Oct 29, 2026 earnings call — Trading strength, MarketAxess deal, crypto partnerships
ICE expects MarketAxess deal to close in the first quarter of 2027, after issuing $3.75 billion of senior notes.
Revenue $3.6B (est $2.7B) · EPS $2.02 (est $1.97)
Key quotes
"Futures and options average daily volume was up 31%, a record for any third quarter and our second highest quarter ever, while total open interest finished the quarter up 13%."
"Importantly, last week we received approval from the Department of Justice, and as a result, we now expect the transaction to close in the first quarter of 2027, ahead of the first half timeline we outlined in July."
"Together with Trade[XYZ] and subject to regulatory approvals, we intend to bring these markets into a U.S. regulated framework by combining Trade[XYZ]'s retail market expertise with ICE's exchange, clearing, and regulatory capabilities."
Analyst Q&A 8
crypto perpetuals and regulation
Q (Patrick Moley · Piper Sandler): Analyst asked how FolioObs views real-world asset perpetuals now, which underlying assets matter for U.S. retail, and how important the S&P 500 perpetual license was and whether ICE can bring that contract onshore.
A: Management said these perpetual markets are complementary and good for short-term trading. They said the U.S. government wants these platforms onshore and will seek to regulate them, so ICE is working with Trade[XYZ] and Hyperliquid but must get regulatory approval first.
"As I mentioned, the U.S. government is going to bring these markets onshore and seek to regulate them, which is something we know a lot about." — Jeff Sprecher (CEO·CHAIR)
fixed income data growth drivers
Q (Alex Blostein · Goldman Sachs): Analyst asked what changed to drive above-trend growth in fixed income data, how durable it is, and whether AI demand could boost it further.
A: Management said clients want fewer vendors that can provide greater scale, and ICE has delivered the right data assets and delivery. They emphasized continuing client focus and did not provide new detail specifically about AI-driven demand.
"What is clear across the customer base at the moment is they're looking for fewer number of vendors that can provide them greater level of scale along the way." — Chris Edmonds (PRESIDENT)
hyperscalers, energy markets, compute futures
Q (Chris Allen · KBW): Analyst asked how hyperscalers and data centers affect energy and fixed income markets, the impact on CDS and bond volatility, and demand for compute futures.
A: Management said data centers drive demand in regional power, basis gas, and carbon markets, and ICE operates the vast majority of carbon markets globally. They are launching compute futures and, while awaiting CFTC approval, are already live with indicative settlements and reference data; they also said volatility has been positive for their FIDS business and single-name CDS.
"While we wait for CFTC approval, we're already live with indicative settlements and reference data for clients to model around these for around our first set of first tranche of products." — Ben Jackson (PRESIDENT)
mortgage tech outlook next year
Q (Craig Siegenthaler · BofA): Analyst asked if Mortgage Technology growth will pick up next year given past contract minimum resets and a tougher rate backdrop.
A: Management said they will give guidance in January/February when reporting 4Q. They noted renewal trends have improved versus 2020–2021 vintages, some 2021/2022 contracts remain to work through, and they expect to keep investing and to update results in fourth quarter.
"We will give guidance for next year when we get to January, February when we report 4Q." — Warren Gardiner (CFO)
MarketAxess deal feedback
Q (Dan Fannon · Jefferies): Analyst asked for early customer feedback on the MarketAxess deal, particularly from dealers, and how competition looks after Tradeweb bought Trumid.
A: Management said client feedback globally has been very positive and that clients want scale—scale of distribution, content, data, and new products like private credit. They said the MarketAxess fit was its long history and scale, and that they are focused on building a new ecosystem for fixed income execution.
"This is going to be focused on scale." — Ben Jackson (PRESIDENT)
ICE, OKX, Trade[XYZ] roles and economics
Q (Brian Bedell · Deutsche Bank): Analyst asked how ICE and OKX will work with Trade[XYZ], how FCMs will connect, and what ICE's economic model might be (transaction fees vs participation).
A: Management said they will set up a traditional designated exchange and clearinghouse model open to futures commission merchants and are building an FCM and broker-dealer with OKX to connect to TradFi exchanges and the Trade[XYZ] platform. They highlighted OKX wallet tech for KYC/AML as important, said products will be small to start and they will report details as things become material, and they did not provide a definitive economic fee structure now.
"We really like the wallet technology that OKX has because it's got KYC, AML capabilities built into it that we know that the regulators are going to demand." — Jeff Sprecher (CEO·CHAIR)
is mortgage business core for ICE?
Q (Alex Kramm · UBS): Analyst asked whether ICE is still the right owner of the mortgage business, given time spent on other initiatives and peers spinning off non-core businesses.
A: Management said as public company stewards they can't answer certain things directly but noted they intentionally built fixed income and rates franchises to make the company all-weather. They said they are not married to any asset if the sum of the parts doesn't work, and emphasized they are trying to drive shareholder value.
"We are trying to drive value for our shareholders." — Jeff Sprecher (CEO·CHAIR)
recurring data revenue sustainability
Q (Ben Budish · Barclays): Analyst asked about sustainability of recurring exchange revenues and data sales growth, and whether always-on markets and AI will drive this long term.
A: Management pointed to long-term trends: data subscriptions up meaningfully over five years and strong year-over-year gains in established markets (oil data subscriptions up 16% year-over-year, gas up roughly 12%). They said continued customer engagement, new product launches, and staying close to customers should sustain recurring revenue growth.
"If you look at just the last year, you take a well-established marketplace like our oil business, data subscriptions are up 16% year-over-year." — Ben Jackson (PRESIDENT)