Intercontinental Exchange Inc Stock Price, News & Analysis

ICE Mortgage Technology, part of Intercontinental Exchange (NYSE: ICE), announced the expansion of its Encompass® eClose solution to include full eNote and eVault functionality. This enhancement streamlines the mortgage closing process, integrating with the MERS® eRegistry for efficient eNote handling. This development is expected to provide lenders with increased operational efficiencies and cost savings, as eNotes can speed up loan sales. The solution is approved by key entities like Fannie Mae and Freddie Mac, marking a significant advancement in digital mortgage technology.

Intercontinental Exchange (NYSE: ICE) has launched a new suite of U.S. residential mortgage locked rate indices that will be updated daily. These indices are based on actual loan applications processed by ICE Mortgage Technology, which handles nearly half of all U.S. residential mortgages. This approach provides a more accurate and timely reflection of mortgage interest rates compared to traditional survey-based indices. The indices cover various mortgage types, including conventional loans and government programs, and aim to enhance transparency and risk management in the mortgage-backed security market.

Silver Lake has announced a strategic investment in Euroclear by acquiring Intercontinental Exchange's 9.85% stake for EUR709 million. Euroclear, based in Brussels, manages €35.2 trillion in assets and facilitates over 284 million transactions annually, highlighting its significance in global financial markets. The deal requires regulatory approval and could close in H1 2022. Following the acquisition, Silver Lake will seek to appoint a board member at Euroclear, enhancing its influence in the company.

Intercontinental Exchange (NYSE: ICE) announced the completion of its merger with Bakkt Holdings and VPC Impact Acquisition Holdings (NASDAQ: VIH). This marks Bakkt's debut as a public company on the New York Stock Exchange under the ticker 'BKKT' starting October 18. ICE retains a significant 68% economic interest and a minority voting stake in the merged entity, which will be treated as an equity method investment and won't affect ICE's consolidated financials.

BondLink, a leading financial technology provider for the $4 trillion municipal bond market, has appointed Lynn Martin from Intercontinental Exchange and Joe Geraci from Old Orchard Capital to its Board of Directors. These additions aim to enhance BondLink's growth and efficiency in the municipal bond sector. Martin's experience managing ICE's fixed income services and Geraci's background in municipal securities are expected to strengthen BondLink's platform and service offerings, promoting better engagement between issuers and investors.

Intercontinental Exchange (NYSE:ICE) has launched a beta version of its U.S. Dollar (USD) ICE Swap Rate® for SOFR interest rate swaps to aid the transition to SOFR in the non-linear market. The new settings, available for the same tenors as the USD LIBOR 1100 ICE Swap Rate, are intended for informational purposes and are not to be used as benchmarks. IBA aims to engage with stakeholders for feedback during this initial testing phase. The SOFR swaps market is maturing, and this move reflects IBA's commitment to facilitating this transition.

Intercontinental Exchange (NYSE: ICE) reported strong trading performance for September and the third quarter of 2021, highlighting a robust market activity amid inflation concerns. Key metrics showed a total average daily volume (ADV) increase of 18% y/y for Q3 and 11% y/y for September. Notable segments included Energy ADV up 23% y/y and Natural Gas ADV up 34% y/y. The company updated guidance, projecting adjusted operating expenses around $40 million related to Bakkt and non-operating expenses ranging from $47 to $52 million.

Intercontinental Exchange (NYSE: ICE) announced that Wolfspeed (NYSE: WOLF) has successfully transferred its listing to the NYSE, commencing trading today. This move allows Wolfspeed to leverage the NYSE's advanced market model and extensive network of business leaders, enhancing its visibility and investor relations. CEO Gregg Lowe emphasized that this listing marks a significant milestone, reinforcing Wolfspeed's status as a leader in Silicon Carbide technology. Since 2000, nearly 300 companies have transferred their listings to the NYSE, representing over $1 trillion in market value.

Intercontinental Exchange (ICE) has announced that the UK Financial Conduct Authority (FCA) will require its Benchmark Administration (IBA) to publish 1-, 3-, and 6-Month sterling and Japanese yen LIBOR settings under a new 'synthetic' methodology for 2022. This follows the FCA's earlier decision to end several LIBOR settings by the end of 2021. The FCA's changes aim to reduce disruptions for legacy contracts, though they may not reflect the true market conditions. The transition from LIBOR presents ongoing challenges for users of these benchmarks.