The NYSE Has an Owner

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In the year 2000, a man named Jeff Sprecher bought a small, nearly defunct electronic trading platform called Continental Power Exchange. He paid one dollar for it. One dollar. Then he called Goldman Sachs, Morgan Stanley, BP, Shell, and Deutsche Bank and convinced them to back his idea: an electronic marketplace for energy trading, built in Atlanta. That platform became Intercontinental Exchange. Over the next 25 years, Sprecher acquired the International Petroleum Exchange, the New York Board of Trade, the Climate Exchange — and then, in 2013, the New York Stock Exchange itself. The man who paid a dollar for a dead platform now owned the most famous trading floor on Earth.

I signed a mortgage last year. The closing took two hours. I sat at a table and signed my name 47 times on a stack of documents I barely understood. Somewhere in the digital plumbing behind that stack — the origination system, the compliance checks, the closing platform, the loan registration — a company I'd never thought about was running the process. It wasn't my bank. It wasn't my broker. It was ICE.

Most people think of Intercontinental Exchange as the company that owns the NYSE. It does. But here's what almost nobody knows: ICE also operates one of the largest mortgage technology platforms in the United States. When you apply for a home loan, there's a good chance the software processing your application, checking your compliance, and registering your mortgage was built by ICE. The exchange is the famous face. The mortgage platform is the hidden engine.

Sprecher founded ICE in Atlanta in 2000. After buying the NYSE in 2013, he turned to mortgages. He acquired MERS — the electronic mortgage registration system — in 2018. Then Simplifile in 2019. Then Ellie Mae, the leading loan origination platform, for $11 billion in 2020. Then Black Knight, the dominant mortgage servicing software, for $11.9 billion in 2023. Together, these form ICE Mortgage Technology — a platform that touches the mortgage process from application to closing to secondary market.

The numbers from 2025 show you a company much larger than a stock exchange. Net revenue was $9.9 billion — the 20th consecutive year of records. Exchanges contributed $5.4 billion. Fixed income and data services added $2.4 billion. And mortgage technology brought in $2.1 billion — 21% of total revenue from a business that has nothing to do with trading floors. Net income was $3.3 billion. The adjusted operating margin was 60%.

CNBC called it “the big market event of 2026.”

The New York Times called it “a generational moneymaking event.”

And Barron’s says it “could be a feast for investors in 2026.”

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That $2.1 billion mortgage technology figure is the one I keep coming back to. It means one out of every five dollars ICE earns has nothing to do with stocks, bonds, or commodities. It comes from the software that processes home loans. And the beauty of the mortgage platform is the same as the exchange — once a bank or lender integrates ICE's system into its workflow, switching is extraordinarily painful. The compliance rules are built into the software. The data flows through the platform. You don't rip that out over a 5% price increase.

The pricing power runs through both segments. On the exchange side, ICE collects a fee on every trade. When volatility rises, volume rises, and ICE's register rings. On the mortgage side, revenue is subscription-based and tied to loan volume. When mortgage originations recover from their 2023-2024 trough, the platform earns more — without a single new customer. If you think about it, the exchange prints money in chaos. The mortgage platform prints money in recovery. ICE wins in both directions.

I keep thinking about that one-dollar purchase. Sprecher didn't just see a broken trading platform. He saw a model — apply technology to analog markets, collect a toll on every transaction, then do it again in the next market. Energy. Equities. Credit. Mortgages. "As we close out 2025," Sprecher said, "we are pleased to report our 20th consecutive year of record revenues, driven by the strength of our diversified 'all-weather' business model." All-weather. The exchange thrives when markets are volatile. The mortgage business thrives when markets calm down and people start buying houses.

The flywheel runs on data. Every trade on ICE's exchanges generates pricing data. Every mortgage on ICE's platform generates credit and property data. ICE sells that data back to the market — $2.4 billion in fixed income and data services in 2025. The transactions feed the data business. The data business makes the platform stickier. And the stickier the platform, the harder it is for anyone to leave.

WHY THIS WORKS

What most people miss: Jeff Sprecher paid one dollar for a dead power-trading platform in 2000. Today his company owns the New York Stock Exchange, runs 13 exchanges and 6 clearing houses, and quietly operates a $2.1 billion mortgage technology business that touches loan applications from origination to closing. The exchange makes headlines. The mortgage platform makes money. And most investors still think ICE is just a stock exchange.