What Intercontinental Exchange, Inc. told the SEC could break it.

ICE's market-data subscriptions and trading volumes could decline substantially if market participants reduce their level of spending or trading activity for any reason — a core dependency given transaction-based revenue across its Exchanges, Fixed Income & Data Services and Mortgage Technology segments.

“The market and mortgage data subscriptions and trading volumes in our markets could decline substantially if our market participants reduce their level of spending or trading activity for any reason”

ICE's Mortgage Technology segment generated $2.1B (21% of consolidated revenue less transaction-based expenses) and acts as the system of record across the U.S. residential mortgage origination workflow; its performance is tied to mortgage origination volumes and industry trends, which fluctuate with rates and housing activity.

“Our Mortgage Technology segment generated revenues of $2.1 billion in 2025 and accounted for 21% of our consolidated revenues, less transaction-based expenses.”

ICE's markets and clearing houses are subject to extensive regulation across the U.S. (CFTC/SEC), U.K., EU, Canada, Singapore and Abu Dhabi (failure can bring sanctions); U.S.-China trade/diplomatic tensions and the Holding Foreign Companies Accountable Act (which could force suspension of trading in certain listed companies) may impact its business.

“U.S. trade and diplomatic tensions, including trade disputes and tariffs as well as U.S. government policies toward China and Chinese government policies toward the U.S., are likely to impact our existing business and future opportunities. For example, the Holding Foreign Companies Accountable Act, or HFCAA, requires the SEC to suspend trading in the U.S. of any”

ICE's derivatives revenues depend on commodity-price volatility and real/perceived supply-demand changes for underlying commodities — particularly energy (Brent crude, TTF/natural gas) and agricultural products; 2025 oil futures volume rose 12% and gas 18% on geopolitical/supply-disruption-driven volatility, but disruptions to oil/gas refining-distribution facilities or demand shifts could affect volumes.

“real and perceived changes in the supply and demand of commodities underlying our products, particularly energy and agricultural products”