TacticScaleWhat Intercontinental Exchange Does & How It Makes Money (ICE)
Updated October 2026 · reflects Intercontinental Exchange's latest reported financials
Operator of global exchanges, clearing houses, market data and mortgage technology. It earns fees on trading, clearing and listings on its exchanges, plus recurring subscription revenue from market data, connectivity, pricing, indices and analytics.
How Intercontinental Exchange makes money
It earns fees on trading, clearing and listings on its exchanges, plus recurring subscription revenue from market data, connectivity, pricing, indices and analytics. It also charges fees for its mortgage workflow technology platform.
What Intercontinental Exchange does
Intercontinental Exchange, founded in 2000 and headquartered in Atlanta, provides market infrastructure, data and technology to financial institutions, corporations and government entities in the United States, the UK, the EU, Canada, Asia Pacific and the Middle East. Its Exchanges segment runs regulated venues for listing, trading and clearing derivatives and securities across commodities, interest rates, foreign exchange and equities, including corporate listings and exchange-traded funds. It also sells data and connectivity services tied to those exchanges and clearing houses. The Fixed Income and Data Services segment provides bond pricing, reference data, indices, analytics and execution services, along with global CDS clearing and multi-asset data delivery technology. The Mortgage Technology segment offers a digital workflow platform built to cut inefficiency and risk across the U.S. residential mortgage life cycle, from application and closing through servicing and the secondary market.
Products & services
- Derivatives and securities exchanges (commodities, interest rates, FX, equities)
- Clearing houses, including global CDS clearing
- Exchange data and connectivity services
- Fixed income pricing, reference data and analytics
- Indices and ETF-related services
- Digital U.S. mortgage technology platform
What is Intercontinental Exchange worth?
On an owner-earnings DCF, Intercontinental Exchange's most-likely value is about $216 versus a recent price near $156 (38% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$94) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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