Intercontinental Exchange (ICE) Q3 2026 Earnings Call: Q&A Summary

Q: Patrick Moley from Piper Sandler asked how the view on real-world asset perpetuals has evolved, which underlying assets are most relevant, and how important the S&P 500 license was for Trade XYZ.

A: Jeff Sprecher, Chair and CEO, stated that U.S. regulatory interest in bringing these markets onshore prompted the partnership. He added that while perpetuals offer complementary short-term exposure without forward curves, specific indices will depend on regulatory approval from the CFTC.

Q: Alex Blostein from Goldman Sachs asked what drove the above-trend growth in the fixed income data business, how durable it is, and how AI and agentic demand might enhance growth.

A: Chris Edmonds, President of Fixed Income and Data Services, answered that clients are seeking fewer vendors that can deliver greater scale, distribution, and content. He emphasized that listening to customer needs and delivering desired outputs has driven these strong results.

Q: Chris Allen from KBW asked about the impact of hyperscalers and data center operators on energy trading, debt issuance, CDS spreads, and compute futures.

A: Ben Jackson, President, explained that data centers drive robust regional power, basis gas, and carbon markets required for the clean spark spread. He noted that hyperscalers are also buying data subscriptions, setting up trading desks, and supporting new compute futures initiatives.

Q: Craig Siegenthaler from Bank of America asked if mortgage technology revenue growth will pick up next year despite elevated interest rates and the end of contract minimum resets.

A: Warren Gardner, Chief Financial Officer, stated that guidance for next year will be provided in February. He noted that renewal trends have improved as the market moves away from the 2020 and 2021 vintages, and ongoing investments position the business well for when the market returns.

Q: Dan Fannon from Jefferies asked about early customer feedback on the Market Access deal from dealers and the competitive environment following recent industry announcements.

A: Chris Edmonds reported that global client feedback has been positive, driven by demand for scale, distribution, and content. He noted that the Market Access shareholder vote concluded positively and emphasized ICE's integrated multi-asset ecosystem.

Q: Brian Bedell from Deutsche Bank asked how OKX and ICE fit into the Trade XYZ platform, how FCMs will connect, and how the economic structure for the retail segment is envisioned.

A: Jeff Sprecher explained that Trade XYZ will operate with a designated exchange and clearing house open to FCMs, while the OKX joint venture provides KYC-compliant wallet technology. Warren Gardner added that financial details will be highlighted once the business becomes material.

Q: Alex Kramm from UBS asked if ICE is still the right owner for the mortgage business given valuation concerns and management time spent on crypto and market structure initiatives.

A: Jeff Sprecher responded that management is focused on building an all-weather company that performs across different interest rate cycles. He emphasized that leadership acts as stewards of capital to drive shareholder value and remains open to evaluating asset parts.

Q: Ben Budish from Barclays asked about the sustainability of recurring exchange revenues and how 'always-on' markets and AI drive data demand.

A: Ben Jackson stated that long-term trends show robust growth, with oil data subscriptions up 16% year-over-year and gas subscriptions up roughly 12%. He noted that continued product launches and customer demand for precision hedging support sustainable recurring revenue growth.