Intercontinental Exchange Inc. - ICE STOCK NEWS

Intercontinental Exchange (NYSE: ICE) announced the launch of a new clearing service for U.S. Treasury securities and repurchasing agreements, leveraging its existing ICE Clear Credit platform. This initiative follows an SEC mandate aimed at enhancing transparency and resilience in the Treasury market. ICE Clear Credit, the global leader in credit default swaps (CDS) clearing, will manage this service independently from its CDS operations, with a unique rulebook and risk management framework. The launch aims to promote competition and improve risk management in the Treasury market, building on ICE's extensive experience in clearing various financial instruments. ICE Clear Credit has historically reduced counterparty risk by clearing approximately $200 trillion in two-sided notional amount.

Intercontinental Exchange (NYSE:ICE) released a detailed report on May 2024 mortgage performance. The national delinquency rate decreased to 3.04%, the second lowest ever recorded. Serious delinquencies, loans over 90 days past due but not in foreclosure, reached an 18-year low with a fifth consecutive monthly improvement. Single missed payments dropped by 19K, but 60-day delinquencies rose slightly. Foreclosure starts fell 6.5% from April, maintaining the lowest active foreclosure inventory since January 2022. Yearly foreclosure sales decreased by 7.2%, remaining well below pre-pandemic levels. Prepayments rose to their highest since September 2022 amid rising home sales and slightly improved refinancing volumes.

Intercontinental Exchange (NYSE: ICE) announced the launch of USD SOFR ICE Swap Rate® Swap Spreads and EUR €STR ICE Swap Rates® as benchmarks, effective July 1, 2024.

The launch follows the successful testing of indicative, 'Beta' versions since May 3, 2024. These benchmarks will be used in financial contracts and instruments by licensees.

The new settings are determined using IBA’s ICE Swap Rate “Waterfall” calculation methodology and will be published alongside other existing benchmarks in USD, GBP, and EUR currencies, covering tenors from one to 30 years.

For licensing and access information, contact IBA's licensing team.

Intercontinental Exchange (NYSE: ICE) announced that its ICE Midland WTI (ICE:HOU) crude futures contract achieved a record open interest of 158,208 contracts on June 13, 2024. This milestone follows a significant addition of over 100,000 lots last week. The average daily volume (ADV) for ICE HOU has seen impressive growth, climbing from 1,794 contracts in 2022 to 27,560 in May 2024. The Houston market has evolved considerably, with increased production, expanded infrastructure, and a lifted U.S. export ban contributing to the U.S. exporting 4.2 million barrels of Midland WTI daily. ICE HOU offers high optionality, delivering physical crude into major Gulf Coast terminals. The contract also provides margin offsets up to 98% when cleared alongside other ICE oil positions. Overall, ICE’s global oil complex open interest has risen to 14.4 million contracts, reflecting a 24% year-over-year increase.

Intercontinental Exchange (NYSE:ICE) has released its May 2024 trading volume and revenue statistics, showing notable growth across multiple sectors. Key highlights include a 33% year-over-year (y/y) increase in total average daily volume (ADV) and a 24% y/y rise in open interest (OI). Specific records were set in various categories: Energy ADV up 35% y/y, Total Oil ADV up 30% y/y, and WTI ADV up 83% y/y. Additionally, total natural gas ADV increased by 42% y/y, and environmental ADV surged by 67% y/y. In the financial sector, total ADV was up 37% y/y, with interest rates ADV seeing a 44% y/y growth.

FundGuard has announced a strategic alliance with ICE to enhance its investment accounting services. By integrating ICE's pricing and reference data, FundGuard aims to provide asset managers, asset owners, and fund administrators with improved data quality, superior analytics, and rapid scalability. This collaboration addresses common financial industry challenges such as regulatory pressures and outdated software, offering a cloud-native, AI-powered solution that lowers costs and eliminates operational barriers.

ICE's extensive data services will support FundGuard's Investment Book of Record (IBOR), Accounting Book of Record (ABOR), and Net Asset Value (NAV) Contingency functionalities. Executives from both companies emphasized the high value and innovation this partnership brings to their mutual clients.

The June 2024 ICE Mortgage Monitor Report reveals that U.S. home prices cooled for the second consecutive month in April, with the ICE Home Price Index (HPI) showing an annual growth decline from +6.1% in February to +5.1% in April. Inventory levels have improved, reaching the highest seasonally adjusted level since mid-2020, with nearly 90% of U.S. metropolitan areas seeing more homes for sale than last year. However, both supply and demand are still below pre-pandemic levels, with supply down 36% and demand down 45%. The report highlights that interest rate movements could shift market dynamics quickly.

The New York Stock Exchange (NYSE) has announced a collaboration with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX). These new financial products will be subject to regulatory approvals. XBX is a long-standing spot bitcoin index, currently used as the benchmark for $20 billion in ETF assets under management. By leveraging the XBX, the NYSE aims to provide investors with a liquid and transparent risk-management tool. The collaboration follows ICE Futures Singapore's update of its bitcoin futures contracts to use XBX for monthly settlements. This initiative highlights NYSE's and CoinDesk Indices' commitment to offering advanced trading technology and investment options in the digital asset market.

The national delinquency rate in April 2024 fell to 3.09%, the second lowest on record, marking a 22 basis point improvement from April 2023. Serious delinquencies dropped to their best level since August 2005, decreasing by 17,000 from March and 84,000 year over year. The number of single-payment past-due borrowers hit an 8-month low, and 60-day delinquencies reached a 10-month low. Foreclosure starts declined by 0.8% from March, leading to the lowest number of active foreclosures since January 2022. April saw a 1.5% increase in foreclosure sales, yet they remain about half of pre-pandemic levels. Prepayment activity rose to its highest since August 2023 due to a seasonal rise in home sales, despite ongoing rate-driven affordability challenges. Overall, the performance data highlights continued improvement in mortgage health, with significant reductions in delinquency and foreclosure rates.