ICE Announces Milestones Across its Data Business in 2025 Including Record Fixed Income Trading and Clearing Volume

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Key Terms

credit default swap financial

A credit default swap is a financial contract that acts like insurance against a borrower failing to repay debt: one party pays regular fees to another, and if the borrower defaults the seller of the swap compensates the buyer for losses. Investors use these contracts to hedge the risk of a bond or loan, to speculate on a borrower's credit health, and to gauge market perceptions of default risk; widening swap prices can raise borrowing costs and signal trouble, while tightening can calm markets.

cds options financial

An option on a credit default swap (CDS) is a contract that gives the holder the right, but not the obligation, to buy or sell a CDS — a form of insurance against a borrower’s default — at a preset price or terms in the future. For investors it provides a flexible way to hedge or bet on changes in a borrower’s credit risk without committing immediately, similar to reserving the right to buy an insurance policy later at an agreed cost if conditions worsen.

single name (sn) cds financial

A single name (SN) CDS is a financial contract that acts like insurance against the risk that one specific borrower will fail to repay its debt. An investor who buys one pays regular fees to another party and receives a payout if that borrower defaults; traders use these contracts to protect bond holdings, bet on a borrower’s financial health, or gauge market views on credit risk, which can influence borrowing costs and investor confidence.

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

colocation services technical

Colocation services rent space, power and network hookups in a secure data center where a company can place its own servers close to major networks or trading venues. For investors, colocation matters because being physically closer to an exchange or cloud hub cuts the time it takes for orders and data to travel—like putting your post office next to the factory to speed deliveries—which can improve trading speed, reduce missed opportunities and support predictable infrastructure costs.

etf creation/redemption financial

ETF creation/redemption is the process by which authorized market participants add new ETF shares or remove existing ones by exchanging a basket of the underlying securities with the fund. Think of it like a grocery store restocking or returning full boxes of individual items so the shelf (the ETF) matches what's inside. This mechanism keeps the ETF’s market price close to the value of its holdings, supports liquidity, and can limit tax costs for investors.

notional amount financial

Notional amount is the headline value assigned to a financial contract used only to calculate payments or obligations, not the cash exchanged up front. For investors it shows the scale of exposure and potential risk from contracts tied to interest rates, currencies or other assets—think of it as the 'price tag' used to work out bills on a loan even when that full sum never actually changes hands.

01/06/2026 - 08:45 AM

Record AUM tracking ICE Indices

Strong customer interest in colocation services

Significant growth in customers using multi-asset data platform

ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced various milestones across its Fixed Income and Data Services business in 2025, including record volumes for its ICE Bonds fixed income electronic execution platforms and its Credit Default Swap (CDS) clearing house, ICE Clear Credit.

ICE Bonds reached record notional amount volume of $232.5 billion for corporate bonds in 2025, up 10% from 2024. Meanwhile, municipal bond trading reached record notional amount volume of $225.5 billion in 2025, up 27%, with over 4 million trades processed, which was over 30% more than the previous record. Volumes in Mortgage Backed Securities (MBS) trading also doubled last year after the recent expansion of our execution protocols.

In CDS, ICE Clear Credit, the leading global clearing house for CDS instruments and CDS options, processed a record of more than $28 trillion notional amount in USD-denominated Index CDS in 2025, compared to $22 trillion in 2024. In Euro-denominated Index CDS, ICE Clear Credit cleared more than €15.2 trillion in 2025, compared to €12.8 trillion in 2024. In Single Name (SN) CDS, ICE Clear Credit cleared a record $2.57 trillion notional amount in USD-denominated SN CDS in 2025, compared to $2.17 trillion in 2024. In Euro-denominated SN CDS, ICE Clear Credit cleared €890 billion in 2025, compared to €800 billion in 2024. ICE’s Index CDS Options volume more than doubled in 2025 to approximately $1 trillion (more than $980 billion) USD-equivalent notional amount, compared to $425 billion in 2024.

“As we continued to see elevated volatility across many of our markets, 2025 was, by all accounts, the best year for notional amount volumes across our fixed income execution and clearing businesses in the history of the company,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services. “This was the result of a tremendous effort by our teams, working with customers to launch new products and trading protocols, and building our networks to ensure we offer the broadest, most liquid pools of trading and clearing across the markets we serve.”

In addition, ICE achieved various milestones across other parts of its Fixed Income and Data Services business in 2025, including:

Reached a record amount of assets under management (AUM) for passive funds tracking ICE Indices of $794 billion at the end of 2025, compared to $647 billion at the end of 2024. Across passive and active combined, ICE has over $2 trillion in AUM benchmarked to ICE Indices.
Responding to a surge in growth for colocation services, ICE had record growth of 50% in billable kilowatt hours in 2025 at its ICE Mahwah, NJ data center, where ICE has more than doubled capacity compared to 2020.
Signed data distribution, market sentiment and other agreements with leading firms across prediction markets, social media, crypto and news, including Polymarket, Reddit, Circle and Dow Jones.
The number of desktop users across all of ICE’s platforms, including ICE Connect, ICE IM, Market-Q and ICE Options Analytics, rose 9% since the start of 2025.
Processed a record number of ETF creation/redemption orders over ICE ETF Hub of 76,908 orders in 2025, up 42% from the prior year. Since launching in 2019, ICE ETF Hub, which was designed to bring efficiencies and standardization to the ETF primary market, has processed $4.77 trillion in notional volume.

“These milestones are a testament to the rich history ICE has of bringing innovation to the markets we serve, and maintaining a strong entrepreneurial spirit throughout our product development teams and the company as a whole,” added Edmonds.

ICE provides comprehensive fixed income execution, clearing and data solutions that can help enhance market insights, manage risks, and uncover investment opportunities. ICE’s evaluated pricing, reference data, analytics and indices offer transparency and support across pre-trade, trade and post-trade workflows. For connectivity and data access, ICE offers a suite of desktop solutions and data feeds, as well as the ICE Global Network, which offers high-quality content, delivery and execution services through ultra-secure, highly resilient fiber and wireless networks.

For more information on ICE’s Fixed Income and Data Services business, please visit: https://www.ice.com/fixed-income-data-services.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds member FINRA, MSRB, and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional investors only and is not intended for retail customer use.

ICE Data Pricing & Reference Data, LLC is a registered investment adviser with the US Securities and Exchange Commission. Additional information about ICE Data Pricing & Reference Data, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. A copy of ICE Data Pricing & Reference Data, LLC’s Form ADV is available upon request. Index products and services are provided by ICE Data Indices, LLC. Services provided by ICE Data Indices, LLC shall not constitute, or be construed, as investment advice by ICE Data Indices, LLC.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: Fixed Income and Data Services

SOURCE: Intercontinental Exchange

ICE-CORP