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.

• The SEC approved ICE Clear Credit's application to expand its registered Covered Clearing Agency designation to add U.S. Treasury clearing on February 3, 2026.February 3, 2026
• ICE Clear Credit's U.S. Treasury clearing service is operationally live for cash transactions and expects to go live for repurchase transactions in the fourth quarter of 2026.Q4 2026
• The Digital Operational Resilience Act (DORA) went into effect on January 17, 2025, imposing ICT risk management, reporting, and oversight for EU financial entities and their ICT third-party service providers.January 17, 2025
• Acquisition of Black Knight in September 2023.September 2023
• Acquired digital asset custody business ICE Digital Trust, LLC in May 2025.May 2025
• In December 2022, a coalition of nations set the price of Russian crude oil at or below $60 a barrel, which continues to impact ICE's businesses and clients.December 2022
• European Commission adopted a new equivalence decision in January 2025 allowing EU firms to clear at U.K. CCPs until June 30, 2028.January 2025
• ESMA extended tiering and temporary recognition decisions for ICE Clear Europe until June 30, 2028 in March 2025.March 2025
• EU BMR transitional provisions for non-EU benchmarks expired on December 31, 2025.December 31, 2025
• The EU BMR was amended on January 1, 2026 to reduce its scope to only certain benchmarks.January 1, 2026
• A court challenge to the CAT funding model is pending in the United States Court of Appeals for the Eleventh Circuit.
• On June 3, 2024, a defect in a new software release by NYSE subsidiary SIAC caused incorrect calculation of industry-wide trade price bands.June 3, 2024
• Bakkt has disclosed monitoring its ability to continue as a going concern starting September 30, 2023.September 30, 2023
• Acquisition of Ellie Mae in 2020 and Black Knight in 2023 expose ICE to increased regulatory scrutiny from U.S. residential mortgage regulators including the FFIEC and CFPB.2020, 2023
• In November 2023 PCAOB announced settlements following inspections of Chinese and Hong Kong audit firms.November 2023
• Investment in Blockratize, Inc., doing business as Polymarket.
• Strategic investments in Polymarket and Bakkt.
• ICE recorded promissory note impairment charges of $16 million, $2 million and $16 million in 2023, 2020 and 2019, respectively, due to replacement of the original CAT plan processor.2023, 2020, 2019
• Total carrying value of $1.6 billion in equity investments as of December 31, 2025, including investments in Polymarket and Bakkt.December 31, 2025
• Acquisition of Black Knight in September 2023, with continuing integration into the ICE Mortgage Technology business and subject to periodic FTC reviews under the Consent Order.September 2023
• Acquired digital asset custody business ICE Digital Trust, LLC in May 2025, a New York limited purpose trust company regulated by the NYDFS.May 2025
• The GENIUS Act in the U.S. establishes a framework for regulating stablecoins and could affect ICE's ability to compete.
• The U.K. government published draft legislation proposing to regulate ESG data providers and may subject certain ICE offerings to FCA regulation.
• The EU adopted a regulation on the transparency and integrity of ESG rating activities that could subject ICE's ESG data products to increased regulation.
• U.S. banking regulators proposal to increase bank capital requirements under Basel III Endgame impacts banking services and activities, including client clearing, lending and capital markets activities.
• Federal Reserve proposed revisions to the surcharge on global systemically-important bank holding companies.
• EMIR 3.0 proposes operational account and clearing requirements for EU market participants that could affect ICE.