Intercontinental Exchange Cash liquidity payments, routing and clearing increased by 8.0% to $689.00M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 39.5%, from $494.00M to $689.00M. Over 4 years (FY 2021 to FY 2025), Cash liquidity payments, routing and clearing shows an upward trend with a 6.7% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Higher payments may be necessary to maintain market depth during periods of low volatility or high competition.
These represent rebates or incentives paid to market participants to encourage the provision of liquidity on the exchang...
Standard for exchange operators; peers often report this as a contra-revenue item.
other_liquidity_payments| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $386.00M | $437.00M | $444.00M | $509.00M | $476.00M | $418.00M | $442.00M | $457.00M | $392.00M | $370.00M | $403.00M | $444.00M | $442.00M | $452.00M | $465.00M | $494.00M | $569.00M | $596.00M | $638.00M | $689.00M |
| QoQ Change | — | +13.2% | +1.6% | +14.6% | -6.5% | -12.2% | +5.7% | +3.4% | -14.2% | -5.6% | +8.9% | +10.2% | -0.5% | +2.3% | +2.9% | +6.2% | +15.2% | +4.7% | +7.0% | +8.0% |
| YoY Change | — | — | — | — | +23.3% | -4.3% | -0.5% | -10.2% | -17.6% | -11.5% | -8.8% | -2.8% | +12.8% | +22.2% | +15.4% | +11.3% | +28.7% | +31.9% | +37.2% | +39.5% |