The Intercontinental Exchange (ICE) is a leading global operator of regulated exchanges, clearinghouses, and data services for various financial and commodity markets. It was founded in 2000 and has since grown through acquisitions and organic expansion to become one of the largest exchange operators in the world. ICE operates numerous exchanges and marketplaces, including its flagship ICE Futures exchanges, the New York Stock Exchange (NYSE), and several other derivatives and securities exchanges.
Here's detailed information about the Intercontinental Exchange (ICE):
History: ICE was founded in May 2000 by Jeffrey Sprecher, initially as an online platform for trading energy commodities, particularly over-the-counter (OTC) energy derivatives. Over the years, ICE expanded through acquisitions of other exchanges and businesses, such as the International Petroleum Exchange (IPE) in 2001, the New York Board of Trade (NYBOT) in 2007, and the NYSE Euronext in 2013, which included the New York Stock Exchange.
Products: ICE offers a diverse range of futures, options, and other derivative contracts across various asset classes, including energy, agricultural commodities, metals, interest rates, equities, and credit. Some of the most actively traded contracts on ICE include Brent Crude Oil futures, natural gas futures, sugar futures, and interest rate futures (e.g., Short Sterling and Euribor).
Trading Platform: ICE operates electronic trading platforms for its various exchanges, providing market participants with access to a wide range of products and services. The ICE trading system supports futures, options, and OTC markets, facilitating trading in various asset classes and contract types.
Clearing and Settlement: ICE operates its own clearinghouses for the different markets it serves. These clearinghouses act as central counterparties for trades executed on ICE exchanges, managing the credit risk associated with trading.
Regulation: ICE's exchanges and clearinghouses are subject to regulation by various financial market regulators, depending on the jurisdiction and the specific market. For example, in the United States, the Commodity Futures Trading Commission (CFTC) regulates ICE's futures exchanges, while the Securities and Exchange Commission (SEC) oversees the New York Stock Exchange.
Data Services: ICE offers a wide range of data services to market participants, including real-time and historical market data, pricing and analytics, reference data, and index services. These data services support trading, risk management, and compliance functions for various financial and commodity market participants.
Benchmark Administration: ICE is also involved in the administration of key financial benchmarks, such as the ICE LIBOR (formerly known as the London Interbank Offered Rate), which is a widely used reference rate for short-term interest rates in the global financial markets. ICE also administers other benchmarks, including the ICE Swap Rate and the LBMA Gold Price.
Listing Services: Through the New York Stock Exchange, ICE provides listing services for companies looking to raise capital through an initial public offering (IPO) or secondary offerings. The NYSE is one of the largest and most prestigious stock exchanges globally, with a long history and a broad range of listed companies from various sectors and countries.
Organizational Structure: Intercontinental Exchange Inc. is a publicly traded company listed on the New York Stock Exchange under the ticker symbol "ICE". The company is headquartered in Atlanta, Georgia, United States.