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Intercontinental Exchange ICE Fixed Income and Data Services — Rebates
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Where this comes from
Reported directly by Intercontinental Exchange in its filing.
Tagged under the XBRL concept ice:RevenueFromContractWithCustomerRebates.
The source filing: Intercontinental Exchange’s 10-K, filed February 5, 2026.
- Filed
- Feb 5, 2026, 8:24 AM EST
- Fiscal year
- FY2025
- Accession
- 0001571949-26-000004
- Fixed Income Execution: Execution fees, which include revenues from ICE Bonds, are reported net of rebates, and can be variable based on trade volume discounts used in the determination of rebates, however virtually all volume discounts are calculated and recorded on a monthly basis. Execution fees and rebates are calculated and billed monthly in accordance with our published fee schedules. Fixed income execution rebates were $8 million, $7 million and $5 million in 2025, 2024 and 2023, respectively. In addition, we earn fixed income transaction fees on the trade execution of agency trades, commissions and net markups and markdowns on riskless principal trades. Fixed income execution fees contain one performance obligation related to each transaction which occurs instantaneously, and the revenue is recorded at a point in time.
- CDS Clearing: CDS clearing revenues are reported net of rebates. We recorded $10 million of rebates in 2025, none in 2024, and rebates were nominal in 2023. We provide clearing services to the global CDS market and the timing and nature of our CDS transaction and clearing revenue is similar in nature to the Exchanges Segment transaction and clearing revenues discussed above. The CDS clearing fees contain two performance obligations: (1) clearing novation and (2) risk management of open interest. While we allocate the transaction price between these two performance obligations, since they generally are satisfied almost simultaneously, there is no significant deferral of revenue. CDS clearing revenues also include net interest income on certain clearing margin deposits related to our CDS clearing business which are satisfied at a point in time and consist of a single performance obligation.
- Fixed Income Data and Analytics and Data and Network Technology: Fixed income data and analytics services revenues are recurring in nature and include evaluated pricing and reference data and analytics including sovereign, corporate and municipal bonds, mortgage and asset-backed securities, as well as leveraged loans. Data and network technology include those related to the ICE Global Network and our consolidated feeds business, as well as desktops and other multi-asset class analytics.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FAQ
- What is Intercontinental Exchange's fixed income and data services — rebates?
- Intercontinental Exchange (ICE) reported fixed income and data services — rebates of $2M in Q4 2025.
- How has Intercontinental Exchange's fixed income and data services — rebates changed year-over-year?
- Intercontinental Exchange's fixed income and data services — rebates increased by 14.3% year-over-year, from $1.75M to $2M.
- What is the long-term trend for Intercontinental Exchange's fixed income and data services — rebates?
- Over 3 years (2022 to 2025), Intercontinental Exchange's fixed income and data services — rebates has grown at a 38.7% compound annual growth rate (CAGR), from $3M to $8M.
- What does fixed income and data services — rebates mean?
- Represents incentive payments made to market participants or liquidity providers within the fixed income and data services segment. These rebates are typically used to encourage trading volume and market participation on the company's platforms.
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