Intercontinental Exchange Inc. - ICE STOCK NEWS

Intercontinental Exchange (ICE) announced that its Benchmark Administration (IBA) will launch the USD SOFR Spread-Adjusted ICE Swap Rate as a benchmark for financial contracts starting July 3, 2023. Following an initial testing phase since October 2021, IBA plans to implement this rate assuming satisfactory results. The new rate will align with the current USD LIBOR ICE Swap Rate settings, which will cease publication after June 30, 2023. This shift assists the non-linear derivatives market's transition to SOFR, as emphasized by IBA's President, Clive de Ruig.

Intercontinental Exchange (NYSE: ICE) is opposing the Federal Trade Commission's (FTC) challenge to its acquisition of Black Knight (NYSE: BKI). ICE argues that this merger will advance a more efficient housing finance system by automating and enhancing transparency in the mortgage industry. The company previously agreed to divest Black Knight's Empower loan origination system to facilitate regulatory clearance. Despite the FTC's litigation, ICE is confident in prevailing and aims to finalize the acquisition by Q3 or Q4 2023.

Intercontinental Exchange (NYSE:ICE) will auction carbon credits from UpEnergy’s Improved Cookstove Programme in Uganda. This initiative promotes cleaner cooking technologies to improve health and reduce carbon emissions.

Each locally made cookstove uses 45% to 55% less charcoal, potentially cutting several tons of CO2 emissions annually per household. ICE plans two auctions of 250,000 carbon credits each in 2023, facilitating direct investment in emissions reductions.

These auctions aim to streamline carbon credit transactions and encourage corporate investment in sustainability initiatives that support low-income communities.

Intercontinental Exchange (ICE) and Black Knight (BKI) announced a divestiture of Black Knight's Empower loan origination system to Constellation Software. This divestiture is crucial for securing regulatory clearance under the Hart-Scott Rodino Act for ICE's acquisition of Black Knight. The amended merger terms value Black Knight at $75 per share, amounting to approximately $11.7 billion. Shareholders can choose between cash or stock, with equalization at closing. The merger is under FTC review, with closing contingent upon regulatory approvals and shareholder consent. ICE plans to litigate for merger approval if necessary.

Intercontinental Exchange (NYSE:ICE) announced its February 2023 trading volume and revenue metrics, highlighting significant milestones in its derivatives markets. On February 22, it achieved a record open interest (OI) of 50.7M contracts across commodity futures and options. Key indicators include a 6% year-over-year increase in energy OI and notable growth in natural gas with a 14% rise in OI. Additionally, the company reported a 15% increase in average daily volume (ADV) for agriculture and metals. The announcement underscores ICE's robust market position and operational efficiencies.

First American Data & Analytics has announced that its enhanced FraudGuard solution is the first fraud analytics tool integrated with the Encompass Partner Connect API platform from ICE Mortgage Technology, now accessible to lenders. This integration allows automated ordering of FraudGuard reports based on customizable business rules, enhancing fraud risk reduction. The updated FraudGuard leverages extensive data sources to assess loan quality and streamline the review process, promising deeper insights into borrower risks and property transactions. First American, with 2023 revenue of $7.6 billion, emphasizes its commitment to innovation in fraud prevention.

Truework has announced its integration with the ICE Mortgage Technology platform, enhancing the Encompass Partner Connect™ API for automated income and employment verification. This integration allows mortgage lenders to access a database of over 35 million employee records instantly, minimizing manual data entry and reducing human error. The initiative aims to streamline the underwriting process, potentially improving efficiency and reducing costs for lenders across the nation. Ryan Sandler, CEO of Truework, emphasized the partnership's role in pushing technological boundaries to enhance the lending process.

Intercontinental Exchange (NYSE:ICE) reported record open interest in its global commodities and energy futures markets as of February 22, 2023, reaching 50.7 million contracts. This surpassed the previous record from October 2021. Notably, open interest in energy futures was 46.8 million contracts, beyond the April 2022 record. Total open interest has grown by 13% since the start of 2023, with commodities up 9% and energy up 10%. Brent futures increased by 24%, while natural gas futures rose by 8%. The growth reflects increased market activity and liquidity in response to evolving supply and demand dynamics.

Intercontinental Exchange (NYSE:ICE) announced that its Chief Financial Officer, Warren Gardiner, will present at the Raymond James 44th Annual Institutional Investors Conference on Monday, March 6 at 11:00 am EST. The session will be available for live viewing and replay via webcast on ICE's investor section at http://ir.theice.com/. ICE is a leading provider of data, technology, and market infrastructure, operating major exchanges, including the New York Stock Exchange, and providing essential financial technology and data services.