Intercontinental Exchange (ICE) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic overview and business model

• Emphasizes an 'all-weather' model with strong EPS and growth across all segments, despite market undervaluation due to uncertainty around data consumption and AI's impact on networks.

• Common customer base across segments enables cross-selling and network effects, with trust built through legacy assets like the NYSE.

• Core energy business continues to grow after 20 years, defying initial expectations of limited expansion.

Energy markets and global supply chains

• Energy segment revenues nearly doubled in three years, driven by geopolitical events and shifting supply chains.

• U.S. energy exports and new trade deals are reshaping benchmarks and increasing demand for risk management and data.

• Growth in ship-borne oil and natural gas benchmarks (Brent, TTF, JKM) is outpacing traditional pipeline-based benchmarks.

Digital assets, tokenization, and partnerships

• Sees tokenization and 24/7 trading as the future, enabling global capital movement and more efficient collateral management.

• Partnerships with OKX and Polymarket aim to distribute tokenized equities in Asia and explore DeFi technology, while working with regulators for compliance.

• Observes rapid innovation in DeFi exchanges like Hyperliquid, which offer 24/7 trading and high leverage, prompting industry and regulatory attention.