ICE · 10-Q · 2026Q2 · Full report

Competition and Pricing Pressure

Intercontinental Exchange, Inc. · 2026-07-30 · Importance 46 · Surprise 56

NYSE cash-equities volume increased 24% for the six months and 12% for the three months ended June 30, 2026, primarily reflecting higher industry volumes from geopolitical risks and increased retail participation. Cash-equities revenue growth was partially offset by a lower capture rate, indicating pricing or mix pressure despite stronger activity. Equity-options volume increased 33% and 44%, driven by higher industry volumes, while revenue declined because of lower capture rates. NYSE’s share of total equity-options volume increased to 20.5% for the six months and 21.2% for the quarter, compared with 18.8% and 18.7% in the prior-year periods.