Intercontinental Exchange Reports March and First Quarter 2025 Statistics

Rhea-AI Summary

Intercontinental Exchange (NYSE:ICE) reported record-breaking performance for March and Q1 2025, marking the highest traded volume quarter in ICE's history. Total average daily volume (ADV) surged 31% year-over-year in March, with open interest up 11%, reaching a record 103.4M lots on March 13.

Key highlights include:

• Energy ADV increased 24% y/y with 11% OI growth
• Total Oil ADV rose 7% y/y with 14% OI growth
• Record Financials ADV up 47% with 17% OI growth
• Record Interest Rates ADV increased 55% y/y

Q1 2025 achievements featured record performances across multiple segments, including Energy, Oil, Brent, WTI, Natural Gas, and Financials. Notable growth was seen in Midland WTI ADV (184% y/y), TTF Gas ADV (44% y/y), and NYSE Cash Equities ADV (20% y/y).

Positive

• Record quarterly trading volume across multiple segments in Q1 2025
• Total ADV up 31% y/y with 11% open interest growth
• Energy ADV increased 24% y/y with strong performance in all subsegments
• Record Financials ADV up 47% with significant growth in Interest Rates
• Midland WTI showed exceptional growth with ADV up 184% y/y

Negative

• None.

Insights

Financial Analyst

ICE's March and Q1 2025 statistics reveal exceptional performance across its trading ecosystem, with record volumes that directly translate to higher transaction-based revenue. The 31% year-over-year increase in total average daily volume, coupled with 11% growth in open interest, demonstrates robust market engagement across ICE's product suite.

The standout performers include Financials (ADV up 47%) and Interest Rates (ADV up 55%), reflecting heightened activity in response to monetary policy developments. Energy markets showed remarkable strength with ADV up 24%, while the Midland WTI contract exhibited extraordinary growth at 184% year-over-year.

For exchange operators like ICE, volume increases directly drive transactional revenue with minimal incremental costs, creating significant operating leverage. The growth in open interest—reaching a record 103.4 million lots—is particularly valuable as it indicates sustained future trading activity rather than just short-term volume spikes.

ICE's strategic positioning around benchmark products like Brent, TTF, and Euribor creates powerful network effects, as liquidity attracts more liquidity. This entrenched position in critical global benchmarks generates a competitive moat that's difficult for rivals to overcome and supports ICE's pricing power across its markets.

Market Structure Expert

The comprehensive strength across ICE's diverse product portfolio demonstrates the exchange's successful execution of its multi-asset class strategy. Record volumes spanning energy, interest rates, and equities showcase how ICE has built complementary businesses that thrive in varying market conditions.

Particularly noteworthy is the exceptional growth in the interest rate complex, with Euribor volumes up 64% and SONIA up 34%, reflecting ICE's dominance in European rate benchmarks amid evolving monetary policy. The 76% increase in Gilts open interest further cements ICE's position in European fixed income.

In energy markets, ICE's established benchmarks continue showing remarkable resilience, with Brent ADV up 4% and record natural gas volumes (up 54%) spanning North American, European (TTF), and Asian markets. This geographic diversification provides multiple growth vectors and hedges against regional market fluctuations.

The continued growth in environmental markets (ADV up 8%) and agricultural products like Sugar (ADV up 12%) and Cotton (ADV up 13%) demonstrates ICE's ability to expand beyond its core offerings. NYSE's 23% increase in cash equities volume adds another strong performing vertical, further validating ICE's integrated, multi-asset approach to market infrastructure.

Record Q1 total Futures & Options ADV, including records across Global Commodities, Energy and Financials

ATLANTA & NEW YORK--(BUSINESS WIRE)--

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported March 2025 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.

“Twenty-five years ago, ICE began building a derivatives platform to serve customers’ evolving risk management needs, and today, we are the home to benchmarks such as Brent, TTF and Euribor, used by customers across the world to address their hedging needs,” said Ben Jackson, President of ICE. “The support from our customers has created the depth of liquidity that our markets offer, and we thank them for making the first quarter of 2025 the highest traded volume quarter in ICE’s history.”

March highlights include:

• Record total average daily volume (ADV) up 31% y/y; open interest (OI) up 11% y/y, including record OI of 103.4M lots on March 13
• Energy ADV up 24% y/y; OI up 11% y/y, including record OI of 67.6M lots on March 25
  • Total Oil ADV up 7% y/y; OI up 14% y/y, including record OI of 16.3M lots on March 25
    • Brent ADV up 4% y/y; OI up 10% y/y
    • WTI* ADV up 12% y/y; OI up 35% y/y
      • Record Midland WTI ADV up 184% y/y; OI up 91% y/y
    • Gasoil ADV up 6% y/y; OI up 17% y/y
    • Other Crude & Refined products ADV up 12% y/y; OI up 13% y/y, including record OI of 7.6M lots on March 28
  • Total Natural Gas ADV up 54% y/y; OI up 10% y/y, including record OI of 45.3M lots on March 25
    • North American Gas ADV up 64% y/y; OI up 9% y/y, including record OI of 39.3M lots on March 25
    • TTF Gas ADV up 32% y/y; OI up 16% y/y, including record OI of 5.1M lots on March 26
    • Asia Gas ADV up 6% y/y; OI up 49% y/y, including record OI of 168k lots on March 13
  • Total Environmentals ADV up 8% y/y; OI up 20% y/y
• Sugar ADV up 12% y/y
• Cotton ADV up 13% y/y; OI up 8% y/y 
• Record Financials ADV up 47%; OI up 17% y/y
  • Record Interest Rates ADV up 55% y/y; OI up 22% y/y
    • Record Euribor ADV up 64%; OI up 9% y/y
    • SONIA ADV up 34% y/y; OI up 29% y/y, including record OI of 9.8M lots on March 13
    • Gilts ADV up 12%; OI up 76%
  • MSCI ADV up 23%; OI up 7%
• NYSE Cash Equities ADV up 23% y/y

First quarter highlights include:

• Record total ADV up 23% y/y
• Record Energy ADV up 24% y/y
  • Record Oil ADV up 18% y/y
    • Record Brent ADV up 17% y/y
    • Record WTI* ADV up 29% y/y
      • Record Midland WTI ADV up 184% y/y
    • Gasoil ADV up 7% y/y
    • Record Other Crude & Refined products ADV up 26% y/y
  • Record Natural Gas ADV up 33% y/y
    • North American Gas ADV up 30% y/y, including record options of 549k lots
    • Record TTF Gas ADV up 44% y/y
    • Record Asia Gas ADV up 28% y/y
  • Total Environmentals ADV up 15% y/y
• Sugar ADV up 20% y/y
• Record Financials ADV up 28% y/y
  • Record Interest Rates ADV up 31% y/y
    • Total Euribor ADV up 29% y/y
    • Record SONIA ADV up 31% y/y
    • Gilts ADV up 8% y/y
  • MSCI ADV up 14% y/y
• NYSE Cash Equities ADV up 20% y/y
• NYSE Equity Options ADV up 8% y/y

* Combined OI and volumes of WTI and ICE HOU

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: Corporate

SOURCE: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403662265/en/

ICE Investor Relations Contact:

Katia Gonzalez

+1 678 981 3882

katia.gonzalez@ice.com

investors@ice.com

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

rebecca.mitchell@ice.com

media@ice.com

Source: Intercontinental Exchange

FAQ

What were ICE's key trading volume records in Q1 2025?

ICE achieved records in total ADV (+23% y/y), Energy ADV (+24%), Oil ADV (+18%), Brent ADV (+17%), and Financials ADV (+28%).

How much did ICE's Midland WTI trading volume grow in March 2025?

ICE's Midland WTI ADV increased by 184% year-over-year, with open interest up 91%.

What was ICE's performance in natural gas trading for Q1 2025?

ICE reported record Natural Gas ADV up 33% y/y, with North American Gas ADV up 30% and record TTF Gas ADV up 44% y/y.

How did ICE's financial products perform in March 2025?

ICE's Financials achieved record ADV up 47%, with Interest Rates ADV up 55% y/y and record Euribor ADV up 64%.

What was ICE's total open interest record in March 2025?

ICE reached a record open interest of 103.4M lots on March 13, 2025, representing an 11% increase year-over-year.