Intercontinental Exchange, Inc. reports developments across financial market technology, exchange operations, clearing, data services and U.S. mortgage technology. The company operates futures, equity and options exchanges, including the New York Stock Exchange, clearing houses, energy and environmental markets, fixed income data and execution capabilities, and ICE Mortgage Technology workflows for housing finance.
Recurring news covers quarterly operating results, trading volume and open interest statistics, dividends and share repurchases, mortgage performance and home-price reports, index and market-data products, and data collaborations such as sustainable bond classification. Company updates also reflect how ICE packages market data, analytics and workflow tools for capital markets, fixed income, housing finance and exchange-listed markets.
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.
Intercontinental Exchange (NYSE: ICE) announced that Samsung Asset Management has licensed the ICE EUA Carbon Futures Index for the KODEX Europe Carbon Allowance Futures ICE(H) ETF. This ETF is the first of its kind globally, designed for Korean and international investors to efficiently participate in carbon futures markets. The index benchmarks euro-denominated EUA contracts under the EU Emissions Trading System, addressing diverse client needs as market participants increasingly focus on carbon pricing and climate transition risks. ICE's indices benchmark over $1 trillion in global assets.
Intercontinental Exchange (NYSE:ICE) announced the launch of a new freight futures contract on September 27, based on the Baltic Exchange's LPG assessment from Houston to Chiba. This cash-settled contract aims to help participants manage freight price risk on a major LPG export route. Freight rates for this route have ranged from $45.75 to $182.40 per ton since April 2020. With increasing demand for LPG in Asia and a robust market for U.S. exports, the new contract will complement ICE's existing freight futures.
ICE Mortgage Technology, part of Intercontinental Exchange (NYSE: ICE), announced a partnership with PennyMac Loan Services LLC (NYSE: PFSI). This integration with Encompass® Investor Connect positions PennyMac as the largest correspondent aggregator on the platform. The collaboration aims to streamline loan delivery, enhancing efficiency and loan quality without added costs to Encompass customers. PennyMac is set to leverage digital solutions for improved loan processing and customer experience.
Intercontinental Exchange (NYSE:ICE) has launched the ICE Risk Free Rate (RFR) Indexes for U.S. Dollar (SOFR), Euro (€STR), and Japanese Yen (TONA), enhancing support for the global lending market's transition to RFRs. This follows the launch of the ICE SONIA Indexes for GBP in April 2021. The new Indexes standardize interest calculation, providing pre-calculated compound interest values. These daily-published Indexes help manage cash flows and address operational challenges, thereby simplifying compounding calculations for financial contracts.