Risk Sleuth
ICE · 10-K filed 5 Feb 2026 · year to 31 Dec 2025

Intercontinental Exchange

39 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Suppliers

Large international telecommunications company (hosting)

depends onnamed as a risk
We rely on access to certain data used in our business through licenses with third parties, and we rely on a large international telecommunications company for the provision of hosting services.Risk factors (Item 1A)

Partners and platforms

New York Stock Exchange (NYSE)

earns from · approximately 70% of S&P 500 companies
With approximately 70% of S&P 500 companies listed on the NYSE as of December 31, 2025, we are a leading listing venue across a range of sectors from technology and healthcare, to financials and energy.Business (Item 1)

Also named by BR, GSBD, NDAQ, QBTS, SPIR

MSCI and FTSE index licenses

depends onnamed as a risk
We hold exclusive licenses to list various index futures and options contracts.Risk factors (Item 1A)

Other companies

Clearing member defaults

insures or lends to · $81.2 billionnamed as a risk
As of December 31, 2025, we custody a total of $81.2 billion of clearing members' margin and guaranty funds across all of our clearing houses.Risk factors (Item 1A)

ICE Clear Credit guaranty fund contribution

$381 millionnamed as a risk
In addition, we have contributed $381 million of our own cash to the guaranty funds, which is one component of the table below, and such amounts are at risk and could be used in the event of a clearing member default.Business (Item 1)

Black Knight

$30.6 billionnamed as a risk
As of December 31, 2025, we had goodwill of $30.6 billion and net other intangible assets of $15.4 billion relating to our acquisitions, including our acquisition of Black Knight in September 2023.Risk factors (Item 1A)

Polymarket

$1.6 billionnamed as a risk
As of December 31, 2025, we had a total carrying value of $1.6 billion relating to our equity investments, including our investment in Blockratize, Inc., doing business as Polymarket.Risk factors (Item 1A)

Bakkt

$9 millionnamed as a risk
The carrying value of our equity method investment in Bakkt was $9 million as of December 31, 2025.Risk factors (Item 1A)

Fannie Mae and Freddie Mac

named as a risk
Potential structural changes to federal agencies integral to the U.S. residential mortgage industry, in particular, those involving the roles of Fannie Mae and Freddie Mac, in addition to the regulatory roles of the CFPB and other banking regulators, could disrupt the residential mortgage market and have a material adverse effect on our business.Risk factors (Item 1A)

Also named by ELS, JOE, RF, SOFI, WTM, WY

Securities Industry Automation Corporation (SIAC) June 3, 2024 incident

named as a risk
NYSE and/or SIAC may also potentially be subject to additional claims from the SEC or other third parties as a result of this event.Risk factors (Item 1A)

Competitors

Nasdaq

competes withnamed as a risk
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.Business (Item 1)

Also named by CME, DRVN

Cboe Global Markets

competes withnamed as a risk
For ETF listings, competitors include, but are not limited to, Nasdaq and Cboe.Business (Item 1)

Also named by NDAQ

Places

U.S. residential mortgage market

concentrated in · $2.1 billionnamed as a risk
Our Mortgage Technology segment generated revenues of $2.1 billion in 2025 and accounted for 21% of our consolidated revenues, less transaction-based expenses.Business (Item 1)

India

operates in · 3,512
Internationally, we had a total of 5,293 employees, including 3,512 in India, 799 in the U.K. and 377 in the rest of Europe.Business (Item 1)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Commodities and inputs

U.S. Treasury securities

exposed to its price · $72.9 billionnamed as a risk
As of December 31, 2025, our clearing houses held $82.6 billion of non-cash margin or guaranty fund contributions in U.S. and other sovereign treasury securities: $72.9 billion of this amount was comprised of U.S. Treasury securities, $5.4 billion of various EU member country Treasury securities, $1.8 billion of U.K. Treasury securities and $2.6 billion of other European, Japanese, Canadian and Tri-Party Treasury securities.Risk factors (Item 1A)

Also named by BGC, BPOP, CME, GS, HBAN

Dutch TTF natural gas

earns fromnamed as a risk
Trading volumes on ICE Endex, the primary European exchange for the benchmark European gas contract, and ICE Clear Europe, which clears ICE Endex contracts, could be impacted.Risk factors (Item 1A)

Brent crude oil

earns from
Our flagship Brent crude oil contract serves as the cornerstone of a global oil network that today includes over 800 related crude and refined oil products including locational and refined spreads.Business (Item 1)

Also named by CRC, OXY

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk
A determination by the SEC or a court, for example, that the SEC must link market data fees to marginal costs, take a more active role in the market data rate-setting process, or reduce the current levels of market data fees, could have an adverse effect on our market data revenues.Risk factors (Item 1A)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk
We are subject to enhanced oversight from the FFIEC and CFPB related to the inclusion of Black Knight's services and product offerings in our portfolio.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Financial Conduct Authority (FCA)

subject tonamed as a risk
As a “critical” benchmark, the administration of ICE Swap Rate is subject to additional obligations under the U.K. BMR.Risk factors (Item 1A)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

New York State Department of Financial Services (NYDFS)

subject tonamed as a risk
ICE Digital Trust is a New York limited purpose trust company that is subject to extensive regulation by the NYDFS.Risk factors (Item 1A)

Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, GS and 9 more

Financial Stability Oversight Council (FSOC)

subject tonamed as a risk
ICE Clear Credit has been designated as a systemically important financial market utility by the FSOC and, as a result, is subject to additional oversight by the CFTC.Risk factors (Item 1A)

Also named by AIG, BX, GPN, JXN, KKR, MET, OWL

Bank of England

subject tonamed as a risk
The proposals for U.K. CCPs, if finalized, would increase the costs of operating a CCP in the U.K., raise regulatory burdens on U.K. CCPs and could consequently have a negative effect on revenue earned by U.K. CCPs and ICEU and place U.K. CCPs at a competitive disadvantage.Risk factors (Item 1A)

Also named by GS, MA, NDAQ, V

Federal Trade Commission (FTC) Consent Order

subject tonamed as a risk
In addition, following the completion of the acquisition of Black Knight, we continue to be subject to periodic reviews by the FTC under the Consent Order we entered into with the FTC, and we are required to certify that we are in compliance with the restrictions contained in the Consent Order.Risk factors (Item 1A)

Commodity Futures Trading Commission (CFTC)

subject to
Our 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.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Laws and programs

Consolidated Audit Trail (CAT)

subject to · approximately $88 millionnamed as a risk
As of December 31, 2025, we have accrued approximately $88 million as a receivable in connection with our portion of expenses related to the CAT implementation.Risk factors (Item 1A)

Also named by NDAQ

Russian crude oil price cap

subject to · $60 a barrelnamed as a risk
Additionally, in December 2022, a coalition of various nations set the price of Russian crude oil at or below $60 a barrel, which remains in place and continues to impact our businesses and those of our clients.Risk factors (Item 1A)

Basel III Endgame

subject tonamed as a risk
Both proposals would increase capital requirements for client clearing activities, which could increase costs for clearing services, decrease clearing members' clearing capacity, and result in a reduction of cleared volumes at our clearing houses.Business (Item 1)

Also named by CME, FCNCA, GBCI, PNFP, USB

Digital Operational Resilience Act (DORA)

subject tonamed as a risk
Some of our businesses are impacted by the compliance burdens and costs of DORA as EU financial entities or ICT third-party service providers to EU financial entities.Risk factors (Item 1A)

Also named by FISV, GPN, NDAQ, NTAP, ZETA

EU Deforestation Regulation (EUDR)

subject tonamed as a risk
The EUDR requirements may decelerate the physical trade of cocoa and coffee, impact the usability of EU coffee and cocoa physical inventories, and reduce trading volumes on ICE Futures Europe of the Robusta Coffee Contract and London Cocoa Contract and on ICE Futures U.S. of the Coffee C Contract (Arabica).Business (Item 1)

Also named by HSY, IP, MDLZ, WST

Regulation SCI

subject tonamed as a risk
Ensuring our compliance with the requirements of Regulation SCI and the CFTC’s system safeguards regulations requires significant ongoing administrative and compliance expenses and burdens.Risk factors (Item 1A)

Also named by NDAQ

EU Benchmarks Regulation (EU BMR)

subject tonamed as a risk
To the extent such subsidiaries are unable to obtain recognition for any reason or EU-supervised entities are otherwise unable to continue to license and use their in scope benchmarks, our business and our reputation could be harmed.Risk factors (Item 1A)

Also named by NDAQ

Brexit / EU equivalence for U.K. CCPs

subject tonamed as a risk
In the absence of an extension of the temporary equivalence or permanent equivalence of U.K. CCPs by the European Commission, EU persons would be restricted in accessing clearing services at ICE Clear Europe, which could impact clearing revenues, and could also cause us to change our business practices, restructure our businesses or move certain of our businesses and employees.Risk factors (Item 1A)

EMIR 3.0 Active Account Requirement

subject tonamed as a risk
Nevertheless, the Active Account Requirement could result in a reduced volume of trading and clearing of euro-denominated short-term interest rate derivatives at ICE Futures Europe and ICE Clear Europe.Business (Item 1)

Holding Foreign Companies Accountable Act (HFCAA)

subject tonamed as a risk
Moreover, there remains the risk that the SEC may suspend trading of NYSE-listed companies under the HFCAA, which would require us to suspend trading for those companies to comply with U.S. government policies, which could impact our business.Risk factors (Item 1A)

EU Regulation on ESG Ratings Providers

subject tonamed as a risk
Certain ICE Data Service offerings are in scope and will be required to become authorized and supervised by ESMA.Business (Item 1)

SEC equity market structure rules (tick size)

subject tonamed as a risk
These rules, or others that the SEC may propose, could affect market and competitive dynamics for venues that facilitate trading of equity securities.Business (Item 1)

U.S. Treasury clearing

earns fromnamed as a risk
Although the new Treasury clearing service is operationally live for the clearing of cash transactions and expects to go live for repurchase transactions in the fourth quarter of 2026, there is no assurance that the service will achieve meaningful market adoption and competition within the U.S. Treasury clearing market may limit the commercial success of this offering.Risk factors (Item 1A)

National Market System Plans (NMS Plans)

earns from
In addition, we receive 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.Business (Item 1)