ICE Reports Strong Trading Surge in September 2026
Intercontinental Exchange (ICE) reported a significant surge in trading activity for September 2026, with average daily volume (ADV) increasing by 51% year-over-year and 31% for the entire third quarter. The exchange saw particularly strong gains in financials and interest rates, with ADV rising 81% and 95% respectively. Futures open interest also hit new highs, peaking at 17.5 million lots for financials and 15 million lots for interest rates.
The Q3 2026 volumes showed broad-based growth across various segments. Total energy ADV increased by 18%, with oil and Brent crude ADV rising 19% and 38% respectively. NYSE equity options ADV climbed 29%, and MSCI ADV grew by 15%, contributing to the overall gains.
Despite the strong performance, TD Cowen downgraded ICE to a "Hold" rating with a $166 price target, citing macroeconomic risks, slower mortgage origination, and variable derivatives demand. The firm suggested that peers CME and CBOE may offer more attractive investment opportunities.
ICE also introduced a new product, London-priced gold futures, linked to ICE London auctions and cleared via ICE Clear UK. The new futures offer delivery windows ranging from one day to six months.
The exchange's Q3 2026 advertising revenue rose 31% year-over-year, although no specific segment margins, regional splits, or dollar amounts were disclosed.