Intercontinental Exchange (ICE) Global Exchange and Trading Conference 2024 summary

Market environment and business positioning

• Demand for risk management tools is high due to interest rate uncertainty and geopolitical tensions.

• Business is diversified across energy, agriculture, financial products, fixed income, and mortgages, benefiting from both cyclical and secular trends.

• Over 50% of revenue is recurring, with operating margins in the mid-50% to high-50% range.

• Free cash flow supports ongoing investment and growth.

• Open interest in energy futures is up 25% year-over-year, with oil contracts up 20% and interest rate business up over 30%.

Mortgage business and Black Knight integration

• Acquisition of Black Knight has made the company number one in both originations and servicing market share.

• Strategy mirrors the energy business: build a foundational network and expand through data, technology, and new products.

• Unique data from Black Knight and Ellie Mae enables creation of new data products for capital markets.

• Launched a rate lock futures index leveraging mortgage data and fixed income expertise.

• Focus on modernizing technology stack and cross-selling data and analytics to a captive customer base.

Energy business performance and outlook

• Energy segment has delivered four consecutive record quarters, with Q2 volumes up 30% year-over-year.

• Platform covers all major energy sources globally, allowing pursuit of growth wherever it occurs.

• Product development is driven by customer feedback and evolving energy trends, including LNG and environmental products.

• Pricing increases are targeted where value is delivered, with flexibility to adjust across products and fees.