sprecher, Chairman, CEO; Charles Vice, President, COO; David Goone, Chief Strategic Officer; Scott Hill, CFO
Employees 5,549
Products Futures, Options, Securities and OTC markets
Twitter @ICE_Markets
LinkedIn Profile
Facebook Exchange Page
Releases Company News

Atlanta-based Intercontinental Exchange Group (ICE) is a global exchange, clearing, financial data and technology company, operating multiple markets and services across nine different asset classes.

ICE operates 13 regulated exchanges, including ICE futures and OTC exchanges in the US, Canada, Europe and Singapore. It also is the parent company of the well-known New York Stock Exchange and related securities exchanges. Today, the company is among the largest exchange groups in the world and has grown dramatically via a succession of acquisitions of other exchanges, technology firms and data service providers.

A publicly traded company since 2005, ICE (NYSE: ICE) lists more than 12,000 derivatives and securities contracts on its markets. Its derivatives exchange properties include five regulated futures exchanges: ICE Futures US, ICE Futures Europe, ICE Futures Canada, ICE Futures Singapore and ICE Endex.

On the securities side, ICE operates six stock exchanges under the NYSE Group: New York Stock Exchange, NYSE Arca, NYSE American, (formerly NYSE MKT, and AMEX), NYSE National (formerly National Stock Exchange) and Chicago Stock Exchange, plus two US equity options exchanges - NYSE Arca Options and NYSE American Options (formerly NYSE AMEX Options) - and a corporate bond platform, NYSE Bonds.

In the OTC space, ICE operates the energy platform ICE OTC Commodity Markets as well as credit and swaps markets such as ICE Swap Trade, Creditex and ICE BondPoint.[1]

On its derivatives exchanges, ICE offers futures and OTC contracts on: energies, softs, grains, currencies, emissions, precious metals, interest rates and bonds as well as credit and equity indexes. With its stock and options exchanges, it offers traditional stock, equity options and exchange traded products.

ICE exchanges are supported by seven clearing houses, which handle the clearing and settlement functions for more than 6 million daily derivatives transactions on its markets. Included on its roster of clearinghouses are: ICE Clear US, ICE Clear Europe, ICE Clear Canada, ICE Clear Singapore, ICE Clear Netherlands, ICE Clear Credit and NGX.[2]

It offers futures and OTC contracts on a single electronic ICE Trading Platform, while equity trading is done on NYSE Pillar, a matching engine for its equity and options markets. Traders can access the platform via WebICE, an internet-based service for exchange members that provides data such as: live market quotes, depth of market, portfolio creation and other key trading information. [3] [4][5] [6]

One of its largest divisions is called ICE Data Services, which handles everything from pricing and analytics services, desktop and connectivity, listings and exchange data.

ICE is also in the digital asset space, forming a new company called Bakkt, which intends to use the Microsoft cloud to handle trading, storage and spending of crypto assets. [7]

ICE ranks as the world's fourth largest derivatives exchange by volume, with 2.4 billion contracts traded in 2018, up 16.4 percent from 2.1 billion contracts traded a year earlier, according to the Futures Industry Association annual volume survey.[8] That volume is composed of trading from ICE Futures Europe, ICE Futures US, ICE Futures Canada and ICE Futures Singapore, formerly the Singapore Mercantile Exchange on the futures side, and NYSE AMEX and NYSE Arca equity options volumes.

Its NYSE subsidiary was the top exchange in 2017 for the seventh consecutive year in terms of capital raising through IPOs proceeds of $128 billion, from 454 transactions.[9][10]

As of December 31, 2017, ICE had 4,952 employees in its offices in Atlanta, New York, UK, Chicago and other locations around the world, down from 5,631 employees a year earlier.[11]

ICE reported $4.6 billion in revenue in 2017, up 3 percent from the previous year. From that, the company generated $2.5 billion from its data and listings business and $2.1 billion from its trading and clearing business.[12]

The company also ranks among the leading exchanges in market capitalization, which was $42.2 billion in April 2018, a dramatic rise from around $2 billion after its public offering in 2005.[13]


Early Years

ICE's roots go back to the 1997 acquisition of the Continental Power Exchange (CPEX) by Jeffrey C. Sprecher.

With CPEX in poor financial health at the time, Sprecher purchased the company with a goal of building a trading platform for over-the-counter energy markets. The company's technology team then wanted to scrap everything it had been working on under CPEX's prior management and rebuild the system as an internet-based platform using software and coding from Oracle and Java. Sprecher approved the move and the system became the foundation for ICE's globally distributed, high-speed, high-capacity trading platform it uses today. But it was a difficult period for the company. During the technology rebuild, the company lost every one of its customers and its staff of 30 shrank to just six people.[14]

In 1999, ICE faced another challenge as Enron was pushing its own electronic trading platform called EnronOnline with large energy companies. Meanwhile, Sprecher and CPEX vice president Charles Vice moved to partner with large Wall Street and energy firms. With the company struggling financially and battling a much larger competitor in Enron, Sprecher granted firms an 80 percent equity stake in the company in return for their commitment to trade on the platform. Companies such as Goldman Sachs, Morgan Stanley, British Petroleum, Shell and Total and others were among those early investors. [15][16]

In 2000, the company was renamed the IntercontinentalExchange, or ICE, with a goal of becoming the largest OTC energy market. When Enron collapsed under a massive fraud and accounting scandal in 2001, ICE was perfectly positioned to take on those customers and grow quickly through a series of acquisitions that helped it achieve its global ambitions.

In 2001, ICE made one of its earliest and arguably most significant acquisitions, the London-based International Petroleum Exchange, or IPE. That provided ICE with an entry into the futures exchange space with European energy futures. ICE shut down the IPE's trading floor and migrated all of the trading onto its electronic trading platform by 2005, making it the first fully electronic energy futures exchange.[17]

The move made ICE a direct competitor to the New York Mercantile Exchange. NYMEX then attempted to compete with ICE in Europe, opening a new floor-based exchange in Dublin in November 2004. But as electronic trading continued its rapid growth and acceptance in the financial markets, NYMEX's plan to lure London IPE floor traders and trading away was a complete failure. NYMEX's resistance to full-time electronic trading cost the exchange marketshare in crude oil trading to ICE, and eventually forced it to adopt the CME Group's trading platform, CME Globex in 2006, to compete. ICE later renamed the IPE as ICE Futures Europe, and has since expanded its product offering well beyond energies, into equity index and fixed income markets. NYMEX was bought by CME Group in 2008. [18]

Also, in 2002, ICE created ICE Data, a service that provides futures and OTC market data globally to end-users. That segment of its business would be massively expanded in subsequent acquisitions and today is called ICE Data Services.

ICE also partnered with the Chicago Climate Exchange, or CCX, hosting its emissions contracts in conjunction with CCX's subsidiary, the European Climate Exchange. ICE would later buy that exchange in 2010 and fold it into ICE Futures US and ICE Futures Europe.[19][20]

Going Public, Bidding on CBOT, and more Exchange and Clearing Acquisitions: 2005 to 2010

On November 16, 2005, ICE went public on the New York Stock Exchange. The IPO was priced at $26 per share for 16 million shares. The opening day share price valued the company at over $2 billion, and was up 50.9 percent on day one, closing at $39.25. [21][22][23]

The ICE IPO was part of a trend at the time of traditional member-owned and newer exchanges going through demutualization and then going public. The Chicago Mercantile Exchange had gone public in 2002, while the International Securities Exchange listed in March 2005, followed by the Chicago Board of Trade's IPO in October 2005, followed by the November 2005 ICE public offering. On Sept. 25, 2007, ICE was added to the S&P 500 Index.

ICE made another key acquisition in January 2007, the New York Board of Trade, for approximately $1 billion, which not only helped move ICE beyond energy products and into commodities such as coffee, sugar, cocoa, orange juice and currencies, but also brought them another critical piece of infrastructure, a US-based clearinghouse. ICE quickly moved to shutter the NYBOT trading floor, migrating those contracts onto its electronic trading platform and upgrading its clearing house to handle all ICE Futures US volume.[24] Having its own clearing house meant ICE would no longer depend on an outside clearing facility to handle clearing and settlement for US business, not to mention it provided new revenues for the company.

ICE was still considered a smaller player among established futures markets, but grabbed everyone's attention in March 2007, when it made an unsolicited $9.9 billion bid to buy the Chicago Board of Trade during the FIA Boca International Futures Industry Conference. CBOT then was in merger negotiations with the Chicago Mercantile Exchange. The bid topped the CME's offer of $8.9 billion for the CBOT, and threw the long-expected Chicago tie-up into question. CME eventually upped its bid for the CBOT, largely due to the competing counter-offers from ICE, closing the deal for $11.6 billion in July 2007.

Even though it lost that bid, ICE continued to push forward with new acquisitions, purchasing the Winnipeg Commodity Exchange in July 2007. The exchange, best known for its canola futures, was renamed ICE Futures Canada also included a Canadian regulated clearinghouse, which was renamed ICE Clear Canada.

The company made three more key acquisitions in 2008. In February 2008, ICE purchased YellowJacket Software, a peer-to-peer messaging platform used to trade on OTC options markets. This software, used extensively in the OTC trading space, was renamed ICE Chat.

In September 2008, ICE moved into the burgeoning credit derivatives space with the purchase of an interdealer market called Creditex for $625 million in cash and stock. That purchase, which provided ICE with the technology to handle trade execution and processing of credit default swaps in the US, Europe and Asia, would serve as one of the core pieces of ICE's credit derivatives business. ICE later sold off certain US Creditex voice brokerage services to Tullett Prebon in July 2016. [25][26][27]

In October 2008, ICE moved to bolster that business with a clearing house acquisition. ICE purchased The Clearing Corporation, formerly known as the Board of Trade Clearing Corporation, with the support of that clearing facility's main member firms: Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and UBS. The clearing house was then designated to serve as a comprehensive clearing facility for the CDS market. Initially the clearing house was called ICE Trust but later was renamed ICE Clear Credit and launched in March 2009 as the world's first credit default swap clearinghouse. It is regulated by the SEC and CFTC and is designated as a Systemically Important Financial Market Utility.[28] [29] [30]

In 2009, ICE launched its second credit default swap clearing house, ICE Clear Europe giving it an early lead in the global CDS clearing space. ICE Clear Europe operates in a dual and separate fashion. One one side of the clearinghouse, ICE Clear Europe's CDS clearing operations, launched in July 2009, serves its European CDS markets. On the other side, ICE Clear Europe, launched in 2008, handles all of its European futures trading ranging from energies to interest rate futures. [31][32] By September 2012, ICE had cleared more than 1 million CDS trades to date.

The creation of ICE Clear Europe was another critical piece of its global clearing strategy. Before launching its own European clearing house, it had used LCH.Clearnet to handle its European futures trades. ICE completed the transition of cleared trades from LCH.Clearnet to ICE Clear Europe in November 2008.

ICE's Biggest Deal, NYSE Euronext: 2011 to 2013

With US, Canadian and European exchanges and clearinghouses in tact, ICE set its sights on its largest acquisition. In April 2011, ICE and Nasdaq OMX partnered to make an offer of $11.3 billion in stock and cash for NYSE Euronext, which operated the New York Stock Exchange, NYSE Arca, NYSE Arca Options, Amex options as well as the stock and derivatives markets in the Euronext group, which included Euronext LIFFE, one of the main futures markets for European interest rate futures. [33]

Under the proposed deal, ICE would have acquired NYSE Euronext's derivatives businesses and Nasdaq would have received Euronext's stock exchanges, the NYSE and its cash markets, the US options exchanges as well as Euronext's stock markets in Paris, Brussels, Amsterdam and Lisbon.

That offer and two subsequent offers were rejected by the NYSE Euronext board and the offer was finally dropped in May 2011, citing opposition to the deal from US antitrust regulators. It also opened the door to a prior bid in February 2011 from Deutsche Boerse for NYSE Euronext. But that bid also was killed by European Union anti-competition agencies in February 2012. [34] [35][36]

ICE came back with its own solo offer for NYSE Euronext in December 2012 for $8.2 billion. The combination stock and cash deal closed on November 13, 2013 for approximately $11 billion. Sprecher said "This is a game changing transaction," at the time as the deal provided ICE with new asset classes in stocks, equity options and additional European financial futures. The acquisition pushed ICE's market cap valuation to about $23 billion.

The big win for ICE in the deal was the LIFFE exchange (formerly the London International Financial Futures Exchange or NYSE LIFFE, the London-based futures market which offers key benchmark indexes, interest rate contracts and agriculture futures. Liffe futures were migrated over to ICE Futures Europe including: Sterling futures, Euribor futures and Long Gilt futures among others. It also acquired commodities such as cocoa, robusta coffee and sugar, giving ICE softs futures in both the US and Europe. It completed the migration in November 2014[37]

The new holding company formed in the acquisition retained ICE's ticker symbol and the enlarged entity is called ICE Group. [38] Sprecher remained chairman and CEO of the combined company; NYSE Euronext CEO Duncan Niederauer became the president of ICE but stepped down in May 2014.[39][40]

As part of the plan, ICE spun off Euronext in an initial public announced on June 19, 2014, with the stock trading the next day. Before the IPO, ICE sold a stake of 33.36 percent to a group that included Banco Espirito Santo SA, BNP Paribas SA (BNP), ABN Amro Group NV, Societe Generale SA (GLE) and Euroclear SA/NV, at a price of €19.20 per share. [41]

Other notable moves by ICE included taking a majority stake of 79.12 percent in APX Endex in September 2012, taking control of the Amsterdam-based company's Dutch gas and power derivatives business. It was renamed ICE Endex and is a joint initiative with Gasunie, a European gas infrastructure company. [42] [43]

ICE took steps to gain a foothold in Brazil with two investments. In June 2011, it launched BRIX, a Brazilian market for electric power, using ICE's electronic trading platform. It's partner firms included: Agroenergia Comercializadora, Bunge, CESP, Clealco, Compass, Coteminas, EletroNorte, Eucatex, Ibrame Laminacao, MPX, Quanta, Rexam, Seal Energy and White Martins.

ICE also took a 12.4 percent stake in Cetip, Brazil's largest clearinghouse in July 14, 2011. Under the deal, ICE paid $512 million in cash, or R$25.50 for its shares in Cetip. ICE sold its equity stake in Cetip in 2017, noting a profit of $167 million on the venture.[44][45]

ICE Moves Into Data, Creates ICE Data Services

ICE looked to further diversify after the NYSE Euronext deal with a series of strategic investments, particularly in data services and technology, power and energy markets as well as in exchanges and clearing houses in Europe and Asia.

In October 2014, ICE purchased SuperDerivatives, a market data and analytics provider specializing in derivatives pricing models across all asset classes, risk analysis and cloud-based market technology, as well as a chat platform that is similar to competitors such as Bloomberg. The deal was priced at $350 million in cash.[46][47][48]

That was followed by another bold move in the data space in December 2015 with a $5.2 billion cash and stock acquisition of Interactive Data Holdings Corp., a subsidiary of Silver Lake and Warburg Pincus. The firm provides pricing data to more than 5,000 customers including many of the firms that use ICE's markets and services, such as asset managers, hedge funds, banks and insurance companies. [49][50] [51]

It complemented those services in March 2016, announcing the acquisition of two business data units from McGraw Hill Financial: Standard & Poor's Evaluations, a fixed income evaluation pricing service; and Credit Market Analysis, a data provider for OTC markets.

All of these units and ICE's existing data services group were folded into one division that was renamed ICE Data Services in June 2016. The division offers data services for information, analytics and connectivity, as well as proprietary data and tools in fixed income, equities, commodities, FX and options. It offers real-time pricing, data from its 11 exchanges, desktops and tools and connectivity and hosting services.

In May 2019, ICE Data Services received approval from the UK's Financial Conduct Authority (FCA) as a third country benchmark administrator under the European Benchmark Regulation, meaning that market participants could reference its indices in compliance with the rules. Also in May, ICE Data Services announced the launch of a new data management platform for historical tick data known as the ICE DataVault. The cloud-based platform provides users with aggregated real-time tick data via programmatic, cloud, or click-thru access.[52]

More OTC and Clearing, plus Asia, and Smaller US Stock Exchanges: 2013 to 2018

In the exchange and clearing space, ICE made three key acquisitions from 2013 to 2016, helping the company expand in European energies and clearing, as well as launching its first exchange in Asia.

ICE expanded into Asia with the purchase of the Singapore Mercantile Exchange and its clearing house SMX Clearing Corporation in November 2013 for $200 million. The exchange was essentially shut down, revamped and renamed ICE Futures Singapore, and was launched in November 2015 with five contracts in brent crude, gasoil, gold and Renminbi futures, cleared at the exchange's renamed clearinghouse ICE Clear Singapore. ICE Futures Singapore represents another step in the global expansion for ICE, and an effort to address more Asian clients. It also is the first exchange, among non-domestic markets such as CME Group and Eurex, to launch a Singapore-based exchange and is considered a challenger to the domestic market, Singapore Exchange, or SGX. [53]

ICE also completed a majority stake purchase in December 2014 of the Holland Clearing House, which is the central counterparty clearing facility for equity and index derivatives contracts listed on The Order Machine, or TOM in the Netherlands. The facility was renamed ICE Clear Netherlands in July 2015, as the sixth clearing house under the ICE Group umbrella and the first continental European clearing facility for ICE.[54] [55]

ICE completed another key acquisition in the European energy space in December 2015 with the purchase of Trayport, a London-based OTC energy market. ICE purchased the company from BGC Partners and GFI, a subsidiary of BGC, for approximately $650 million in ICE shares, and in the process, beat out competitor CME Group, which also had bid for Trayport. Trayport helped bolster ICE's strong position in European energy futures and OTC markets, as a key market used by many in the power, natural gas and coal trading space. [56] [57][58] [59]

However, in October 2016 the UK Competition and Markets Authority said the acquisition violated antitrust laws, and that was reaffirmed by a UK appeals court in March 2017. The UK agency demanded that ICE sell Trayport.[60] ICE appealed the decision but lost. It ended up selling Trayport to TMX Group for £350 million cash, plus NGX, Shorcan Energy, in a deal closed in December 2017.[61][62]

ICE launched a new OTC platform called ICE Swap in August 2016, which offers trading on single-name credit default swaps in a central limit order book. The platform offers anonymous and so-called "name give-up" execution, allowing participants to reveal their identity after a trade is finished. ICE also launched a CFTC-registered swap execution facility (SEF), on October 2, 2013. The SEF was granted permanent registration status, along with 18 other SEFs, in January 2016. [63][64][65]

In May 2016, NYSE Group announced it had completed the rollout of its new trading platform for NYSE Arca. The new equities and options platform is designed to reduce complexity and improve on performance.

In early 2017, it announced the trading floor of the NYSE American exchange, (formerly known as NYSE MKT and American Stock Exchange (AMEX), would shut down in the second quarter of 2017. On July 24, 2017, it launched a new market model on the Pillar platform for NYSE American and on August 24, 2017, NYSE Arca introduced new gateways that "harmonize" NYSE American and NYSE Arca platforms. [66][67][68]

On January 31, 2017, ICE's NYSE completed the acquisition of the National Stock Exchange and renamed it NYSE National. The exchange relaunched on April 30, 2018, as an all-electronic equity market with a maker-taker pricing model. The strategy is to offer complementary pricing structures to its other equities markets.[69][70]

ICE continued its consolidation of smaller US equity markets with the acquisition of the Chicago Stock Exchange (CHX) for an undisclosed amount in July 2018. The plan is to move the exchange onto the NYSE Pillar trading technology.[71][72][73]

Push Into Fixed Income And Cyptocurrencies

In late 2017 and into 2018, ICE pushed further into the fixed income space with three acquisitions. The first, closed in October 2017, was the acquisition of the Bank of America Merrill Lynch Global Research Index platform, which features more than 5,000 fixed income indices with nearly $1 trillion of investments benchmarked to them. The deal makes ICE the second largest fixed income index provider by benchmarked assets.[74]

The second, a $400 million cash acquisition of Virtu BondPoint, an electronic fixed income trading platform, was closed in January 2018. This dealer-to-client platform was integrated with ICE's continuous evaluated pricing serves from ICE Data Services and its SFTI network, a private network that connects to exchanges and content providers.

On July 23, 2018, the company completed the purchase of TMC Bonds LLC, a fixed income market that offers cash treasury, municipal, corporate, agency bonds and certificates of deposit, for $685 million in cash.[75]

On August 3, 2018, ICE announced plans for a new company called Bakkt, which is working with BGC, Microsoft, Starbucks and others to build a platform for consumers to buy, sell, store and spend digital assets on a global network. It's initial use case is focused on trading and conversion of Bitcoin against fiat currencies. ICE, for its part, plans to offer a 1-day physically delivered Bitcoin contract and physical warehousing in November 2018. It also plans to create a separate guarantee fund, funded by Bakkt.[76]

In February 2019, ICE moved to wrap its fixed income businesses - ICE BondPoint, TMC Bonds and ICE Credit Trade - into one entity it named ICE Bonds. ICE Bonds also will add on ICE Data Service's pricing and analytics tools. The three trading platforms will be combined under a single broker-dealer entity in 2019.[77]

The company pushed into the mortgage space in May 2019 with the announced $335 million acquisition of Simplifile, which provides electronic processing of mortgage records. The deal followed the 2018 acquisition of Mortgage Electronic Registrations, a national registry for tracking servicing rights and ownership of US mortgage loans.[78][79]

Company Overview: Exchanges, Clearing Houses, Technology, Data Services


Acquisitions & Transactions

  • January 2007: ICE acquired the New York Board of Trade for $1 billion, which included NYBOT's clearing house. While the acquired futures contracts were moved to trade only on the ICE electronic platform, the option products continue to be traded both electronically and via its traditional open outcry mode. On Sept. 3, 2007, the exchange was renamed ICE Futures U.S.
  • July 2007: ICE acquired and integrated ChemConnect's markets to its over the counter business, adding a marketplace for natural gas liquids (NGL’s), propane and other chemicals.
  • October 2007: ICE acquired Chatham Energy, an OTC energy brokerage firm specializing in structuring and facilitating transactions in the energy options markets.
  • January 2008: ICE acquired YellowJacket Software, a peer-to-peer instant messaging trading tool for the OTC markets. The technology was renamed ICE Chat.[100][101]
  • March 2009: ICE completed its acquisition of The Clearing Corporation and launched clearing services for CDS under ICE Trust using TCC’s technology and risk management frameworks. It was later rebranded as ICE Clear Credit.[104] [105]
  • July 14, 2011: ICE announced the acquisition of 12.4 percent of Cetip, Brazil's largest clearinghouse. Under the deal, ICE paid $512 million in cash, or R$25.50 for its shares in Cetip. Advent International, which invested in Cetip prior to its initial public offering, was the main seller and with the sale, transitioned off the board of Cetip.[107]
  • September 2012. ICE acquired WhenTech, a technology software firm focused on options valuation, analytics and risk management.[108]
  • March 2013: ICE acquired 79 percent of APX-Endex's derivatives and spot business, and renamed the company ICE Endex. It's contracts are traded on the ICE Trading Platform and cleared on ICE Clear Europe. ICE purchased the remaining shares in the company from N.V. Nederlandse Gasunie in July 2017.[109]
  • November 13, 2013: ICE acquired NYSE Euronext in a stock-and-cash transaction valued at approximately $11 billion.[110] The exchange had first announced plans to buy NYSE Euronext on December 20, 2012.[111] The terms of the deal called for $11.27 in cash and 0.1703 shares of ICE for each NYSE Euronext share.[112] [113] ICE spun off Euronext in an initial public offering announced on June 19, 2014, with the stock trading the next day. The shares were sold for 20 euros apiece in an 845 million euro ($1.2 billion) transaction. The stock trades in Paris, Amsterdam and Brussels under the “ENX” symbol.[114] All of the 42,248,881 offered Shares were sold in the IPO, representing 60.36% of the total issued ordinary share capital of the company.[115] [116] Before the IPO, ICE sold a stake of 33.36% to a group that included Banco Espirito Santo SA, BNP Paribas SA (BNP), ABN Amro Group NV, Societe Generale SA (GLE) and Euroclear SA/NV, at a price of €19.20 per share.[117] [118]
  • February 2014: ICE acquired the Singapore Mercantile Exchange, including its clearing house subsidiary, the SMX Clearing Corporation (SMXCC) in an all-cash transaction for $200 million. The exchange would be renamed ICE Futures Singapore and the clearing house, ICE Clear Singapore.[119] The deal, completed in February 2014 gave ICE a foothold in Asia and made it the first non-Asian exchange to own a clearing house there. [120][121]
  • August 2014: ICE acquired U.S. patent rights relating to automated trading strategies that make price and trading decisions based on market price information. Speaking on ICE’s Q2 earnings call, CEO Jeffrey Sprecher said the patents would allow the exchange group to more broadly protect its customers, and added that ICE was also developing its own licensing plan. The intellectual property rights cover multiple asset classes traded electronically on exchanges, including futures, options and cash equities.[123] [124]
  • October 7, 2014: ICE acquired SuperDerivatives, an Israeli financial technology group, for about $350m in cash, adding to ICE's clearing, risk management and market data strategy.[125] In addition to data and analytics, SuperDerivatives provides a chat platform similar to the one used on Bloomberg terminals. ICE had been looking to enter the high-tech information terminal space to compete with Bloomberg and other information providers. The acquisition also gives ICE access to the group’s DGX product, which allows traders to access live pricing and news and to analyze theoretical trades before they execute them.[126]
  • November 2014: ICE subsidiary NYSE acquired True Office, a compliance education company which provides information on compliance and governance risk compliance in an interactive format. [127]
  • December 3, 2014: ICE completed its strategic investment in the Holland Clearing House, a continental European derivatives clearing house, giving ICE a total of six clearing houses. ABN Amro Clearing retained a minority interest. Holland Clearing House (HCH) was renamed ICE Clear Netherlands and is the primary clearing house for the TOM multi-lateral trading facility.[128] [129]
  • July 2014: ICE sold the NYSE Technologies division, which offered transaction, data and infrastructure and managed services. ICE sold off NYFIX, Metabit and Wombat, the three companies that comprised NYSE Technologies. Wombat was sold to SR Labs, (later renamed Vela) while NYFIX and Metabit were sold to ULLINK (which later merged with Itiviti).[130]
  • December 11, 2015: ICE acquired Trayport, an electronic energy trading platform, from BGC Partners and GFI for approximately $650 million, comprising approximately 2.5 million ICE common shares. BGC acquired Trayport when it bought the company's parent, GFI Group, for $750 million. The acquisition ran into problems however, when the UK Competition and Markets Authority, said it violated antitrust laws and tdemanded that ICE sell Trayport. After a UK court affirmed that ruling in March 2017, ICE said it would divest itself and in October 2017 announced it would sell Trayport to TMX Group in exchange for TMX Group assets that included NGX, or (Natural Gas Exchange) and Shorecan Energy Brokers and cash of £350 million.[131] [132] [133] [134][135]
  • December 14, 2015: ICE completed its acquisition of Interactive Data Corp. from Silver Lake and Warburg Pincus for $5.2 billion. The deal put ICE into the market for pricing and data on interest rate products and illiquid bonds.[136] Interactive Data is now a wholly-owned subsidiary of ICE.[137]
  • October 3, 2016: ICE completed the acquisition of two business data units from McGraw Hill Financial, Standard & Poor's Evaluations, a fixed income evaluation pricing service and Credit Market Analysis, a data provider for OTC markets. It was renamed Securities Evaluations by ICE and is managed separately from ICE Data Services.[138][139]
  • June 17, 2016 ICE announced the purchase of a majority stake in MERSCORP Holdings, owner of Mortgage Electronic Registrations Systems, Inc. The two companies entered into a software development agreement to improve the MERS system.
  • May 1, 2017 ICE closed the acquisition of TMX Atrium, an extranet and wireless information services business from TMX Group. Terms of the deal were not disclosed.[141]
  • October 22, 2017 ICE completed its acquisition of the Bank of America Merrill Lynch Global Research division’s fixed income index platform, folding it into ICE Data Services. It was rebranded as ICE BofAML Indices, featuring more than 5,000 indices and nearly $1 trillion benchmarked to them.[142]
  • October 25, 2017 ICE acquired a 4.7% stake in Euroclear for EUR 275 million from the previous stakeholder, RBS.[143]
  • January 2018 ICE closed a $400 million cash acquisition of Virtu BondPoint, an electronic fixed income trading platform. [144]
  • July 23, 2018 ICE completed the acquisition of TMC Bonds, a fixed income platform, for $685 million in cash.[147]
  • May 1, 2019 ICE announced the acquisition of Simplifile, a firm that provides electronic processing of mortgage records.[148]
  • August 5, 2019 It was reported that ICE had entered into an agreement to acquire the Merrill Lynch Option Volatility Estimate (MOVE) index and the accompanying fixed income volatility indices from Bank of America Merrill Lynch. The indices will become part of the ICE Data Services business.[149] The deal was motivated in part by ICE's decision to target the growth of fixed income ETFs, which surpassed $1 trillion in assets in 2019, according to ICE Data Services President and COO Lynn Martin.[150]

ICE Group Total Contract Volume

Year Total Annual Volume* Percent Change
2018 2,474,233,217 16.4%
2017 2,125,404,062 4.3%
2016 2,037,932,88 1.9%
2015 1,1998,810,416 (-)9.8%
2014 2,276,171,019 (-)11.0%
2013 2,558,489,589 * 439.9%
2012 473,895,526 24.4%
2011 381,097,787 15.9%
2010 328,946,083 24.8%
2009 263,582,881 --

*2013 volume reflects the acquisition of NYSE-Euronext


Exchange Volume Percent Change
ICE Futures Europe 1,276,090,376 9.35%
NYSE Amex 389,866,979 32.8%
NYSE Arca 460,113,544 52%
ICE Futures U.S. 342,613,160 (-)3.3%
ICE Futures Canada 2,973,036 (-)46.3%
ICE Futures Singapore 2,566,022 12.1%

ICE Futures, Options & OTC Products


Agricultural contracts traded include: US and UK-based softs contracts: ICE U.S. Coffee "C" Arabica, which is the world's largest coffee futures contract, Robusta Coffee, Cotton No. 2, World Cotton, Cocoa, , Frozen Concentrated Orange juice, ICE Sugar No. 11,ICE Sugar No. 16 and White Sugar.

ICE also offers grains including ICE Canola and several traditional agriculture contracts in corn, wheat and soybeans.

For a full list of energy products on the ICE website, click HERE


ICE offers Eris Exchange credit index derivatives as cash settled futures with $100,000 notional principal, whose value represents a basket of credit default protection on the entities in the index. These contracts are settled in the ICE Clear Credit clearing facility.

Energy, Emissions and Power

Nearly half of the world's global crude futures by volume is transacted on the ICE exchange. It currently offers futures and options contracts on coal, crude oil, refined products, electricity, emissions, liquified natural gas, natural gas, natural gas liquids and petrochemicals offered on its ICE Futures US, ICE Futures Europe, ICE Futures Singapore, ICE OTC platform, ICE Endex and Trayport markets.

For a full list of energy products on the ICE website, click HERE

Equity Derivatives

ICE offers equity index and single stock futures including contracts on FTSE indexes, MSCI indexes, Russell Indexes, single stock futures and options and ICE Block contracts.

For a full list of equity derivatives products on the ICE website, click HERE


ICE's FX futures are best known for its ICE US Dollar Index. ICE also offers cross currency pairs, and US dollar and euro-based pairs.[151]

For a full list of FX products on the ICE website, click HERE


ICE offers a number of dry and wet freight futures contracts that cover major shipping routes around the world.

For a full list of freight products on the ICE website, click HERE

Interest Rates

ICE offers a number of short, medium and long interest rate futures, swap notes and Eris branded interest rate futures. Many of its interest rate futures were acquired in the 2013 purchase of NYSE Euronext, which included the London-based derivatives market then known as NYSE Liffe. Those well-traded products, such as the three-month short sterling futures, EURIBOR futures and Long Gilt Futures, were some of the benchmark contracts that were moved over to ICE Futures Europe.

For a full list of interest rate products on the ICE website, click HERE


ICE offers a slate of precious and ferrous metals contracts including gold, silver and iron ore.

For a full list of metals products on the ICE website, click HERE

US Environmental

ICE offers a number of regional emissions futures contracts for carbon markets in California, the Northeast's Regional Greenhouse Gas Initiative, Massachusetts, Connecticut and Renewable Energy Certificates for New Jersey.

For a full list of US environmental contracts on the ICE website, click HERE

OTC Markets

The ICE OTC markets include Credit Default Swaps, Creditex, ICE Swap Trade for bilateral energy contracts and physical energy contracts on the ICE OTC platform for North American natural gas, power and global crude and refined oil products.


ICE offers approximately 500 OTC energy contracts, with a large portion of the volume occurring in about 70 contracts in North American gas and power and global oil.

For a full list of Physical OTC energy contracts on the ICE website, click HERE

For a full list of OTC energy swaps contracts on the ICE website, click HERE

Credit ICE offers execution, processing for OTC credit derivatives through its Creditex and ICE Swap Trade, cleared through ICE Clear Europe and ICE Clear Credit. Such trades can be facilitated through ICE Link, an automated workflow and connectivity platform for affirming credit derivatives trades, or post-trade processing.

For a full list of OTC energy swaps contracts on the ICE website, click HERE

Key People

Corporate Governance

The following individuals are members of ICE's board of directors:

Annual Reports

JLN Interviews

ICE’s Hutcheson Talks Benchmarks and Assuming the Helm of ICE Clear Europe

JLN Exchange Leader Series 2017: ICE CEO Jeff Sprecher

Office Locations

Intercontinental Exchange Group Global Office Locations Map


Corporate Headquarters 5660 New Northside Drive NW, 3rd Floor, Atlanta, GA 30328 phone +1 770 857 4700


ICE Futures Europe Headquarters 5th Floor, Milton Gate, 60 Chiswell Street, London EC1Y 4SA phone +44 (0)20 7065 7700

Creditex 6th Floor, Milton Gate, 60 Chiswell Street, London EC1Y 4SA phone: +44 (0)20 7429 3000

New York

ICE Futures U.S. Headquarters 55 East 52nd Street, 40th Floor, New York, NY 10055 phone +1 212 748 4000

Creditex 55 East 52nd Street, 40th Floor, New York, NY 10055 phone: +1 212 323 8500

Corporate Headquarters & New York Stock Exchange 11 Wall Street, New York, NY 10005 phone: +1 212 656 3000

ICE Data Services 100 Church Street, 11th Floor, New York, NY 10007 phone +1 212 497 3000


ICE Endex Headquarters & ICE Clear Netherlands Atlas Arena Amsterdam Australia Building, 3rd Floor, Hoogoorddreef 7, Amsterdam 1101 BA, Netherlands phone: +31 20 305 5100 I phone: + 31 (0) 20 305 5155


607 8th Avenue S.W. Suite 320, Calgary, Alberta, Canada T2P 0A7 phone +1 403 508 1300


353 North Clark Street, Suite 3100, Chicago, Il 60654 phone +1 312 836 6700


1401 McKinney, Suite 975, Houston, TX 77010 phone +1 713 890 1200


6 Battery Road, #36-01/02/03, Singapore 049909 phone +65 6594 0160

Washington, D.C.

801 Pennsylvania, Ave. NW, Suite 630 , Washington, DC 20004


ICE Futures Canada Headquarters 850A Pembina Highway, Winnipeg, Manitoba, Canada R3M 2M7 phone: +1 204 925 5000


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  2. About Us. ICE.
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  12. ICE Fourth Quarter & Full Year 2016 Presentation, pages 2-3. ICE.
  13. At a Glance. ICE.
  14. Edwin Marcial: No More Mr. ICE Guy. Waters Technology.
  15. "ICE Futures U.S. Board Approves Transition to Fully Electronic Trading for Futures".
  16. Buying the NYSE In One Shot. New York Times.
  17. The InterContinental Exchange — the mouse that roared — takes on the Big Board. Platts.
  18. CME Group Inc. Completes Acquisition of NYMEX Holdings, Inc., Expands Its Diversified Product Offerings to Include Energy and Metals and Also Announces Preliminary Election Results. CME Group.
  19. Carbon Trading Exchanges Acquired by ICE. InvestorPlace.
  20. Intercontinental Exchange profit rises. MarketWatch.
  21. Our History. Wikinvest.
  22. ICE IPO glides right in on higher price. FOW.
  23. Futures Past. FOW.
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  26. ICE Announced Management Changes in Creditex CDS Business. ICE.
  27. Intercontinental Exchange Announces Agreement for the Sale of the Voice Brokerage Operations of Creditex to Tullett Prebon. ICE.
  28. IntercontinentalExchange Completes Acquisition of Creditex Group Inc.. ICE.
  29. IntercontinentalExchange, The Clearing Corporation and Nine Major Dealers Announce New Developments in Global CDS Clearing Solution. ICE.
  30. IntercontinentalExchange, The Clear Credit. ICE.
  31. ICE Clear Europe Sets November 3 for Clearing Transition. ICE.
  32. Clearing the Way For European Credit Markets. ICE.
  33. NASDAQ OMX Group and IntercontinentalExchange Propose Superior Transaction to Acquire NYSE Euronext for $42.50 Per Share, 19% Premium to Deutsche Boerse Proposal. ICE.
  34. Nasdaq, ICE withdraw NYSE bid, cite regulators. Reuters.
  35. Deutsche Boerse owners back $9.7 billion NYSE merger. Reuters.
  36. Deutsche Boerse-NYSE Euronext Takeover Is Blocked by EU. Reuters.
  37. Intercontinental Exchange Completes First Phase of Liffe Transition to ICE Platform; Liffe US Interest Rates Successfully Transitioned. ICE.
  38. ICE Plans New Holding Company in NYSE Deal; To Keep Ticker Symbol. The Wall Street Journal.
  39. Intercontinental Exchange Announces Timeline for Completing Acquisition of NYSE Euronext. MarketWatch.
  40. NYSE CEO Niederauer Resigns. Wall Street Journal.
  41. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  42. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  43. ICE takes stake as Europe's APX-Endex exchange splits power, gas. Platts.
  44. and Brazilian Partnership Announce BRIX, Brazil's Electric Power Marketplace; June Launch Planned {{{name}}}. ICE.
  45. Intercontinental Exchange Announces Strategic Investment with 12.4% Stake in Cetip S.A., Brazil's Leading Clearing House. ICE.
  46. About. SuperDerivatives.
  47. ICE looks to crack financial data market. FT.
  48. ICE to Acquire SuperDerivatives for About $350 Million. WSJ.
  49. ICE to Acquire IDC for $5.2 Billion, Expanding in Data Services. Bloomberg.
  50. Intercontinental Exchange to Acquire Interactive Data Corporation from Silver Lake and Warburg Pincus in $5.2 Billion Cash and Stock Transaction. Press Release.
  51. Intercontinental Exchange completes acquisition of Interactive Data Corporation. Press Release.
  52. ICE approved as benchmark administrator by FCA. The Trade News.
  53. ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets. Press Release.
  54. Intercontinental Exchange Completed Purchase of Holland Clearing House. Intercontinental Exchange.
  55. Holland Clearing House Renamed ICE Clear Netherlands. Intercontinental Exchange.
  56. ICE beats Chicago rival with deal for energy platform. FT.
  57. ICE Agrees to Acquire BGC's Trayport for $650 Million. Reuters.
  58. Intercontinental Exchange Completes Acquisition of Trayport. Intercontinental Exchange.
  59. ICE Buys Trayport for European OTC Energy Market Exposure. Nasdaq.
  60. UK court upholds ICE Trayport sale order. The Financial Times.
  61. Intercontinental Exchange Announces Sale of Trayport to TMX Group in Exchange for £350MM Cash and NGX and Shorcan Energy. ICE.
  62. Intercontinental Exchange Completes Sale of Trayport to TMX Group, Acquisition of NGX and Shorcan Energy. ICE.
  63. Intercontinental Exchange Successfully Launches ICE Swap Trade. Intercontinental Exchange.
  64. CFTC Approves Registration to 18 Swap Execution Facilities. Katten Muchin Rosemann.
  65. Consolidates liquidity across credit derivatives and extends established electronic trading protocols to the entire CDS market. ICE.
  66. NYSE MKT stock exchange to end floor trading -regulatory filing. Reuters.
  67. NYSE MKT’s Floor Trading Shuts Down in Q2 2017, Marking End of Pits Era. Finance Magnates.
  68. NYSE Pillar. ICE/NYSE Group.
  69. Nyse National electronic stock exchange to launch 30 April. Press Release.
  70. NYSE to begin trading on new electronic equities exchange in Apri. The Trade.
  71. Intercontinental Exchange Finalizes Acquisition of Chicago Stock Exchange. ICE.
  72. Intercontinental Exchange Agrees to Acquire Chicago Stock Exchange. ICE.
  73. NYSE parent ICE to acquire Chicago Stock Exchange. Marketwatch.
  74. Intercontinental Exchange Announces Agreement to Acquire Virtu BondPoint. ICE.
  75. Intercontinental Exchange Agrees to Acquire TMC Bonds. ICE.
  76. Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets. ICE.
  77. Intercontinental Exchange Announces the Launch of ICE Bonds. ICE.
  78. NYSE Owner Bets on Mortgage Digitization. The Wall Street Journal.
  79. Intercontinental Exchange Announces Agreement to Acquire Simplifile LC. Press Release.
  80. "ICE makes some moves to Chicago”.
  81. A History of Transparent Markets. ICE.
  82. ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets. Press Release.
  83. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  84. ICE takes stake as Europe's APX-Endex exchange splits power, gas. Platts.
  85. NYSE Plunges Into Bonds. Forbes.
  86. NYSE Amex Options. NYSE Alternext U.S..
  87. About Creditex. ICE.
  88. ICE and Blockstream Launch Crypto Consolidated Feed. Traders Magazine.
  89. SEC Form 10-K for December 2013. IDG.
  90. The Futures of Data. ICE.
  91. SEC Form 10-K for December 2013. IDG.
  92. ICE Quarterly Results Q4 2015 (page 16). ICE Form 10-K.
  93. Trade Vault. ICE.
  94. ICE Link. ICE.
  96. ICE pledges to implement market-based swaps benchmark. The Trade News.
  97. ICE Data Services rolls out historical tick data platform. The Trade News.
  98. Press Release. WCE.
  99. ICE to buy Winnipeg exchange for C$40 mln. Reuters.
  100. Press Release. Intercontinental Exchange.
  101. ICE Chat. Intercontinental Exchange.
  102. Press Release. ICE.
  103. ICE Clear Europe. Intercontinental Exchange.
  104. Press Release. ICE.
  105. ICE in takeover of Clearing Corporation. Financical Times.
  106. ICE buys Climate Exchange for 395 mln stg. Reuters.
  107. Intercontinental Exchange Announces Strategic Investment with 12.4% Stake in Cetip S.A., Brazil's Leading Clearing House. ICE.
  108. Intercontinental Exchange Acquires WhenTech. ICE.
  109. ICE Acquires Remaining Stake in ICE Endex. ICE.
  110. Exchange-Completes-Acquisition-of-NYSE-Euronext/default.aspx Intercontinental Exchange Completes Acquisition of NYSE Euronext. ICE.
  111. ICE to Buy NYSE for $8.2 Billion, Ending Era of Independence. CNBC.
  112. Ten Questions Raised by ICE-NYSE Merger. Wall Street Journal.
  113. Intercontinental Exchange to Acquire NYSE Euronext For $33.12 Per Share in Stock and Cash, Creating Premier Global Market Operator. NYSE Euronext.
  114. Euronext Detaches From ICE Through $1.2 Billion IPO. Bloomberg.
  115. Euronext IPO priced at €20 per share. ICE.
  116. Intercontinental Exchange to Spin Off Euronext. The New York Times.
  117. ICE Plans Euronext IPO Before Summer After Partial Sale. Bloomberg.
  118. 8 core investors back Euronext listing. Business World.
  119. Exchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx Intercontinental Exchange to Acquire Singapore Mercantile Exchange; Broadens Exchange and Clearing Operations to Asian Markets and Customers. ICE.
  120. ICE secures foothold in growing Asian derivatives market. The Financial Times.
  121. ICE completes acquisition of Singapore Mercantile Exchange. Finextra.
  122. Report: ICE Buys Algo Technologies to Speed Up New York Stock Exchange. FOX News.
  123. ICE patents automated trading technology. The Trade News.
  124. Intercontinental Exchange Acquires Trading Technology Patents. The Wall Street Journal.
  125. Intercontinental Exchange Completes Acquisition of SuperDerivatives. ICE.
  126. ICE looks to crack financial data market. The Financial Times.
  127. NYSE Acquires True Office, Developer of Interactive Game-Style Training. Forbes.
  128. Intercontinental Exchange to Acquire Majority Stake in Holland Clearing House. ICE.
  129. Intercontinental Exchange Completes Acquisition of Majority Stake in Holland Clearing House. ICE.
  130. Intercontinental Exchange Completes Sale of Wombat Financial Software to SR Labs. Intercontinental Exchange.
  131. Intercontinental Exchange Completes Acquisition of Trayport. ICE.
  132. ICE beats CME to Trayport with $650m deal. The Financial Times.
  133. UK court upholds ICE Trayport sale order. The Financial Times.
  134. Intercontinental Exchange Announces Sale of Trayport to TMX Group in Exchange for £350MM Cash and NGX and Shorcan Energy. ICE.
  135. Canada's TMX buys ICE's Trayport energy trading platform. Reuters.
  136. ICE to Acquire IDC for $5.2 Billion, Expanding in Data Services. Bloomberg.
  137. Intercontinental Exchange completes acquisition of Interactive Data Corporation. ICE.
  138. Intercontinental Exchange buying 2 smaller S&P market data units. CNBC.
  139. Intercontinental Exchange 2016 Annual Report page 6. ICE.
  140. NYSE Finalizes Acquisition of National Stock Exchange. ICE.
  141. Intercontinental Exchange Completes Acquisition of TMX Group’s Atrium. ICE.
  145. Intercontinental Exchange Agrees to Acquire Chicago Stock Exchange. ICE.
  146. NYSE parent ICE to acquire Chicago Stock Exchange. Marketwatch.
  147. Intercontinental Exchange Agrees to Acquire TMC Bonds. ICE.
  148. NYSE Owner Bets on Mortgage Digitization. The Wall Street Journal.
  149. ICE to acquire fixed income indices from BAML. The Trade News.
  150. ICE expands data business by buying MOVE indices. The Financial Times.
  151. Press Release. ICE.