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Intercontinental Exchange's 4 revenue components are expected to make $6.8 billion for full-year 2020
(1) Transaction & Clearing $3.7 billion (55%),
(2) Data Services $2.3 billion (34%),
(3) Listing $467 million (7%), and
(4)Other Revenues $270 million (4%)
Total Revenues
ICE incurred $1.35 billion of transaction based expenses in 2019.
Revenues net of transaction based expenses are depicted in the chart to the right.
Net Revenues
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Intercontinental Exchange Business Model
Intercontinental Exchange (NYSE:ICE) is one of the largest exchange operators with seven cash exchanges and five futures exchanges across the globe. Since its establishment in the year 2000, ICE has evolved from its energy trading business to acquiring world’s largest stock exchange (NYSE) in 2013, and finally entering data services industry in 2015.
Who Are The Competitors?
In equity and equity derivatives market, ICE competes with Nasdaq.In commodity and financial derivatives market, ICE comperes with CME and CBOE exchanges.
What Is The Basis of Competition?
Stock listings and total market capitalization of listed companies are primary factors for equity markets.Acceptance of benchmark products (such as Brent, interest rate contracts) provides an edge in derivatives trading business.
Has 4 Revenue Components-
Transaction and Clearing: It comprises of ICE’s electronic trading fees, private transaction surcharge, and other volume-related charges.
Data Services: It comprises of data distribution revenues from subscriptions.
Listing Revenues: A listing fee is charged on an annual basis along-with fees related to other corporate actions such as stock splits and initial public offerings.
Other Revenues: It includes interest income on margin deposits, facility usage fee, market maker service fee, etc.
Intercontinental Exchange's Total Revenues have grown by 4.3% from $6.3 billion in 2018 to $6.5 billion in 2019, and is expected to grow at a slow rate in 2020
Total Revenues
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% Change In Total Revenues
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Total Revenue growth of about $200 million in 2020 to be driven primarily by Data Services and Listing Businesses
Intercontinental Exchange has added $700 million to its total revenues over the last two years.
Data Services offerings have seen steady growth in recent years due to increasing demand, and we expect the trend to continue over coming years.
Total Revenues (A + B + C + D)
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Transaction and clearing fees (A)
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Data Services Fee (B)
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Listing (C)
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Other revenues (D)
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(A) Transaction & Clearing Fees are expected to grow with market activity, which is expected to be trend higher
Click on the sections below to see how we forecast ICE's Transaction & Clearing Fees for each category
Transaction & Clearing Fees [A = E + F + G +H + I +J]
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% Change In Transaction & Clearing Fees
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ICE reports its trading revenues in broadly six categories:
Energy futures and optionsAgricultural and metals futures and optionsFinancial futures and optionsCash equities and equity optionsFixed income and creditOver the counter contracts
The share of trading revenues has been reducing primarily due to increasing demand for data and analytics.
* Note: ICE incurred $1.3 billion of transaction-based expenses in 2018, which are primarily associated with cash equity and equity options' trading business.
In 2018, transaction bases expenses included $357 million of Section 31 fees and 940 million of liquidity payments.
Step 6: Determining ICE CDS and Other Derivatives Revenue
ICE CDS and Other Derivatives Revenue [J]
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Derivative Contracts By Asset Class
Energy Contracts By Asset Class
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Agriculture & Metals Contracts By Asset Class
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Financial Contracts By Asset Class
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The adjacent figures represent total contracts traded in a year.
ICE offers various global energy benchmark contracts such as Brent, WTI, Platts Dubai, Gasoil, Heating Oil and more.
ICE offers futures and options contracts on agricultural commodities, primarily sugar, coffee, cocoa, cotton and metals namely, gold, silver, and iron ore.
ICE offers short-term interest rate derivatives, government bond derivatives, and contracts on other benchmarks such as MSCI and FTSE.
(B) Data Services Revenue are expected to grow steadily due to continued subscription demand
Data Services Revenue
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% Change In Data Services Revenue
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Data Services Revenue By Product Type
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In order to meet the needs of portfolio managers, traders, risk professionals and compliance officers, ICE offers a slew of services for security evaluation.
The company also provides real-time, historical data feeds, and certain proprietary data services.
The connectivity services include fiber networks, wireless networks, and co-location & hosting networks to access ICE's exchanges.
DISAGREE WITH OUR FORECASTS? CREATE YOUR OWN
1. How to save your forecasts
Click on the blue "Try Trefis" button in the header to create an account, then navigate back to this dashboard. Now, any changes you make to these inputs will be auto-saved as a scenario (see left panel of dashboard).
2. How to monitor your scenario vs. actual results
Once you've saved your forecast, you can "rename" your scenario by clicking on the gear icon next to the scenario (on the left panel). For more info, see this quick, 30-sec video (look at the 9 sec mark)
With your forecast saved and named, you can see how well you forecast the company's performance at the end of each period and compare your forecasts to hundreds of other Trefis users who came up with their own forecasts. Lastly, you can share with friends and colleagues to show them how you fared and compare your forecasts to theirs.
