Intercontinental
Exchange, Inc. (ICE) is an American multinational financial services
company founded in 2000 that goes on to operate global financial exchanges and
clearing houses, and provides mortgage technology, data and listing services. A
member of the Fortune 500, S&P 500, and Russell 1000, the company owns
exchanges for financial and commodity markets, operating 12 regulated exchanges
and marketplaces. This includes ICE futures exchanges in the U.S., Canada, and
Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange, the
largest stock exchange in the world by total market capitalization of its
listed companies; equity options exchanges; and OTC energy, credit, and equity
markets.
ICE also owns and operates six central clearing houses: ICE
Clear U.S., ICE Clear Europe, ICE Clear Singapore, ICE Clear Credit, ICE Clear
Netherlands, and ICE NGX. ICE has offices in Atlanta, New York, London,
Chicago, Bedford, Houston, Winnipeg, Amsterdam, Calgary, Washington, D.C., San
Francisco, Pleasanton, Tel Aviv, Rome, Hyderabad, Singapore, and Melbourne.
History
Jeffrey Sprecher was a plant developer who saw a need for a seamless market in natural gas to fuel power stations. In the late 1990s, Sprecher bought Continental Power Exchange, Inc., intending to develop an Internet-based platform to afford a more transparent and efficient market structure for over-the-counter energy commodity trading.
In May 2000, ICE was formed by Sprecher with backing from Goldman Sachs, Morgan Stanley, BP, Total, UniCredit, Shell, Deutsche Bank, and Société Générale.
The new exchange raised awareness about price transparency,
efficiency, liquidity, and lowered costs in comparison to manual trading. While
energy products (crude and refined oil, natural gas, power, and emissions)
formed the primary focus of the company, acquisitions and expansions brought it
into soft commodities (sugar, cotton, and coffee), foreign exchange, and equity
index futures.
In response to the 2008 financial turmoil, Sprecher created an ICE US Trust based in New York, now called ICE Clear Credit LLC, to act as a limited-purpose bank-cum-clearing house for credit default swaps. He also worked in close collaboration with the Federal Reserve to serve as its over-the-counter (OTC) derivatives clearing house. "US regulators were keen on the kind of clearinghouse for opaque over-the-counter (OTC) derivatives as a risk management device. In the absence of a central counterparty – which would guarantee pay-outs should a trading party be unable to do so – there was a high risk of massive market disruption."
Intercontinental Exchange (ICE) - Board & Global Offices
| Name | Position |
|---|---|
| Jeffrey C. Sprecher | Founder, Chairman & CEO |
| Charles A. Vice | Vice Chairman |
| Warren Gardiner | Chief Financial Officer |
| Sharon Bowen | Board Member |
| Thomas Noonan | Board Member |
| Jean Marc Forneri | Board Member |
| Deborah Hopkins | Independent Director |
| Region | Office Location |
|---|---|
| Headquarters | Atlanta, Georgia, USA |
| North America | New York, Chicago, San Francisco, Houston, Calgary |
| Europe | London, Amsterdam, Milan, Paris |
| Asia-Pacific | Singapore, Hong Kong, Sydney |
| Latin America | São Paulo, Mexico City |
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