Intercontinental Exchange Stock

Intercontinental Exchange, Inc. (ICE), together with its subsidiaries, operates as a global provider of technology and data to a broad range of customers, including financial institutions, corporations and government entities.

The company’s products, which span major asset classes, including futures, equities, fixed income and the U.S. residential mortgages, provide the company’s customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency.

Segments

The company’s segments are as follows:

Exchanges: The company operates regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities, as well as data and connectivity services related to those venues.

Fixed Income and Data Services: The company provides fixed income pricing, reference data, indices, analytics and execution services, as well as global credit default swaps, or CDS, clearing and multi-asset class data delivery technology.

Mortgage Technology: The company provides a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market.

The company is a Fortune 500 company, providing its customers with an array of technology solutions and data services that span a diverse set of asset classes. The majority of the company’s identifiable assets are located in the U.S. and the U.K.

Exchanges segment

The company operates regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, as well as corporate and exchange-traded funds, or ETFs. The company operates multiple trading venues, including 13 regulated exchanges and six clearing houses, which are strategically positioned in major market centers around the world, including the U.S., the U.K., European Union (EU), Canada, the Asia Pacific, and the Middle East.

The company’s Exchanges segment includes trading and listings revenue from the company’s global futures network and the New York Stock Exchange and other registered securities exchanges, or collectively, the NYSE, and various data and connectivity services that are directly related to those exchange platforms. Key asset classes include:

Energy Futures and Options

The company offers a range of futures and options products that are designed to enable the company’s customers to manage their risk across global energy markets. The company’s flagship Brent crude oil contract serves as the cornerstone of a global oil network that today includes over 700 related crude and refined oil products, including locational and refined spreads. In addition, as natural gas and Liquefied Natural Gas, or LNG, continue to globalize, the company offers one of the broadest footprints of regional and global natural gas benchmarks, which span North America, Europe, and Asia. The company’s leading environmental and power markets round out its diverse global energy network. The company’s environmental markets have provided customers risk management tools to meet carbon cap and trade program requirements and renewable fuel standards. Increasingly, market participants are turning to the company’s global environmental markets to help navigate and manage risk related to climate change, the energy transition and the move to net zero emissions.

Agricultural & Metals Futures and Options

The company offers futures and options on the leading global soft commodity markets, including coffee, cocoa, cotton and sugar. The company’s benchmark contracts offer one of the most globally relevant price markers for these agricultural markets and provide the company’s customers with the tools to manage price and counterparty risk and facilitate price discovery.

Financial Futures and Options

The company offers a diverse suite of equity futures and options contracts based on its own indices, as well as those created by MSCI and FTSE. These contracts range from established global benchmarks, such as the MSCI Emerging Market Index, to newer products, such as MSCI’s suite of Environmental, Social and Governance, or ESG, indices and the NYSE FAANG+ Index. The company’s global interest rate complex spans geographies, currencies and tenors, providing participants around the world with tools to manage risk in a capital efficient manner. Key products include: Euribor, Gilts, Sterling Overnight Index Average, or SONIA, and Secured Overnight Financing Rates, or SOFR, among others.

Cash Equities and Equity Options

The company offers securities trading services through its five registered securities exchanges, including the NYSE. The company’s securities exchanges are leading providers of transparent, efficient, and high quality markets for the securities issued by large and small companies, ETFs and equity options. These markets serve issuers, investors and other market participants across five cash equity and two options markets.

OTC and Other

The company’s over-the-counter, or OTC, markets include bilateral energy markets that offer electronic trading of contracts based on physically-settled natural gas, power and refined oil contracts and other trade confirmation services. The company’s other revenues primarily include interest income on certain clearing margin deposits related to the company’s futures business, regulatory penalties and fines, fees for use of its facilities, regulatory fees charged to member organizations of the company’s U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees.

Data and Connectivity Services

The company’s exchange data services include, among other offerings, proprietary real-time and historical pricing data, as well as order book and transaction information related to the company’s global futures markets and the NYSE exchanges. In addition, the company receives a share of revenue from the sale of consolidated U.S. equity and options market data by the National Market System Plans, or NMS Plans.

Separately, the company also provides connectivity services directly related to its futures, cash equity and options exchanges and clearing houses.

Listings

The NYSE offers a unique hybrid market model that combines leading technology with an accountable market maker to provide human judgment, a community of the world’s greatest companies and premium brand visibility. With over 70% of S&P 500 companies listed on the NYSE as of December 31, 2023, the company is a leading listing venue across a range of sectors from technology and healthcare, to financials and energy. In addition to corporate listings, the NYSE is a global leader in ETF listings with 75% of ETF assets under management, or AUM, as of December 31, 2023. Additionally, in 2023, NYSE reported 32 listing transfers from competing exchanges, the second-highest total since 2002.

The company operates six clearing houses, each of which acts as a central counterparty, or CCP, that, for its clearing members, becomes the buyer to every seller and the seller to every buyer. Through this CCP function, the company’s clearing houses provide financial security for each transaction, for the duration of the position, by limiting counterparty credit risk. The company’s clearing houses are responsible for providing clearing services to each of the company’s futures exchanges, and in some cases, to third-party execution venues.

In 2022, the company announced its decision to cease its CDS clearing service at ICE Clear Europe, the company’s clearing house in the U.K. All cleared CDS positions at ICE Clear Europe were successfully closed, with the majority re-established at ICE Clear Credit in October 2023. Moving forward, the company’s sole CDS clearing offering is its ICE Clear Credit clearing house in the U.S. All CDS products have been delisted at ICE Clear Europe and the final regulatory steps for de-registration have been completed as of December 31, 2023.

Fixed Income and Data Services segment

The company’s Fixed Income and Data Services segment includes its fixed income execution, or ICE Bonds, CDS clearing, the company’s fixed income data and analytics offerings, and other multi-asset class data and network services. The company’s leading fixed income pricing and reference data offerings serve as the foundation for a broader fixed income network that provides the company’s customers solutions that span the full workflow, including pre- and post-trade analytics, a range of execution protocols and indices. In addition, the company’s multi-asset class connectivity, feeds and desktop solutions, which comprise the company’s Other Data and Network Services business, leverage a common sales force, which can enhance cross-selling opportunities across the Fixed Income and Data Services segment.

Fixed Income Execution

Alongside the company’s leading Fixed Income Data and Analytics offerings, ICE Bonds is focused on providing tools to improve efficiency in customers' workflows across fixed income markets. ICE Bonds provides customers with electronic markets that support multiple fixed income trading protocols, including click-to-trade, request for quotation, or RFQ, and auctions, including portfolio auctions/trading.

CDS Clearing

ICE Clear Credit supports Single Names CDS on over 630 reference entities and over 175 Index CDS instruments. Revenues also include interest income on certain clearing margin deposits related to the company’s CDS clearing business.

Fixed Income Data and Analytics

The company is a leading provider of end-of-day and continuous evaluated pricing services on nearly three million fixed income securities spanning approximately 150 countries and 80 currencies, including sovereign, corporate and municipal bonds, mortgage and asset-backed securities, as well as leveraged loans. The company’s reference data offering complements its evaluated pricing by providing the company’s clients a broad range of descriptive information, covering millions of financial instruments that, when coupled with the company’s pricing services, act as the foundation for the company’s leading fixed income index complex, ICE Data Indices, LLC, or ICE Data Indices. The company also offers a range of fixed income analytics and other workflow solutions, including: best execution services, liquidity indicators, fixed income and derivatives portfolio analytics and the company’s ETF Hub. The company’s fixed income customers use its data, indices and analytics to inform pre-trade decision making, support post-trade regulatory and compliance needs and improve operational efficiency. In addition, the company’s newer offerings in this area include a variety of ESG data and analytics offerings. Fixed Income Data and Analytics revenues are largely recurring in nature.

Other Data and Network Services

The company offers a multi-asset class connectivity solution called the ICE Global Network. The ICE Global Network offers highly secure, low latency connectivity solutions to reach over 150 trading venues and over 750 data sources. In addition, the company’s consolidated feeds business provides data from a broad array of trading venues and news feeds through a common application programming interface, or API. Finally, the company’s desktop solutions support commodity and energy traders, risk managers, financial advisors, wealth managers and retail traders; and include a robust instant messaging, or IM, system that protects the privacy of over 120,000 users, while also enabling greater collaboration. Other Data and Network Service revenues are largely recurring in nature.

Mortgage Technology segment

ICE constructs a network aimed at identifying and solving the inefficiencies that exist in the U.S. residential mortgage market. From application through closing, servicing and the secondary market, the company’s network is intended to connect the key stakeholders across the mortgage origination workflow and provide the company’s customers with data services and technology that deliver greater transparency and enable significant customer efficiency gains.

Origination Technology

The company’s origination technology acts as a system of record for the mortgage transaction, automating the gathering, reviewing, and verifying of mortgage-related information and enabling automated enforcement of rules and business practices designed to help ensure that each completed loan transaction is of high quality and adheres to secondary market standards. These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription, as well as professional services.

In addition, the ICE Mortgage Technology network provides originators connectivity to the mortgage supply chain and facilitates the secure exchange of information between the company’s customers and a broad ecosystem of third-party service providers, as well as lenders and investors that are critical to consummating the millions of loan transactions that occur on the company’s origination network each year. Revenue from the ICE Mortgage Technology network is largely transaction-based.

Closing Solutions

The company’s closing solutions connect key participants, such as lenders, title and settlement agents and individual county recorders, to digitize the closing and recording process. Closing solutions also include revenues from the company’s Mortgage Electronic Registration Systems, Inc., or MERS, database, which provides a system of record for recording and tracking changes and servicing rights and beneficial ownership interests in loans secured by the U.S. residential real estate. Revenues from closing solutions are largely transaction-based and are based on the volume of loan closings.

Servicing Software

The company’s servicing offerings include integrated mortgage servicing solutions, which help automate all areas of the servicing process, from loan boarding to final payment or default, to help lower costs, reduce risk and improve financial performance.

The company’s servicing solutions support first lien mortgages, home equity loans and lines of credit on a single platform to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, and regulatory requirements. The company also provides solutions that provide consumers with access to customized, timely information about their mortgages and allow the company’s clients’ customer service representatives to access the same customer information, which is key to increasing borrower retention. Another servicing solution provides clients, third-party providers and their developers access to the company’s growing catalog of APIs across the mortgage life cycle.

The company’s default servicing solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements and to facilitate more efficient loss mitigation processes. The company also offers advanced technology to support the bankruptcy and foreclosure process, and more efficiently manage claims related to properties in foreclosure, as well as tools to support loss analysis, to help servicers make the right decisions at the right time.

Data and Analytics

The company’s data and analytics offerings include those related to ICE Mortgage Technology’s Data & Document Automation, or DDA, Mortgage Analyzer solutions, or Analyzer (formerly known as AIQ), which offers customers greater efficiency by streamlining data collection and validation through the company’s automated document recognition and data extraction capabilities. Analyzer revenues can be both recurring and transaction-based in nature. In addition, the company’s data offerings include near real-time industry and peer benchmarking tools, which provide originators a granular view into the real-time trends in nearly half of the U.S. residential mortgage market. The company also provides a Data as a Service, or DaaS, for lenders and industry participants to access industry data and origination information. The data and insights from these solutions inform, support and enhance its other solutions to help lenders and servicers make more informed decisions, improve performance, identify and predict risk and generate more qualified leads. Revenues related to the company’s data products are largely subscription based and recurring in nature.

The company’s data and analytics offerings include property ownership data, lien data, servicing data, automated valuation models and collateral risk scores, among others, provided to clients in the mortgage, real estate and capital markets verticals.

Product and Services Development

The company leverages its customer relationships, global distribution, technology infrastructure and software development capabilities to diversify the company’s products and services. The company is continually developing, evaluating and testing new products to better serve the company’s client base. The majority of the company’s product development relates to evaluating new contracts, new data sets, new analytic offerings or new mortgage technologies. New contracts often must be reviewed and approved by relevant regulators. The company expects to continue to invest in improving its data distribution and software services to meet the needs of the company’s customers and improve their trading and connectivity experience by reducing latency, improving security and providing the most relevant information and data.

While the company primarily develops its products and services internally, the company also periodically evaluates and enters into strategic partnerships and licensing arrangements to develop new products and services. The company intends to continue to invest to expand its exchanges, fixed income and data services, and mortgage technology offerings to serve the evolving needs of the company’s global customer base.

Technology

Technology is a key component of the company’s business strategy. The company’s technology solutions support its customers' workflows: trading and clearing technology, multi-asset class analytics, risk assessment tools, robust data offerings, mortgage technology, instant messaging capabilities and flexible connectivity and delivery solutions. Where feasible, the company designs and builds its own systems and write the company’s own software programs as having control over the company’s technology allows the company to be more responsive to its customers’ needs, better support the dynamic nature of the company’s business, provide the highest quality technology and deliver relevant, timely and actionable data to the markets and customers the company serves.

Trading Platforms and Technology

The ICE trading platform supports trading in the company’s cleared futures and options markets, as well as the company’s bilateral OTC markets. The company also offers voice brokers a facility for submitting block trades for products that are eligible for clearing. Speed, reliability, resilience, capacity and security are critical performance criteria for electronic trading platforms. Connectivity to the company’s trading platform for its markets is available through the company’s web-based front-end applications, as well as independent software vendors, or ISVs, and APIs.

The NYSE electronic trading platform features an open system architecture that allows users to access the company’s system via front-end trading applications developed by ISVs. The company developed core technology and architecture known as NYSE Pillar and have migrated all the company’s Cash Equity Securities markets, Security Information Processor, or SIP, and Options Price Reporting Authority, or OPRA, NYSE Amex Options and Arca Options platforms to this architecture. This integrated platform was designed to improve performance and reduce the complexity of operating multiple trading systems for the company’s customers, while enhancing consistency, performance and resiliency.

Clearing Technology

A broad range of clearing and risk management services are offered through the integrated technology infrastructure that serves the company’s clearing houses. ICE clearing technology is an integrated service-oriented platform that enables post-trade management, position management, management of the clearing house risk waterfall, contract settlement and treasury management functions. The primary focus of the company’s derivatives clearing houses is the risk management of clearing members throughout all facets of the position management and settlement lifecycles. The company’s extensive technology and rules-based risk systems provide analytical tools that allow the company to determine margin, evaluate credit risk and monitor the trading activities and overall risk of clearing members.

Data Services Technology

ICE Data Services technology uses integrated platforms to capture, store and process information, perform analytics and maintain connectivity solutions using a single configurable data capture mechanism and flexible delivery capability. Together, the platforms are intended to enable real-time processing and delivery of information, accelerate new product development and improve production reliability. The company’s data and analytics are delivered via real-time messaging, files, web services and other on-demand facilities and state-of-the-art front-ends. In addition, the technology underpinning the company’s ICE Global Network supports scalable bandwidth and a wide variety of connectivity options, including fiber, wireless, colocation and hosting.

Mortgage Technology

The ICE Mortgage Technology platform provides software and hosting solutions that facilitate and automate many of the mission-critical business processes across the homeownership lifecycle. These solutions primarily consist of mortgage loan origination and servicing, processing and workflow management software applications, coupled with APIs and related data products. The platform is developed using industry-leading software technologies and third-party services, including hosting with a combination of public cloud and private data centers. The platform is integrated with multiple partner services necessary for loan origination and servicing, such as credit reporting and other services that lenders and servicers leverage through the company’s network, which is offered through the platform. The platform includes industry leading information security infrastructure to protect the confidentiality and integrity of the company’s customers' data.

Intellectual Property

FTSE and the FTSE indexes are trademarks and service marks of the London Stock Exchange plc and the London Stock Exchange Group Holdings Limited and are used under license. MSCI and the MSCI indexes are trademarks and service marks of MSCI Inc. or its affiliates and are used under license.

Competition

Exchanges Segment

NYSE Arca Options and NYSE American Options face considerable competition in the equity options markets; their principal U.S. competitors are Nasdaq, Inc., or Nasdaq, and Cboe Global Markets, Inc., or Cboe.

For corporate listings in the U.S., competitors include, but are not limited to, Nasdaq. For ETF listings, competitors included, but are not limited to, Nasdaq and Cboe.

Growth Strategy

The company seeks to advance its leadership position by focusing its efforts on the following key strategies for growth: innovating and expanding the networks the company serves to address the rising demand for transparency and efficiency; further developing the company’s technology and risk management infrastructure while also increasing the company’s customer base; and strengthening its competitive position through select acquisitions and strategic relationships.

Regulation

Regulation of the company’s Derivatives Business

The company’s regulated derivatives markets and clearing houses are based primarily in the U.S., the U.K., EU, Canada, Singapore, and Abu Dhabi.

The company’s U.S. futures exchange, ICE Futures U.S., is subject to extensive regulation by the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act, or CEA. The CEA generally requires that futures trading in the U.S. be conducted on a commodity exchange registered as a Designated Contract Market, or DCM. As a registered DCM, ICE Futures U.S. is a self-regulatory organization, or SRO, that has implemented rules and procedures to comply with the core principles applicable to it under the CEA.

In the U.K., ICE Futures Europe is a Recognized Investment Exchange, or RIE, in accordance with the Financial Services and Markets Act 2000. Like U.S. regulated derivatives markets, RIEs are SROs with surveillance and compliance responsibilities.

In the EU, ICE Endex is a regulated market in the Netherlands and its derivative markets are licensed under the Dutch Financial Services Act and supervised by the Dutch National Bank, or DNB, and the Netherlands Authority for the Financial Markets, or AFM.

In Singapore, ICE Futures Singapore is an approved exchange supervised by the Monetary Authority of Singapore, or MAS.

In Abu Dhabi, ICE Futures Abu Dhabi is an RIE and regulated by the Financial Services Regulatory Authority, or FSRA.

In Canada, ICE NGX is recognized as an exchange and clearing house by the Alberta Securities Commission, or ASC, and is also registered by the CFTC as a Foreign Board of Trade and as a Derivatives Clearing Organization, or DCO.

ICE Clear Credit and ICE Clear U.S. are regulated by the CFTC as DCOs. DCOs are subject to extensive regulation by the CFTC under the CEA. The Financial Stability Oversight Council, or FSOC, has designated ICE Clear Credit as a systemically-important financial market utility under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act. As such, ICE Clear Credit has access to the Federal Reserve system. ICE Clear Credit is also regulated by the SEC as a clearing agency because it clears security-based swaps.

ICE Clear Europe, which is primarily regulated in the U.K. by the Bank of England, or BOE, as a Recognized Clearing House, is also subject to regulation by the CFTC as a DCO and by the European Securities and Markets Authority, or ESMA.

In the EU, ICE Clear Netherlands is an authorized CCP and is regulated by the DNB and AFM.

In Singapore, ICE Clear Singapore is an approved clearing house supervised by the MAS.

Regulation of the company’s Securities Business

In the company’s cash equities and options markets, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Chicago are national securities exchanges and, as such, are SROs and subject to oversight by the SEC. Accordingly, the company’s U.S. securities exchanges are regulated by the SEC and, in turn, are the regulators of their members. As national securities exchanges, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Chicago must comply with, and enforce compliance by their members with, the Securities Exchange Act of 1934, or the Exchange Act.

The company operates a U.S.-based execution-oriented market for the trading of securities that are not exchange-listed (OTC securities) as an ATS by the company’s SEC-registered broker-dealer, Archipelago Trading Services. Archipelago Trading Services is subject to oversight by the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA. The company’s SEC-registered broker-dealer, Archipelago Securities, LLC, routes to other execution venues and clears trades on behalf of the company’s national securities exchanges and Archipelago Trading Services. Archipelago Securities, LLC is subject to oversight by the SEC and FINRA and is a full clearing member of the National Securities Clearing Corporation and Options Clearing Corporation, or OCC.

The company’s U.S.-based execution-oriented fixed income markets are operated by the company’s SEC-registered broker-dealers, ICE Bonds Securities Corporation, or ICE Bonds, which operates two SEC registered ATSs, ICE BondPoint, and ICE TMC. ICE Bonds is subject to oversight by the SEC and is a member of FINRA and the Municipal Securities Rulemaking Board, or MSRB. FINRA and MSRB are SROs that regulate broker-dealers in the U.S. ICE Bonds is authorized to provide electronic trading services in Canada and Switzerland. ICE Securities Execution & Clearing, LLC, a full clearing member of the National Securities Clearing Corporation, the Fixed Income Clearing Corporation and The Depository Trust Corporation, provides correspondent clearing for ICE Bonds, Creditex Brokerage, L.L.P. and ICE Markets Limited and is subject to oversight by the SEC, FINRA and the MSRB.

The company’s U.K.-based execution-oriented fixed income market is operated by Creditex Brokerage, L.L.P., which is an operator of a multilateral trading facility, or MTF, and ICE Markets Limited, which acts as the matched principal counterparty to bond transactions arranged on the MTF operated by Creditex Brokerage. Both Creditex Brokerage and ICE Markets Limited are regulated and authorized by the U.K.’s Financial Conduct Authority, or FCA. Creditex Brokerage is authorized to provide automated trading services in Hong Kong, Singapore and Switzerland and is subject to regulatory oversight by national competent authorities in each jurisdiction.

Regulation of the company’s Data Business

The company has a U.S. subsidiary that is registered with the SEC under the Investment Advisers Act of 1940, or the Investment Advisers Act, for its evaluated pricing and other advisory services. The Investment Advisers Act imposes numerous regulatory obligations on registered investment advisers, including those relating to the management and distribution of products and services, record-keeping, compliance oversight, operational and marketing requirements, disclosure obligations and prohibitions on fraudulent activities. Investment advisers also are subject to certain state securities laws and regulations. ICE Data Services (Australia) Pty. Ltd. provides financial services in Australia and is licensed by the Australian Securities and Investment Commission, or ASIC. ICE Data Desktop Solutions (Europe) Limited provides certain financial services throughout Europe and is regulated by the FCA.

Regulation of the company’s Index Business

The company has an index business, ICE Data Indices, LLC, or ICE Data Indices, which includes equity, fixed income, commodity, volatility, mortgage, sustainability and foreign exchange indices. ICE Data Indices applies the International Organization of Securities Commissions, or IOSCO, Principles for Financial Benchmarks to its indices, and is recognized as a third-country benchmark administrator by the FCA under the U.K. Benchmarks Regulation, or U.K. BMR. In addition, ICE Benchmark Administration Limited, or IBA, is authorized and regulated by the FCA for the regulated activity of administering a benchmark and is authorized as a benchmark administrator under the U.K. BMR.

Regulation of the company’s Mortgage Business

The company has a mortgage technology business, ICE Mortgage Technology, that provides software, data, and electronic data processing to financial institutions and other stakeholders throughout the U.S. residential mortgage industry. In September 2023, ICE acquired Black Knight, which provides software, data and analytics to the real estate, mortgage lending, servicing, and secondary markets, and integrated the acquisition into its ICE Mortgage Technology business. ICE Mortgage Technology is subject to supervision and examination by the Federal Financial Institutions Examination Council, or FFIEC, and its member agencies because ICE Mortgage Technology is a third-party technology service provider to financial institutions directly regulated by the FFIEC's member agencies. In addition, the company’s Mortgage Technology business provides loan origination and servicing technology to mortgage lenders and servicers and processes consumer financial information on behalf of the company’s customers. As a result, ICE Mortgage Technology is subject to a variety of the U.S. state and federal regulations governing the protection of consumer financial information, including federal consumer financial laws implemented and enforced by the Consumer Financial Protection Bureau, or CFPB. ICE Mortgage Technology is designated as an operator of ‘critical infrastructure’ by the U.S. Department of Homeland Security and the U.S. Department of Treasury.

History

The company was founded in 2000. It was incorporated in 2013. The company was formerly known as IntercontinentalExchange Group, Inc. and changed its name to Intercontinental Exchange, Inc. in 2014.