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ICE owns the New York Stock Exchange, the world's biggest energy futures markets, and — after buying Ellie Mae and Black Knight — the software behind roughly half of US mortgages. It is a toll-taker on trading, financial data and home loans: about half its ~$9.9B net revenue is recurring, and it converts ~50% of that to operating profit.

What Intercontinental Exchange, Inc. really sells

ICE owns the New York Stock Exchange, the world's biggest energy futures markets, and — after buying Ellie Mae and Black Knight — the software behind roughly half of US mortgages. It is a toll-taker on trading, financial data and home loans: about half its ~$9.9B net revenue is recurring, and it converts ~50% of that to operating profit.

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