Intercontinental Exchange, Inc. (ICE) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Intercontinental Exchange, Inc. surfaced in its latest filing.

• In 2025, macroeconomic conditions including changes in interest rates, inflation, and market volatility, as well as policy changes by new U.S. and non-U.S. administrations, contributed to economic uncertainty.2025
• Geopolitical events including the conflicts in Ukraine and the Middle East and events in Venezuela, and imposition of sanctions and tariffs, impacted operations and results in 2025 and may continue in 2026.2025
• U.S. trade and diplomatic tensions, including trade disputes and tariffs, and U.S. policies toward China and Chinese policies toward the U.S., are likely to impact existing business and future opportunities.
• The Holding Foreign Companies Accountable Act (HFCAA) requires the SEC to suspend trading of companies whose auditor the PCAOB cannot inspect for three consecutive years, which could force NYSE to suspend trading of listed Chinese companies.
• In November 2023, PCAOB announced settlements related to inspections of Chinese and Hong Kong audit firms, which could lead to fewer Chinese companies listing in the U.S.2023-11
• Beginning in early 2022, mortgage lending volume decreased substantially as the Federal Reserve raised rates; this trend could continue, causing further decline in mortgage origination volumes.2022
• Inflation increased moderately in 2025 and has remained volatile in recent years.2025
• DORA, effective January 17, 2025, imposes an ICT risk management framework for the EU financial sector, impacting some of our businesses as EU financial entities or ICT third-party service providers.2025-01-17
• As of December 31, 2025, we custody $81.2 billion of clearing members' margin and guaranty funds across all clearing houses.2025-12-31
• On February 3, 2026, the SEC approved ICE Clear Credit's application to expand its Covered Clearing Agency designation to add U.S. Treasury clearing.2026-02-03
• Our clearing houses apply a discount or 'haircut' to the market values for all sovereign securities held as margin or guaranty fund contributions.
• Goodwill of $30.6 billion and net other intangible assets of $15.4 billion as of December 31, 2025, including from the acquisition of Black Knight in September 2023.2025-12-31
• Total carrying value of equity investments of $1.6 billion as of December 31, 2025, including investment in Blockratize, Inc. (Polymarket).2025-12-31
• During 2024 and 2023, we recorded impairments on certain developed technology and trademark finite-lived intangible assets.2024
• Acquired ICE Digital Trust, LLC in May 2025.2025-05
• ICE Digital Trust is a New York limited purpose trust company regulated by the NYDFS.
• Coalition of nations set the price of Russian crude oil at or below $60 a barrel in December 2022.2022-12
• CAT implementation has resulted in significant additional expenditures, with promissory note impairment charges of $16 million in 2023, $2 million in 2020, and $16 million in 2019.2023
• As of December 31, 2025, accrued approximately $88 million receivable for CAT implementation expenses.2025-12-31
• Court challenge to CAT funding model in U.S. Court of Appeals for Eleventh Circuit and follow-on cases.
• GENIUS Act in the U.S. establishes framework for regulating stablecoins.
• European Commission's temporary equivalence decision for UK CCPs expires June 30, 2028.2028-06-30
• ESMA extended the tiering determination and temporary recognition decisions for ICE Clear Europe until June 30, 2028.2028-06-30
• The Financial Services and Markets Act 2023 expands the UK CCP resolution regime, enabling the Bank of England to take full control of a CCP without relying on existing powers.2023
• EU BMR transitional provisions enabling EU entities to use benchmarks administered by our non-EU subsidiaries expired on December 31, 2025.2025-12-31
• On June 3, 2024, a defect in a new software release by NYSE subsidiary SIAC caused incorrect calculation of industry-wide trade price bands, leading to trades at incorrect prices that were reversed, trading pauses based on incorrect bands, and member claims paid by NYSE exchanges under their rules.2024-06-03
• As of December 31, 2025, we had $19.6 billion of outstanding debt, inclusive of approximately $18.6 billion of senior notes and approximately $1.0 billion of commercial paper.2025-12-31
• Black Knight acquisition closed in September 2023.2023-09
• Starting as of September 30, 2023, Bakkt has disclosed it is monitoring its ability to continue as a going concern.2023-09-30
• The carrying value of our equity method investment in Bakkt was $9 million as of December 31, 2025.2025-12-31