ICE - Earnings call transcript Q2 2019 | Intercontinental Exchange, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the Intercontinental Exchange Second Quarter 2019 Earnings Conference Call. All participants will be on listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Warren Gardiner, Vice President of Investor Relations. sir. ahead, go Please

Warren Gardiner

be second in earnings the the be call items ICE's can ice.com. and be will will our and found Investors archived, for quarter morning. replay. release XXXX presentation These available Good section of

statements. may judgment we current undertake statements call subject are to to Today's and These represent uncertainties. obligation update which forward-looking contain our and no risks, assumptions

refer to to risks differ of XXXX For the that forward-looking could statements, our in a please from materially XX-K. results our those Form described description cause

In supplement, business adjusted more free are believe earnings performance. effective operating we our We non-GAAP refer measures core rate, measures income, margin, reflective to of including cash tax income, EBITDA. non-GAAP certain flow our and EPS, cash operating our and expenses, operations

a these in the as Form explanation in find information reconciliation and materials deem uses terms meaningful; XX-Q. to why be earnings management measures GAAP of how equivalent the we well our as this to You'll

Chairman net on explanatory details call refers the revenue per the adjusted When used earnings Please and revenue to page to second transaction on on the net With see supplement terms. based diluted share. definition refers are earnings adjusted Chief expenses, us Officer; Scott CEO; notes of of Jackson, earnings Jeff certain the call, regarding our President. Hill, this additional for Sprecher, Financial and Ben the and of

the turn over to now call I'll Scott.

Scott Hill

performance. joining begin the totaled equal morning, us share quarter Thanks, Slide year I'll X% Earnings second thank highlights with for fourth our up record versus today. the performance. Warren. Good $X.XX, key some our quarter to and from everyone you and four, on prior of per

history free billion dividends in record the quarterly flow revenues $X which repurchases. operating half increased and and first enabling EBITDA. And to we second During income return cash shareholders the to over share our quarter, adjusted generated record yielded XX%year-over-year us second importantly, adjusted highest company's through

and $XXX expenses trading $X benefit constant and both billion quarter, the operating were roughly the listings primarily on in in Consolidated net clearing quarter increasing tech totaled and X% million $X.X nonrecurring with in Adjusted expense. revenues a basis. million including year-over-year data current

Additionally, as revenues a related both late of as reflect Simplifile of small from expenses to to expenses second June. certain the net well our agreements amount licensing quarter acquisition reclassification in

Looking These adjusted the more of forward thus range expenses $XX than line. $XXX $XX the be $XXX million. to be the offset roughly and the to revenue to we This related million expenses to third million to will $X of quarter, accretive expect bottom million operating includes $XX related revenue by reclassification. in around million Simplifile aforementioned and to to million

roughly $XX and additional expense full noting adding basis operating a our expenses adjusted related revenue $X.XX $X.XX the those by range now low we the to billion, end On between the million of offset for will reclass year comparable and year again that around expect and expenses more than billion in be guidance, amounts be to original and to revenue. full Simplifile that

range the be $X.XX $X.XX are provide of on We've the operating expenses slide clarity in to to update. in included Adjusted additional expected this to billion. XX billion Appendix

constant segment. year-over-year or color five, move X% performance on up currency second additional our slide Now were I'll In revenues on and trading provide basis. net the to of let's quarter, clearing X% where a the

or X% our were ADV, Daily year-over-year. down Volumes, Average In market, energy

global strong our oil X% history. increased best year This quarter constant versus gas revenues performance the in energy primarily products. on basis total European However, by continued a natural driven in was in resulting growth prior currency our second the and

through established during July. interest is the open a natural over up our in the second Volume gas year Daily XX% and European business quarter prior record new Average

refined the that second oil of and XX% In in at make oil of up with increased our quarter addition, global up the interest ADV in related end business year-over-year open the contracts July. crude suite XX% broad

on Overall, basis. year-over-year second coffee in record by trends open July metals ADV also driven customer our agriculture mitigated product our quarter sugar was in energy remain rate per & a market positive strong X% interest up set X% mix. * ADV by This a driven both performance in weaker with and and the products. by and up somewhat contract

both tough volumes. up and A difficult strong compare index rate X% products our equity in interest-rate declined and business, year futures year-over-year. prior the includes July, political versus economic as Revenue impacted well remained ADV in the our financial which year-over-year. interest environment

start However, we're increase volumes. really led rate XX% by year-over-year increasing to ADV a XX% interest Euribor in good off in with July a

the across second business XX%. quarter including X%. and XX% MSCI interest remained up which interest equity Sterling up the index up open open year-over-year, business, in Importantly, was rates our In is XX% ADV July up with is ADV in strong

discuss data segment. listings our I'll Turning next six, and to slide

NYSE $XXX proceeds ranking The in nearly listings raised revenues quarter quarter million. IPO globally. billion the Second totaled during first $XX

the During XX% IPO NYSE raised of first including total XX% U.S. of U.S. the of half tech helped proceeds XXXX, proceeds.

basis a grew in revenues index X% record business. by Moving and year-over-year a pricing currency million; $XXX to strong basis, X% data growth constant a to analytics on revenues grew services; helped and our currency constant on

will currency ASV a basis, constant the quarter, revenue we is the and in X% third growth up expect analytics second year-over-year reaccelerate Entering on and pricing half.

grew our in tape strong feeds revenue which on the the constant in as basis. and to as higher futures related well X% grew drove share at Strength data Exchange the X% business, performance. a quarter increases second NYSE currency

revenues data products futures-related result revenues softness in continued decline tape our for prop data and demand third continue the sequential will lower to in total in a NYSE exchange in expect likely exchange grow, to data quarter. we While

Growth and as connectivity, was year-over-year a the desktop weakness And of finally, as desktops ICE some Global our NYSE services. connectivity offset basis. by platforms and in Network in revenue X% on constant well chat currency partially increased in

we to be of currency revenues third data range we track the full guidance, impact, despite and remain original and data our $XXX million million forward expect the during to revenue quarter. in to $XXX on Moving year

to disciplined growth in and across again operating first grew our investments cash free We Our revenues, share, diverse combined flow. income, continued the results profitability focus XXXX. once support on solid per earnings half business delivered of serving with and customers our

capital laser more in success the foundation and to half on strengthen momentum a than for returned the our first half deliver half We to second on shareholders to other and in of of year strong the in are XXXX this building period year XXXX. we continued any in history, focused

during over it I'll I'll now Q&A, for be the your to happy turn but questions take Ben.

Ben Jackson

to I'll seven. morning call. on begin Thank you, Scott, the on and slide good everyone

to XX and global participants. so has well last trade produced is how and the rapidly years energy technology as Over evolved, data available flows, consumed the too market as have

We evolution a marketplaces In in platform Brent one and the business, have as markers crude oil Platts Gasoil, benchmarks Dubai, traveling is energy crude a which building world. is for continuously alongside this today of one as global liquid price of and WTI, such the key that leading our the spanning through cornerstone stands Asia. of diverse invested most franchise the

These locational benchmarks. and the related of for a spreads form oil refining are management relationship these in from spreads. product to precise such deeper benefit more XXX than web that spreads, foundation risk tools the global liquidity benchmarks oil their products and as cohesive Together our

products the interest. products oil home natural our over open breadth the our for customer of XX% open over these interest become we global contracts XX% of year-over-year X.X base, have by with our in to commercial million up liquidity Driven in oil or total

investing America, in Europe across natural North in our gas hubs is trading. spans established for in gas years. natural investment of and leader we've five investment trading gas been complex Beginning index. global trend That European a over as Our globalization The Asia. us with a

dynamics the and global benchmark buyer have view. a demand is JKM, price between our formation. LNG, global With our largest These Asian as of that commercials, investors Asia global relationship driving and traders Platts benchmark the European new

European from Gulf customers demand Henry LNG must buyer as Asia aware and of the of must trends out be in cognizant of just European are in facing increasingly shipments Hub. be a markets. pricing away factors Asia supply

as while we year daily has participation of increased become with number in alone. this TTF XXX% our a more increased European are global, average And trading firms volume market XXXX, since benchmarks our seeing the doubling

a we addition, to our strategy replicating agreement partnership the bring an the successful eWindow to weeks Platts extend announced trading platform markets. with community oil our In few global LNG ago, in the to

price to assessment trades eWindow process. Platts and customers Platts The will participating leverage unique technology transparently WebICE enabling offers submit and the in while simultaneously our bids execute

include on of renewables markets. and fuels Europe In The the coal. introducing global the the and renewable to natural natural U.S. increasing use such are is energy fossil alongside incentivizing environmental as regulators gas globalization trade gas over critical Incentives cap the focus also and decarbonization of and of programs cleaner focus on standards.

largest acquisition our markets. And a capture the trends. grows, of decade our exchange the ago, of to carbon demand climate we these world's well-positioned nearly emissions off and for pricing are Built transparent markets as operate

Economies consuming around are the globe and more demanding energy.

the renewables nature. these energy to into be continue unpredictable as mix introduced are and such by Sources sources will

ahead. with traders evolution and the workflows. to from has the more and have and in about we're benefit Their our to fuels an lie envisioned to potential that we've global excited fossil interplay energy consume their will drive opportunities positioned production This integrate and into robust data analytics require more markets, long energy future that additional volatility is business and

I'll And over with the turn call that, Jeff. to

Jeff Sprecher

to creative value one to Thank and energy our classes, expertise you, evolution customer morning we've how is good the and across and everyone our approach driven continuously of taken on developing solutions example Ben, call. well our to as asset of leverage market our drive creation. as infrastructure, investing The technology the we're

data, and income such In credit as risk muni yield income real-time our core our services, data fixed curves launching developing we're and suite and areas tools. new of indices pricing leveraging reference such fixed benchmarks fixed income as

second an enhancing consolidated fixed and and now sources. market. our it the quarter, API addressable feed Data from Vault, broaden business in cloud-based our XXX repository global delivers investing to ICE We're the delivering launched that In income over a leverages through the the analytics, data data we historical functionality

the our few to adding just we're in of products coverage across examples and both invested new the that These market. and bringing EMEA Asia-Pacific the we've the a are sales And regions. footprint, initiatives

to dry taking how further market middle They into Foundation, former we're traditionally front transparency one while expand and enhancing we and are the it IDC back addressable serve office. our the liquidity, and the that also offices, we demonstrate

combined bond passive the secular the workflow growth offering markets, future. and is as to to our of such trends, the positioned data the continue automation into to When electronification tail well comprehensive shift active management, from we long deliver compounding fund

the over launch XXXX, ETF trillion some $X five industry end the we the will serve will double that in Hub, our of size that fixed solution expect to an innovative next ETF Towards income an industry, years. expect

Hub, we'll and efficient sponsors ETF single unique and market With a a traders to for -- manage to the one that execute multiple participants would be and connect will to portal, more bring to orders. market market primary their provide solution

addition, that over for change SEC ETF In the ETF is around our time regulation activity tailwinds platform. could the of reviewing sponsor for the on broader custom a Hub additional baskets community, use provide

Ultimately, complete the and efficient Hub the the we building trading is automated, income first of one steps view investing fixed ETF ecosystem community. towards serving and a more

contracts index, is year. over We're nearly July, than in new MSCI emerging complex five also of up MSCI more our the volume doubled the daily million in market flagship the to interest eight by the year-over-year. business, average years equity first the while X last Led our end contracts launching of derivatives XX% investing has at half in open

technology. by At rules innovative went thereby the is coupled this maker to through dedicated combining hybrid An under listing, market executed NYSE's that of Slack we a offering offering. exchange, Exchange with human our judgment state-of-the-art model, as direct successful the York New maximized the public dedicated Stock is compensated second

Board During that leverages NYSE Advisory important a network face of that initiative that unmatched address today. EFG some seeks the to quarter, we creative also Council, corporation issues launched and the one the NYSE the the of

In on to platform opportunities and closed the more assets, one other added our complements that and our applying at and on our Simplifile $XX at to such industry. classes mortgage of of bringing second a the innovation. unique acquisition key across trillion suite quarter look of we business, our U.S. building piece we approach we're digital mortgages efficiency as asset infrastructure, As aimed mortgage solutions digital

regulatory approvals the to physically launch to near Bitcoin delivered subject future. futures final Bakkt our we in At plan very

assets a digital consumers for advance, institutions, Bakkt cases regulated build flows is the evolving use the asset As and to digital that ecosystem around needs payment serves merchants working world. of and

to turn slide by you Let nine. having me close

year, investing this of record As our back first half while we we and of concentrated track the the focused stay execution for our we're to long on on turn future. building on growth,

for and by want that quarter to efforts their our to ICE. trust. colleagues contributed their yet their for customers close very want strong thank another I thanking I very And for business my to

my And let conduct to with will Carrie me to time. remarks, AM session that, and turn which back operate until prepared as X:XX the call our Eastern question-and-answer

Operator

come question We O'Neill. will now of [Operator begin session. Repetto Instructions] from a Sandler will The question-and-answer first Richard

Richard Repetto

one-stop like Scott, on Good Ben. certainly been some a early market I this the morning, It's see do as out for I and you differentiate a an LSE versus taken this Refinitiv impacting playbook for trading FX be platform? potential combined us. some question, data LSE fixed the they've data? what a your page would morning, morning businesses, market income Refinitiv with you're have what And could how of Jeff, guess And you well. how focus it seems is the guess, confirmation shopping of of your platforms they announcement with Jeff, know you this offering and and

Jeff Sprecher

Thanks that's a great for Well, it. asking question.

the all, history of what were of to we’ve kind income some to space things And fixed unique is the were that fixed valuations that we would in – very that very, time. high pivot more build IDC that able XX-year-plus around to for so incredibly today. strategic see a we that simply as of attractive able And and with a because today data foundation offer as was entrants we quality the in pivoted assets are data that acquire the very of we space, really we you one what First of towards acquire for than was viewed that a new move footprint it's income be that to hard anything. to data saw fortunate replicate early

space rich is fixed income and in a have you, back in of of the set what test find the order and trades less that less to It's side given need interesting things. buy income robust investment. people, we the what that other are X%. is probably in side that And day. and It's only muni very where names fixed amount analytics income Separately, than any tiny sell doing theories we’ve portfolio than business put fixed data big a X% on really

which as because change hard into important that knowledge seen, much acquiring to from the so, the than indices, And legacy data we you've – why in we sets, and and as of pivoted comes that execution will algorithms not mind. is base that with more electronification other opposed business so our foundation is that relationships as platforms, the we trading venues really realized the

around. competition So, more expect we're well-positioned. It's space a in. It’s expect consolidation more* space a we we

cybersecurity because have years People it's is up that issues. guarantee One is many companies was the to to said, to there early. somewhat ago of it that large -- the acquiring that connectivity I some quickly Exchange direct the space, I partly and facts mentioned be going to that safe, the in connectivity very and smaller of them chose number assets a was we that's at scale and that hard why many, went vendors to began that of customers connectivity so inevitable as we roll a have York very see Stock by hard New want to

Operator

of will America. The Carrier from next question of come Michael Bank

Michael Carrier

Thanks for morning. Good taking question. the

some flowing which half? maybe revenue and just can First, through color that will and the just the for second you guidance on expenses slide net on gross the just with offsets lines and be expense the Scott maybe the XX, on the guide, provide

Scott Hill

Sure. Yes.

at. one to look good slide is So, XX the

and some think agreements what million We're key we're I bringing is I simply we roughly would we going have. how And in this then there original it, that's treating top we highlight midpoint the did of of to effectively which XX XX our was million. change point $XX guidance quarter by share the on and was as three fourth added quarter There's quarter. a million. million financials and a million vast that of our saw revenue down $XX treat $X is gross. we and not rolling month adjusted quarter, majority the those And that our business, now, about revenue net $XX about pennies. you is that million quarter the then in up RPC, on That's a in the second which in couple third

is other piece * the The addition Simplifile. of

As that's million XX I quarter. the mentioned X million to in

XX $XX million. XX for be million. to that's double in half could the and of that excess for assumed And where million expect half will let's the You we second revenues it

plus margins. is And business annualized so, attractive at a million now that mortgage a XXX business we've got very

And about so, that. we're really excited

the down a business bottom growth the year. immediately about think line expenses, $XX mortgage think to The Simplifile accretive and in adds really impact the that million in quickly change and to midpoint I the digitalizing no way space. they So, is* brought to is large a for

Operator

The come next JPMorgan. Worthington of from question will Ken

Ken Worthington

less Hi. my Good on you question. ASV, Maybe had it's past. thank now up* it the for taking in been than morning and

I think in X.X% as quarters It'd as high like X.X% a constant organic couple was maybe ago. been the currency. calculation something high, of

So the ASV part in there captured progressing? Can past. mentioned on not the is data. biggest Maybe data well? well. less that as How you And I in data. for does X% be that's Pricing update in a not the now, give driver that think the around then drivers ASV. you all analytics an by decline capture outlook to lastly, growth us something of and is guys else than are seems what Is equity it's as been ASV? that's the

Scott Hill

a That's big questions. of bundle

way through my that. I me Let if work see go can

data number XX% XXX% that ASV good the That take, business. be our So, ASV her Because indicator outselling metric. at are represents the health very the of is or Lynn key first of the of day. revenues to give roughly all, our looking of team that every and right you're

fees tape non-ASV and control data. We don't don't sell that a to We NMS are other really and extent. session great is The stuff that.

on focused metrics. you're the So, right

an look ASV number. I at

X.X% constant in on a don't was currency sleep X.X% think a this last it I lose They're quarter, maybe X.X% given quarter X.X% much on. I basis. quarter. between and

I business we're of as a you've to really positioned around deliver kind the that's past pivoting couple growth the that of X%, indicative us long data from years. over seen As that's think

of There going well-positioned. It's it's that bit is ASV not weakness that the And growing. the think backward. is I NYSE data. is not weakness a little So, exchange just on

does And of so a impact. that have bit downward a

good is, as the erosion news in the said quarter But at all. no but at you I exchange data, look futures customer plus growth X%,

are You away, customers going not hear seeing that. others that we're from

that think of I our commercial reflects the orientation market.

analytics pricing the that point before had the that audits dipped instructive but little quarter, in again, in few. and You or go. an had X% business few. This we another going coming fourth it year X%, come a a I look at pricing and last toward & X% And we second where off quarter, year the headed in that mentioned year year And bit we X% quarter, The year a X%, in re-accelerate & in is to a back didn't. third the X% in analytics.

the start in us the the margin quarter data think And we business, in that the starting incremental from noted metric and growing. some I to you that Lynn the indicator really we revenue as really good So, is behind healthy you're about get ASV execution really expect the I business good thing see foundational hope again the investments that good and was to that feel about a feel that is expansion growth. team. would also business that And from of

that again, expansion up were the of likely to its in very reflective think incremental position the And to also overall. continue business is points a year-over-year fact that couple solid we that's and grow I to So, have of quarter. margins

Jeff Sprecher

to started let when on changed. business me went the company, had natural just our look at you has Henry the -- by EMEA, and Ken, pile on really we started then energy over on Europe us Asia. how and Today, I the map that gas And slide that has seven, was We mentioning Ben Slide pulled Hub. energy see you U.S. business seven

mentioned flow in And in data new sales words, in remarks, sales the I interest flow areas. prepared so other we're my our products. investing of of In commercial in the marketing these is and following people

are in it's are integrating And have We when flow lot so confidence. those and that you you you. yours, in datasets. of that's drive on helping with asked people Europe, really changes at us what some our banks around that large network globally look it the But and get Brexit, broadening like gives the changes [ph] going a changes see to way about

Operator

next from KBW. come The question will Voigt of Kyle

Kyle Voigt

was just like shaft highly on Maybe one morning. that It really competitive sounded call transaction. LSE the Good or up Refinitiv Refinitiv this deal. more LSE's follow Hi. morning from the wasn't a deal

last question prior Refinitiv, my the were would just moving is if their were I business of that LSE front you then, the on to guess are prepared the terms office, desktop M&A? I Thanks. is bigger in you able an And at you'd to look So area of space asset week. in announcement available clearly that two which into assets focus in is LSE part remarks, be your that mentioned with guess

Jeff Sprecher

around around say had the the unable couple how -- current we've built more with made licenses they've we evolved way detail me major ventures, public cross focused acquisitions, watched they've do to name cost to how been on decade investments bundle tried had was might Good in back over decades. have have have on a cutting speak they've who we bundling, including we as assets, transaction. price ICE as focused to just it increases, for as ideas the But assets assets, we with assets, they've they've company, with let they've And over us, a and that, we've price decades. we've I'm those tremendous aggressive those decreases. teams of teams, had you watched those at with it. on investments those last assets question. those because tried in And have as management than And from those teams as multiple management with pulled conversation to relatively discuss those as those management multiple interface you joint to

we And a That and also have as people no value. not I've nothing they comment that ICE, in deal. that time be a time. as the really found known so, find engage to and at given do did. people we would and Warren from way sharp amazingly opportunities on that did to way accreted we've that had haven't Martin shareholders. in and a would ICE that something and us many obviously -- we can felt respects and many, a years deal are they guidance at highly savvy, create David current to have are to Schwimmer years those way to But And Blackstone tremendous many but for I who over about Brand Joe we got able feeling Baratta and and what respect, so two that were David are good

Operator

Blostein come will from Sachs. of The Goldman question next Alex

Alex Blostein

guys. Hey Good morning. Thanks.

So, the up LSE about ICE Refinitiv. has help maybe guys a you anyway of us think exposure kind discussion to around and Data just Services Refinitiv, round

think within revenue how of as guys on you back of transaction? that the that exposure the exchange of & and pricing going aside. ICE I is on be any to there any is potential think analytics do risks to most that sort But there well of

Jeff Sprecher

only I way review say antitrust a that to transaction positively that in and go answer is question going or that used is This want don't particular that review, don't global want something I in because to negatively. to any is through Jeff.

of us I'd that have particular to don't than not mean is And other call. anything So a that being take discussing this there rather thing. made transcript

me a You're going give to pass?

Operator

Fannon from Jefferies. The of next come will question Dan

Dan Fannon

you going talk put of launch, maybe that participants and timing Can there the ETF to about incentives the that of some out attract Hub offering? to of your in to expectations detail you're more Thanks. and kind

Ben Jackson

This Dan. Ben. thanks the for Sure. question. is And

testing quarter So are with it, talking the the sides of we about onto lot in because this we and onboard been how and we're in and good feel fourth it about really launch has gone. the institutional the really launches. year our calls is many this now excited date phase testing on sell right side And to process target that it buy deep we've a on going as are this platform of about

similar really platforms platforms of fixed offerings trying he relationship wave buy of excites Jeff things multi-decade One to and sell been analytics in that that are are our be index firms income towards what with these what And between on highlighted race already side we central and enabling that historically out our and other to protocols is comments of in TMC build that had have have oriented to side order pricing, is our reference this made side capabilities management and with to but our capabilities the book the trading. really do set this And going in offerings. these to institutional a and that that hearing combining the execution have some wealth of data, BondPoint us the you're there obviously us space, new electrification about have. of we're our

we're testing that are venues for the onboard a or process onboarding buy lot the as now process traditionally process sides in we're also the onto BondPoint, of have these So, our the of not RFQ that ETF protocols. testing process onboarding auction on TMC, been for coupling institutional to we well the Hub as customers through onboarding Hub, ETF going institutional through customers into as technical and integration the now legal these our

time the secondary have historically market. So interacted buyers for in sellers first will venues have institutional the not with these lot to that of and our order that a an use opportunity flow

compete continue which Hub for upside all in as So ton because comments, traditionally onboarding to that it. the that's that us save of there natural that solution that have grow for to highlighted we the cost, these all inefficiency we're be recurring in trading and his going amount opportunities have this, class secondary that explosive where market to coming reduce hopefully from is of participants additional inefficiency trading. solving from and helping primary output see clients it We growth. revenue is. the of in a as in And a seen we're to has an unique able area asset is, an industry risk an Jeff ETF And solves on

Operator

[Operator of from Deutsche Brian comes Instructions] question The Bedell next Bank.

Brian Bedell

but question, the Good going ask ask to folks. Refinitiv global I'll well, might Thanks. have the a two. one was you answer, given antitrust one review. you second on Great. can But morning then I the I'll of and one not as pick Jeff,

Jeff Sprecher

enough. Okay. Fair

Brian Bedell

on with product energy. futures? that a how You've just given question out longer to of proprietary retail you outlined view large services gone transaction that a out a the you've lot it perhaps pricing there been lot side and able term introduce guys changes there? the is thoughts a Is very range been market And energy of have in things lot customer commercial could term to the successfully would to that usage industry to customers traditionally strategy? dynamic then even of the making And data the doing bundle and Refinitiv Refinitiv longer change whether base together, and question in in The that broadening second how one be call. this happy on there more of given the trading in

Jeff Sprecher

answer try think we'll to I both questions.

the yes, think So, needle. you thread I

play and It other in to world. financial something So, the media and the is unique the notion distribution industries transportation is bundle to many of around and that's trying content services. yes,

not authorities trend are too that pay our versus will do else's get in-depth do that. which somebody prepared think I why to strategy. strategy competition so, attention is I going to And continue. And think with that I'm to that

going has consolidation, through and ICE, industry buy you platform not side our assets and firms sell and managed. side ultimately providers, way just but if think been I will in like are But firms, gathered the

And glad to and figure deliver which and platform look that the so of work at a all of ones in had could these And line top transition the that we and for it's early, kind you're mentioned, specific would emerge. going my somewhat of winners mind I to assets think can as out that inevitability that distribution, really made content growth. continue so see we we an that I'm

growth You well can downward you as know. bundle

more is here I can bundles know EPS drive to customers So growth. we've the done compelling that. want that create idea that And

Warren Gardiner

the [Indiscernible]. Youu pick up want to

Jeff Sprecher

Yes.

Warren Gardiner

Go ahead.

Jeff Sprecher

energy just had you So, on -- question second pick question the on the to there. side up

the we when building diversified commercial we're product around right, the commercial And suite hedger focused have a world. that, you're hedger. out in on say on the So focused we

of that products. that, a that. distinctions we've important is not is mean the diversified I what we established What set by one everyone appreciates we of mean think

or or oil goods, it's the So are end also locations products at people of point the are the its of consuming, crude of that commodity. grades those product buying world these consumption enabling refined customers selling actually the either putting where and whether various for around

they acute That price world which customers, to and enables product that that focus are the to them the could attract their exposure may this have is to. commercial a risk there, product trying connection risk, as to where manage primarily to distinct with as is have on point where precisely consumption. of interact many a the peers out at they no that possible most they halfway from be which of other And around single

look on products in this world we accelerated week oil market open have in Singapore volumes global XX% out, our customers [ph]. our around -- developed Oil, have Kerosene, example business build interest this and even in pointed you had have hundreds are our of Gasoil, in Scott and the today that we been to Asia up and up as XX% Jet Singapore set had Fuel to partnering for a small that sample and of share to hundreds suite And build. with products refined these like that this we've month If at products – continued we've have an grow and part of

The physical is on that's a the last to into underpinning the all commercial be really is, of you we've And that instrument financials and those and that And what the market end makers, we've real good we've what formation at that seen that's seen follow about -- have starts that point trader the It is Cornerstone, market. has developed. that we around particular markets thing that's real the with focus that the market. the reason the I'd risk which really out in consuming if right, location. the underpinning commercial price the cares to vibrant get

those we So aspect had why commercial on we're we that areas our each you of of seeing focus And mentioned, first. getting but of focus business area on really that's right do grow. the it this significantly

Operator

Harris The next question Wells from of will Chris Fargo. be

Chris Harris

for valuation securities. in value services of So, data fixed part to value harder proposition really income is offering ICE's

trading electronic more I'm do business of this to evolve? part moves will the becomes transparent, wondering data more and you as So think how

Ben Jackson

take is Chris. Thanks This this. Ben. I'll

Jeff one where important corporate today a of space highlight. that bond out have are every trade given to – day. answer if a on comments XX that of made instruments think So those in question or earlier less is at corporate at bonds of you you very the the I look an of In there, XX,XXX number than XX,XXX day single out instruments, to XXXX

in with about market electrification or as or a are can a something of algorithm traded intraday, the hasn't end understand a talking hold, what having the instruments given correlations instruments the people all day. do managing out risk to only the actually takes from pricing mean precision of even day, for month. needed to does trading of want week their that's what And imagine a more data X% moving is not trade So the day, day, different you're to the and that less actually around given and in figure but explosion the and that in of you that

decades out and We'll in build trained history, of of I continue our this puts having that is around we that when having many, being talk over think position complex assets that customers, to the being very, data it strong. grow pricing information having many space. reference trusted about as provider very a algorithm, that decades to continue able that and And trust data to us grow multiple to

Operator

question over the back like conference remarks. turn closing and our to answer now session. will I concludes this And any to Jeff for Sprecher

Jeff Sprecher

Thank look to you, back our call. you to participation next results. your and in all give similarly thank today's we'll being forward Carrie question great you for And

Operator

is conference The sir. now attending today's Thank all you concluded. for you, presentation. Thank

disconnect day. lines. great Have You a now your may

Intercontinental Exchange (ICE) 1 Aug 192019 Q2 Earnings call transcript