Intercontinental Exchange, Inc. (ICE), together with its subsidiaries, operates as a global provider of technology and data to a broad range of customers, including financial institutions, corporations, and government entities.
The company’s products, which span major asset classes, including futures, equities, fixed income and U.S. residential mortgages, provide its customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency....
Intercontinental Exchange, Inc. (ICE), together with its subsidiaries, operates as a global provider of technology and data to a broad range of customers, including financial institutions, corporations, and government entities.
The company’s products, which span major asset classes, including futures, equities, fixed income and U.S. residential mortgages, provide its customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency.
Segments
The company’s segments are as follows:
Exchanges: The company operates regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities, as well as data and connectivity services related to its exchanges and clearing houses.
Fixed Income and Data Services: The company provides fixed income pricing, reference data, indices, analytics and execution services, as well as global credit default swaps, or CDS, clearing and multi-asset class data delivery technology.
Mortgage Technology: The company provides a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.
The company is a Fortune 500 company, providing its customers with an array of technology solutions and data services that span a diverse set of asset classes. The majority of its identifiable assets are located in the U.S. and the U.K.
Exchanges segment
The company operates regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, as well as corporate and exchange-traded funds, or ETFs. It operates multiple trading venues, including 13 regulated exchanges and 6 clearing houses, which are strategically positioned in major market centers around the world, including the U.S., U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.
The company’s Exchanges segment includes trading and listings revenue from its global futures network and the New York Stock Exchange and other registered securities exchanges, or collectively, the NYSE, and various data and connectivity services that are directly related to those exchange platforms. Key asset classes include:
Energy Futures and Options: The company offers a range of futures and options products that are designed to enable its customers to manage their risk across global energy markets. Its flagship Brent crude oil contract serves as the cornerstone of a global oil network that today includes over 800 related crude and refined oil products, including locational and refined spreads. In addition, as natural gas and Liquefied Natural Gas, or LNG, continue to globalize, it offers one of the broadest footprints of regional and global natural gas benchmarks, which spans North America, Europe and Asia. The company’s leading environmental and power markets round out its diverse global energy network. For over two decades, its environmental markets have provided customers risk management tools to meet carbon cap and trade program requirements and renewable fuel standards. Increasingly, market participants are turning to its global environmental markets to help navigate and manage risk related to climate change, the energy transition and the move to net zero emissions.
Agricultural & Metals Futures and Options: The company offers futures and options on the leading global soft commodity markets, including coffee, cocoa, cotton, and sugar. Its benchmark contracts offer one of the most globally relevant price markers for these agricultural markets and provide its customers with the tools to manage price and counterparty risk and facilitate price discovery.
Financial Futures and Options: The company offers a diverse suite of equity futures and options contracts based on its own indices, as well as those created by MSCI and FTSE. These contracts range from established global benchmarks, such as the MSCI Emerging Market Index, to newer products, such as MSCI’s suite of Environmental, Social and Governance, or ESG, indices and the NYSE FAANG+ Index. Its global interest rate complex spans geographies, currencies and tenors, providing participants around the world with tools to manage risk in a capital efficient manner. Key products include: Euribor, Gilts, Sterling Overnight Index Average, or SONIA, and Secured Overnight Financing Rates, or SOFR, among others.
Cash Equities and Equity Options: The company offers securities trading services through its five registered securities exchanges, including the NYSE. Its securities exchanges are leading providers of transparent, efficient, and high quality markets for the securities issued by large and small companies, ETFs and equity options. These markets serve issuers, investors and other market participants across five cash equity and two options markets.
OTC and Other: The company’s over-the-counter, or OTC, markets include bilateral energy markets that offer electronic trading of contracts based on physically-settled natural gas, power and refined oil contracts and other trade confirmation services. Its other revenues primarily include interest income on certain clearing margin deposits related to its futures business, regulatory penalties and fines, fees for use of its facilities, regulatory fees charged to member organizations of its U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees.
Data and Connectivity Services: The company’s exchange data services include, among other offerings, proprietary real-time and historical pricing data, as well as order book and transaction information related to its global futures markets and the NYSE exchanges. In addition, the company receives a share of revenue from the sale of consolidated U.S. equity and options market data by the National Market System Plans, or NMS Plans. Separately, it also provides connectivity services directly related to its futures, cash equity and options exchanges and clearing houses. Revenues from data and connectivity services fees are largely recurring in nature.
Listings: The NYSE has been the venue of choice for innovators, visionaries and leaders for over 230 years. The NYSE offers a unique hybrid market model that combines leading technology with an accountable market maker to provide human judgment, a community of the world’s greatest companies and premium brand visibility. With over 70% of S&P 500 companies listed on the NYSE as of December 31, 2024, it is a leading listing venue across a range of sectors from technology and healthcare to financials and energy. In addition to corporate listings, the NYSE is a global leader in ETF listings with 75%, or roughly $7.8 trillion, of ETF assets under management, or AUM, as of December 31, 2024.
The company operates 6 clearing houses, each of which acts as a central counterparty, or CCP, that, for its clearing members, becomes the buyer to every seller and the seller to every buyer. Through this CCP function, its clearing houses provide financial security for each transaction, for the duration of the position, by limiting counterparty credit risk. Its clearing houses are responsible for providing clearing services to each of its futures exchanges, and in some cases, to third-party execution venues.
Fixed Income and Data Services segment
The company’s Fixed Income and Data Services segment includes its fixed income execution, or ICE Bonds, CDS clearing, its fixed income data and analytics offerings, and other multi-asset class data and network services. The company’s leading fixed income pricing and reference data offerings serve as the foundation for a broader fixed income network that provides its customers solutions that span the full workflow, including pre- and post-trade analytics, a range of execution protocols and indices. In addition, the company’s multi-asset class connectivity, feeds and desktop solutions, which comprise its Other Data and Network Services business, leverage a common sales force, which can enhance cross-selling opportunities across the Fixed Income and Data Services segment.
Fixed Income Execution: Alongside the company’s leading Fixed Income Data and Analytics offerings, ICE Bonds is focused on providing tools to improve efficiency in customers' workflows across fixed income markets. ICE Bonds provides customers with electronic markets that support multiple fixed income trading protocols, including click-to-trade, request for quotation, or RFQ, and auctions, including portfolio auctions/trading.
CDS Clearing: ICE Clear Credit supports Single Names CDS on over 670 reference entities and over 180 Index CDS instruments. Revenues also include interest income on certain clearing margin deposits related to its CDS clearing business.
Fixed Income Data and Analytics: The company is a leading provider of end-of-day and continuous evaluated pricing services on nearly three million fixed income securities spanning approximately 150 countries and 80 currencies, including sovereign, corporate and municipal bonds, mortgage and asset-backed securities, as well as leveraged loans. Its reference data offering complements its evaluated pricing by providing its clients a broad range of descriptive information, covering millions of financial instruments that, when coupled with its pricing services, act as the foundation for its leading fixed income index complex, ICE Data Indices, LLC, or ICE Data Indices. The company also offer a range of fixed income analytics and other workflow solutions, including best execution services, liquidity indicators, fixed income and derivatives portfolio analytics and its ETF Hub. Its fixed income customers use its data, indices and analytics to inform pre-trade decision making, support post-trade regulatory and compliance needs and improve operational efficiency. In addition, the company’s newer offerings in this area include a variety of sustainable data and analytics offerings. Fixed Income Data and Analytics revenues are largely recurring in nature.
Other Data and Network Services: The company offers a multi-asset class connectivity solution called the ICE Global Network. The ICE Global Network offers highly secure, low latency connectivity solutions to reach over 150 trading venues and over 750 data sources. In addition, its consolidated feeds business provides data from a broad array of trading venues and news feeds through a common application programming interface, or API. Finally, the company’s desktop solutions support commodity and energy traders, risk managers, financial advisors, wealth managers and retail traders, and include a robust instant messaging, or IM, system that protects the privacy of over 125,000 users, while also enabling greater collaboration. Other Data and Network Service revenues are largely recurring in nature.
Mortgage Technology segment
ICE has constructed a network aims at identifying and solving the inefficiencies that exist in the U.S. residential mortgage market. From application through closing, servicing and the secondary market, its network is intended to connect the key stakeholders across the mortgage origination workflow and provide its customers with data services and technology that deliver greater transparency and enable significant customer efficiency gains.
Origination Technology: The company’s origination technology acts as a system of record for the mortgage transaction, automating the gathering, reviewing, and verifying of mortgage-related information and enabling automated enforcement of rules and business practices designed to help ensure that each completed loan transaction is of high quality and adheres to secondary market standards. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription, as well as professional services.
In addition, the ICE Mortgage Technology network provides originators connectivity to the mortgage supply chain and facilitates the secure exchange of information between its customers and a broad ecosystem of third-party service providers, as well as lenders and investors that are critical to consummating the millions of loan transactions that occur on its origination network each year. Revenue from the ICE Mortgage Technology network is largely transaction-based.
Closing Solutions: The company’s closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process. Closing solutions also include revenues from its MERSCORP Holdings, Inc., or MERS, database, which provides a system of record for recording and tracking changes, servicing rights and beneficial ownership interests in loans secured by U.S. residential real estate. Revenues from closing solutions are largely transaction-based and are based on the volume of loan closings.
Servicing Software: The company’s servicing offerings include integrated mortgage servicing solutions, which help automate all areas of the servicing process, from loan boarding to final payment or default, to help lower costs, reduce risk and improve financial performance.
The company’s servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, and regulatory requirements. It also provides solutions that provide consumers with access to customized, timely information about their mortgages and allow its clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention. Another servicing solution provides clients, third-party providers and their developers access to its growing catalog of APIs across the mortgage life cycle. Revenues related to its servicing software products are largely recurring in nature.
The company’s default servicing solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements and to facilitate more efficient loss mitigation processes. It also offers advanced technology to support the bankruptcy and foreclosure process, and more efficiently manage claims related to properties in foreclosure, as well as tools to support loss analysis, to help servicers make the right decisions at the right time. Revenues from default servicing solutions are largely transaction-based and are based on the number of foreclosures.
Data and Analytics: The company’s data and analytics offerings include those related to ICE Mortgage Technology’s Data & Document Automation, or DDA, Mortgage Analyzer solutions, or Analyzer, which offers customers greater efficiency by streamlining data collection and validation through its automated document recognition and data extraction capabilities. Analyzer revenues can be both recurring and transaction-based in nature. In addition, its data offerings include near real-time industry and peer benchmarking tools, which provide originators a granular view into the real-time trends in the U.S. residential mortgage market, as well as credit and prepayment models, custom and proprietary analytics, valuation, and MLS solutions. It also provides de-identified mortgage origination data for lenders and industry participants to access industry data and origination information. The data and insights from these solutions inform, support and enhance its other solutions to help lenders and servicers make more informed decisions, improve performance, identify and predict risk and generate more qualified leads. Revenues related to its data products are largely subscription-based and recurring in nature.
The company’s data and analytics offerings include property ownership data, lien data, servicing data, automated valuation models and collateral risk scores, among others, provided to clients in the mortgage, real estate and capital markets verticals.
Product and Services Development
The company leverages its customer relationships, global distribution, technology infrastructure and software development capabilities to diversify its products and services. It is continually developing, evaluating and testing new products to better serve its client base. The majority of its product development relates to evaluating new contracts, new data sets, new analytic offerings or new mortgage technologies. New contracts often must be reviewed and approved by relevant regulators. The company expects to continue to invest in improving its data distribution and software services to meet the needs of its customers and improve their trading and connectivity experience by reducing latency, improving security and providing the most relevant information and data.
While the company primarily develops its products and services internally, it also periodically evaluates and enter into strategic partnerships and licensing arrangements to develop new products and services. The company intends to continue to invest to expand its exchanges, fixed income and data services, and mortgage technology offerings to serve the evolving needs of its global customer base.
Technology
Technology is a key component of the company’s business strategy and competitive position, and it regards effective execution of its technology initiatives as crucial to its sustainable business operations, market competitiveness, compliance and risk management and overall success. The company’s technology solutions support its customers' workflows: trading and clearing technology, multi-asset class analytics, risk assessment tools, robust data offerings, mortgage technology, instant messaging capabilities and flexible connectivity and delivery solutions. Where feasible, it designs and builds its own systems and write its own software programs as it believes that having control over its technology allows it to be more responsive to its customers’ needs, better support the dynamic nature of its business, provide the highest quality technology and deliver relevant, timely and actionable data to the markets and customers it serves.
Trading Platforms and Technology: The ICE trading platform supports trading in the company’s cleared futures and options markets, as well as its bilateral OTC markets. It also offers voice brokers a facility for submitting block trades for products that are eligible for clearing. Speed, reliability, resilience, capacity and security are critical performance criteria for electronic trading platforms. Connectivity to the company’s trading platform for its markets are available through its web-based front-end applications, as well as independent software vendors, or ISVs, and APIs.
The NYSE electronic trading platform features an open system architecture that allows users to access its system via front-end trading applications developed by ISVs. It developed core technology and architecture known as NYSE Pillar and have migrated all its Cash Equity Securities markets, Security Information Processor, or SIP, and Options Price Reporting Authority, or OPRA, NYSE Amex Options and Arca Options platforms to this architecture. This integrated platform was designed to improve performance and reduce the complexity of operating multiple trading systems for its customers, while enhancing consistency, performance and resiliency.
Clearing Technology: A broad range of clearing and risk management services are offered through the integrated technology infrastructure that serves its clearing houses. ICE clearing technology is an integrated service-oriented platform that enables post-trade management, position management, management of the clearing house risk waterfall, contract settlement and treasury management functions. The primary focus of its derivatives clearing houses is the risk management of clearing members throughout all facets of the position management and settlement lifecycles. The company’s extensive technology and rules-based risk systems provide analytical tools that allow it to determine margin, evaluate credit risk and monitor the trading activities and overall risk of clearing members.
Data Services Technology: ICE Data Services technology uses integrated platforms to capture, store and process information, perform analytics and maintain connectivity solutions using a single configurable data capture mechanism and flexible delivery capability. Together, the platforms are intended to enable real-time processing and delivery of information, accelerate new product development and improve production reliability.
The company’s data and analytics are delivered via real-time messaging, files, web services and other on-demand facilities and state-of-the-art front-ends. In addition, the technology underpinning its ICE Global Network supports scalable bandwidth and a wide variety of connectivity options, including fiber, wireless, colocation, and hosting.
Mortgage Technology: The ICE Mortgage Technology platform provides software and hosting solutions that facilitate and automate many of the mission-critical business processes across the homeownership lifecycle. These solutions primarily consist of mortgage loan origination and servicing, processing and workflow management software applications, coupled with APIs and related data products. The platform is developed using industry-leading software technologies and third-party services, including hosting with a combination of public cloud and private data centers. The platform is integrated with multiple partner services necessary for loan origination and servicing, such as credit reporting and other services that lenders and servicers leverage through its network, which is offered through the platform. The platform includes industry leading information security infrastructure to protect the confidentiality and integrity of its customers' data.
Operations
The company operates regionally diverse primary and backup data centers and maintain comprehensive business continuity and disaster recovery plans and facilities. These are designed to enable nearly continuous availability of its markets and other services in the event of a business disruption or disaster. The company maintains incident and crisis management plans that address responses to disruptive events at any of its locations worldwide.
Intellectual Property
FTSE and the FTSE indexes are trademarks and service marks of the London Stock Exchange plc and the London Stock Exchange Group Holdings Limited and are used under license. MSCI and the MSCI indexes are trademarks and service marks of MSCI Inc. or its affiliates and are used under license.
Competitors
NYSE Arca Options and NYSE American Options face considerable competition in the equity options markets; their principal U.S. competitors are Nasdaq, Inc., or Nasdaq, and Cboe Global Markets, Inc., or Cboe.
For corporate listings in the U.S., competitors include, but are not limited to, Nasdaq. For ETF listings, competitors included, but are not limited to, Nasdaq and Cboe.
Growth Strategy
The company seeks to advance its leadership position by focusing its efforts on the following key strategies for growth: innovating and expanding the networks it serves to address the rising demand for transparency and efficiency; further develop its technology and risk management infrastructure while also increasing its customer base; and strengthen its competitive position through select acquisitions and strategic relationships.
Regulation
Regulation of the company’s Derivatives Business
The company’s regulated derivatives markets and clearing houses are based primarily in the U.S., U.K., EU, Canada, Singapore, and Abu Dhabi.
The company’s U.S. futures exchange, ICE Futures U.S., is subject to extensive regulation by the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act, or CEA. The CEA generally requires that futures trading in the U.S. be conducted on a commodity exchange registered as a Designated Contract Market, or DCM. As a registered DCM, ICE Futures U.S. is a self-regulatory organization, or SRO, that has implemented rules and procedures to comply with the core principles applicable to it under the CEA.
In the U.K., ICE Futures Europe is a Recognized Investment Exchange, or RIE, in accordance with the Financial Services and Markets Act 2000. Like U.S. regulated derivatives markets, RIEs are SROs with surveillance and compliance responsibilities.
In the EU, ICE Endex is a regulated market in the Netherlands and its derivative markets are licensed under the Dutch Financial Services Act and supervised by the Dutch National Bank, or DNB, and the Netherlands Authority for the Financial Markets, or AFM.
In Singapore, ICE Futures Singapore is an approved exchange supervised by the Monetary Authority of Singapore, or MAS.
In Abu Dhabi, ICE Futures Abu Dhabi is an RIE and regulated by the Financial Services Regulatory Authority, or FSRA.
In Canada, ICE NGX is recognized as an exchange and clearing house by the Alberta Securities Commission, or ASC, and is also registered by the CFTC as a Foreign Board of Trade and as a Derivatives Clearing Organization, or DCO.
ICE Clear Credit and ICE Clear U.S. are regulated by the CFTC as DCOs. DCOs are subject to extensive regulation by the CFTC under the CEA. The Financial Stability Oversight Council, or FSOC, has designated ICE Clear Credit as a systemically-important financial market utility under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act. As such, ICE Clear Credit has access to the Federal Reserve system. ICE Clear Credit is also regulated by the SEC as a clearing agency because it clears security-based swaps.
ICE Clear Europe, which is primarily regulated in the U.K. by the Bank of England, or BOE, as a Recognized Clearing House, is also subject to regulation by the CFTC as a DCO and by the European Securities and Markets Authority, or ESMA.
In the EU, ICE Clear Netherlands is an authorized CCP and is regulated by the DNB and AFM.
In Singapore, ICE Clear Singapore is an approved clearing house supervised by the MAS.
Regulation of the company’s Securities Business
In the company’s cash equities and options markets, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Chicago are national securities exchanges and, as such, are SROs and subject to oversight by the SEC. Accordingly, its U.S. securities exchanges are regulated by the SEC and, in turn, are the regulators of their members. As national securities exchanges, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Chicago must comply with, and enforce compliance by their members with, the Securities Exchange Act of 1934, or the Exchange Act.
The company operates a U.S.-based execution-oriented market for the trading of securities that are not exchange-listed (OTC securities) as an ATS by its SEC-registered broker-dealer, Archipelago Trading Services. Archipelago Trading Services is subject to oversight by the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA. The company’s SEC-registered broker-dealer, Archipelago Securities, LLC, routes to other execution venues and clears trades on behalf of its national securities exchanges and Archipelago Trading Services. Archipelago Securities, LLC is subject to oversight by the SEC and FINRA and is a full clearing member of the National Securities Clearing Corporation and Options Clearing Corporation, or OCC.
The company’s U.S.-based execution-oriented fixed income markets are operated by its SEC-registered broker-dealers, ICE Bonds Securities Corporation, or ICE Bonds, which operates two SEC registered ATSs, ICE BondPoint, and ICE TMC. ICE Bonds is subject to oversight by the SEC and is a member of FINRA and the Municipal Securities Rulemaking Board, or MSRB. FINRA and MSRB are SROs that regulate broker-dealers in the U.S. ICE Bonds is authorized to provide electronic trading services in Canada and Switzerland. ICE Securities Execution & Clearing, LLC, a full clearing member of the National Securities Clearing Corporation, the Fixed Income Clearing Corporation and The Depository Trust Corporation, provides correspondent clearing for ICE Bonds, Creditex Brokerage, L.L.P. and ICE Markets Limited and is subject to oversight by the SEC, FINRA and the MSRB.
The company’s U.K.-based execution-oriented fixed income market is operated by Creditex Brokerage, L.L.P., which is an operator of a multilateral trading facility, or MTF, and ICE Markets Limited, which acts as the matched principal counterparty to bond transactions arranged on the MTF operated by Creditex Brokerage. Both Creditex Brokerage and ICE Markets Limited are regulated and authorized by the U.K.’s Financial Conduct Authority, or FCA. Creditex Brokerage is authorized to provide automated trading services in Hong Kong, Singapore and Switzerland and is subject to regulatory oversight by national competent authorities in each jurisdiction.
Regulation of the company’s Data Business
The company’s a U.S. subsidiary, ICE Data Pricing & Reference, LLC, that is registered with the SEC under the Investment Advisers Act of 1940, or the Investment Advisers Act, for its evaluated pricing and other advisory services. The Investment Advisers Act imposes numerous regulatory obligations on registered investment advisers, including those relating to the management and distribution of products and services, record-keeping, compliance oversight, operational and marketing requirements, disclosure obligations and prohibitions on fraudulent activities. Investment advisers also are subject to certain state securities laws and regulations. ICE Data Services (Australia) Pty. Ltd. provides financial services in Australia and is licensed by the Australian Securities and Investment Commission, or ASIC. ICE Data Desktop Solutions (Europe) Limited provides certain financial services throughout Europe and is regulated by the FCA.
Regulation of the company’s Index Business
The company has an index business, ICE Data Indices, LLC, or ICE Data Indices, which includes equity, fixed income, commodity, volatility, mortgage, sustainability and foreign exchange indices. ICE Data Indices applies the International Organization of Securities Commissions, or IOSCO, Principles for Financial Benchmarks to its indices, and is recognized as a third-country benchmark administrator by the FCA under the U.K. Benchmarks Regulation, or U.K. BMR. In addition, ICE Benchmark Administration Limited, or IBA, applies the IOSCO Principles for Financial Benchmarks to its indices and is authorized and regulated by the FCA for the regulated activity of administering a benchmark and is authorized as a benchmark administrator under the U.K. BMR.
Regulation of the company’s Mortgage Business
The company has mortgage technology business, ICE Mortgage Technology, that provides software, data, and electronic data processing to financial institutions and other stakeholders throughout the U.S. residential mortgage industry. ICE Mortgage Technology is subject to supervision and examination by the Federal Financial Institutions Examination Council, or FFIEC, and its member agencies because ICE Mortgage Technology is a third-party technology service provider to financial institutions directly regulated by the FFIEC's member agencies. In addition, its Mortgage Technology business provides loan origination and servicing technology to mortgage lenders and servicers and processes consumer financial information on behalf of its customers. As a result, ICE Mortgage Technology is subject to a variety of U.S. state and federal regulations governing the protection of consumer financial information, including federal consumer financial laws implemented and enforced by the Consumer Financial Protection Bureau, or CFPB. ICE Mortgage Technology is designated as an operator of critical infrastructure by the U.S. Department of Homeland Security and the U.S. Department of Treasury.
History
The company was founded in 2000. It was incorporated in 2013. The company was formerly known as IntercontinentalExchange Group, Inc. and changed its name to Intercontinental Exchange, Inc. in 2014.
