In Episode 26 of Stock Spotlight, host Michael sits down with returning guest Shivam for a deep dive into Intercontinental Exchange ($ICE), the global financial infrastructure platform behind the NYSE. The conversation breaks down how ICE actually makes money across its core business segments and why exchanges remain the primary engine of the company.

Michael and Shivam walk through the mechanics of clearing and collateral, including how the economics work and why collateral appears on both sides of the balance sheet. They also cover ICE’s competitive positioning vs. CME, Nasdaq and Cboe, management and ownership dynamics and how to think about valuation for ICE and exchanges more broadly.

Tune in if you want to learn more about an under discussed, high quality business that has beaten the S&P 500 over the long-term.

----------------------------------------------------------------

00:00 Intro

01:30 Business Model & Revenue Quality

03:34 Clearing & Collateral

06:10 Competitive Positioning

12:15 Recent Quarter News

14:44 Management

18:57 Valuation

20:50 Anything Else to Know

22:12 Outro

----------------------------------------------------------------

Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: ⁠https://x.com/invest091⁠

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

Check out Shivam's website: https://kvcapitalgroup.com/

----------------------------------------------------------------

Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.