ICE · 10-Q · 2026Q2 · Full report
Transaction-Based Expenses
Intercontinental Exchange, Inc. · 2026-07-30 · Importance 57 · Surprise 38 · From source text
Exchanges rebates increased to $1.1 billion for the six months ended June 30, 2026 from $842 million in 2025, primarily because of higher traded volumes. Cash liquidity payments, routing and clearing fees increased to $1.3 billion from $1.1 billion for six months and to $657 million from $569 million for three months. Section 31 fees were $288 million for six months, down from $412 million, because the SEC fee rate was zero beginning in May 2025 before being reinstated in April 2026. Section 31 fees payable were $286 million at June 30, 2026.
Key facts
- Section 31 fees, net were $286 million (a subtraction) for the six months ended June 30, 2026 and $93 million (a subtraction) for the six months ended June 30, 2025. source
- Intercontinental Exchange recorded rebates of $1.1 billion and $842 million for the six months ended June 30, 2026 and 2025, respectively, and $469 million and $440 million for the three months ended June 30, 2026 and 2025, respectively. source
- Cash liquidity payments, routing and clearing fees were $1.3 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively, and $657 million and $569 million for the three months ended June 30, 2026 and 2025, respectively. source
- Total Section 31 fees were $288 million and $412 million for the six months ended June 30, 2026 and 2025, respectively, and $288 million and $150 million for the three months ended June 30, 2026 and 2025, respectively. source
- The total amount of Section 31 fees payable was $286 million as of June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | realized | -7.1% | Intercontinental Exchange recorded rebates of $1.1 billion and $842 million for the six months ended June 30, 2026 and 2025, respectively,… |
| revenue | negative | realized | -5.5% | Cash liquidity payments, routing and clearing fees were $1.3 billion and $1.1 billion for the six months ended June 30, 2026 and 2025,… |
| revenue | negative | realized | -3.4% | Total Section 31 fees were $288 million and $412 million for the six months ended June 30, 2026 and 2025, respectively, and $288 million… |
| liability | negative | realized | — | The total amount of Section 31 fees payable was $286 million as of June 30, 2026. |