ICE’s Fixed Income and Data Services segment recorded the highest notional volumes in its history for 2025, with corporate bond trading reaching $232.5 billion—an increase of 10% from $210.5 billion in 2024—and municipal bond trading hitting $225.5 billion, up 27% from $174.5 billion the prior year. The surge reflects heightened market volatility that pushed investors toward fixed‑income instruments as a hedge and liquidity provider.
ICE Clear Credit, the firm’s global clearing house for credit default swaps, processed a record $28 trillion in USD‑denominated index CDS and $2.57 trillion in single‑name CDS, compared with $22 trillion and $2.17 trillion in 2024. Euro‑denominated volumes also climbed to €15.2 trillion in index CDS and €890 billion in single‑name CDS, up from €12.8 trillion and €800 billion respectively. These figures underscore ICE’s expanding role as a central clearing platform amid growing demand for risk management tools.
Chris Edmonds, president of ICE’s Fixed Income and Data Services, said the record volumes were driven by “elevated volatility across many of our markets.” He added that the company’s ability to launch new products, expand trading protocols, and deepen customer networks enabled it to capture the increased activity, reinforcing its all‑weather business model.
ICE’s broader 2025 performance mirrored the fixed‑income gains. Quarterly results showed revenue growth of 8% to $2.473 billion in Q1, 10% to $2.5 billion in Q2, and 3% to $2.4 billion in Q3, with adjusted EPS rising from $1.72 to $1.81. The earnings beats were largely attributable to higher mix in high‑margin data services and disciplined cost management, offsetting modest pricing pressure in legacy segments. The record fixed‑income volumes contributed to the company’s liquidity and market share, supporting the “all‑weather” strategy that balances exchange, data, and mortgage technology revenues.
The milestone positions ICE to capitalize on ongoing industry trends toward electronic trading and central clearing. The firm’s recent acquisition of American Financial Exchange and plans for a U.S. Treasury clearing service signal a strategic push to broaden its fixed‑income footprint. The record volumes also provide a buffer against potential downturns in other segments, reinforcing ICE’s resilience and long‑term growth prospects.
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