Intercontinental Exchange (ICE) is a global financial technology and data company that operates exchanges, provides fixed income and data services, and supplies technology for the U.S. residential mortgage market. ICE's largest business is its exchange network — it runs 13 regulated exchanges and six clearing houses globally, with flagship products including Brent crude oil futures (which price roughly three-quarters of the world's internationally traded crude), TTF natural gas futures (the global natural gas benchmark), NYSE equities, and European interest rate derivatives. ICE's Fixed Income and Data Services business provides evaluated pricing, reference data, indices, and analytics to financial institutions globally, pricing over three million fixed income securities daily, and also operates electronic bond trading and CDS clearing. ICE's Mortgage Technology business provides software that automates the U.S. residential mortgage workflow, with key products including Encompass (loan origination), MSP (mortgage servicing), and MERS (the industry's system of record for mortgage ownership). ICE earns both transaction revenues (driven by trading volumes, CDS clearing, and per-loan fees) and recurring revenues (subscriptions for data, listings fees, and SaaS contracts for mortgage software). ICE's cost structure is largely fixed, creating operating leverage on incremental revenue. ICE has grown through acquisitions targeting large markets in early stages of digitization, most recently acquiring Black Knight in 2023 for ~$13.1B to expand its mortgage technology footprint.