Intercontinental Exchange Inc

ICE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$766.00	Zjq	Svdqnxssb

Despite Headwinds, Mortgage Technology Is a Long-Term Opportunity for Intercontinental Exchange

Michael Miller

Nov 28, 2023

Business Strategy and Outlook

Intercontinental Exchange has continued to diversify its revenue streams by using a series of acquisitions to build its position in mortgage technology and fixed-income data. Roughly half of ICE’s revenue is recurring, reducing reliance on exchange fees, which is a positive given the competition facing its equity trading business.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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United States