ICE · 10-Q · 2026Q3 · Full report

Global Market Uncertainty

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 16 · Surprise 6

ICE reported that changes in interest rates, inflation, tariffs and trade policies, and geopolitical concerns have created continuing global economic uncertainty and a dynamic operating environment. Market and interest-rate volatility, including during the first nine months of 2026, coincided with increased trading across energy, interest-rate and equity futures, credit default swaps and bonds. Higher mortgage rates over recent years reduced consumer and investor mortgage demand and adversely affected transaction-based revenues in the Mortgage Technology segment; further rate increases or changes in mortgage lending practices could deepen that effect. Higher interest rates have also increased, and may continue to increase, rates on ICE debt as it refinances indebtedness; ICE expects the macroeconomic environment to remain dynamic in the near term.

Key facts

• ICE expected the macroeconomic environment to remain dynamic in the near term and continued to monitor interest rates, inflation, tariffs and trade policies, market volatility, geopolitical events and military conflicts. source
• CDS clearing revenue growth was primarily due to higher clearing volumes driven by elevated geopolitical-event market volatility during the period. source
• ICE’s businesses, including exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, had not suffered a material negative impact from events in Ukraine and the Middle East and surrounding regions. source