Intercontinental Exchange Inc.

Good morning. Thank you for attending today's ICE Second Quarter 2026 Earnings Conference call and webcast. My name is Makaya, and I'll be the moderator for today's call. All lines will be muted in the presentation portion of the call with an opportunity for your questions and answers at the end. At this time, I'll let to pass the call over to our host, Steve Eagerton. Steve, you may begin today's call.

Good morning. ICE's Second Quarter 2026 earnings release The presentation can be found in the investor section of ICE.com. These items will be archived and our call will be available for replay. Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions, and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2025 Form 10-K , and other filings with the SEC. In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You will find a reconciliation to the equivalent GAAP term in the earnings materials. When used on this call, net revenue refers to revenue net of transaction-based expenses, and adjusted earnings refers to adjusted, diluted earnings per share. throughout this presentation, unless otherwise indicated, references to revenue growth on a constant currency basis. Please see the explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items. Also, we will be discussing our recently announced acquisition of Market Access. ICE, Market Access, and the respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Market Access stockholders. These statements today do not constitute an offer to sell or buy or the solicitation of an offer to sell or buy any securities or solicitation of any vote or approval. Investors and stockholders should review the proxy statement and any other documents market access may file with the SEC in connection with the acquisition. With us on the call today are Jeff Sprecher, Chair and CEO, Warren Gardiner, Chief Financial Officer, Ben Jackson, President, Lynn Martin, President of NYSE, and Chris Edmonds, President of Fixed Income and Data Services. I'll now turn over the call to Jeff.

Thank you, Steve. Good morning, everyone, and thank you for joining us today. This morning, we reported the best second quarter in our company's history. Warren and Ben will take you through those results shortly. I want to begin on slide five with the announcement of our agreement to acquire market access, a step that will extend our track record of growth into one of the largest addressable markets in the world, the global fixed income market. ICE was built on the conviction that opacity and inefficiency in markets are not permanent conditions. They're challenges that technology can solve. Since our inception, we followed a consistent strategy to bring transparency, efficiency and standardization to markets and to digitize the analog. Each market that we've taken on has grown more open and more electronic as a result. Our acquisition of market access will continue this strategy within one of the largest markets in the world. We've been assembling and building a fixed income franchise. We've become one of the largest and most trusted providers of fixed income pricing, reference data and indices in the world, providing daily evaluated pricing on over 3 million securities. Our ICE indices serve as a benchmark for the global fixed income market with nearly $1 trillion in ETF assets benchmarked to them. In clearing, we operate ICE Clear Credit, the industry's leading CDS clearinghouse, and we run the ICE global network, connecting the financial community to our data, analytics, and execution. On the execution side, ICE Bonds was built through our combination of BondPoint and TMC, and it serves the trading desk of the largest wealth management firms in the country, names like Charles Schwab, Fidelity, Merrill Lynch, and Edward Jones, with deep liquidity and price discovery across municipal bonds, corporates, treasuries, and agencies. Having built strong distribution in the retail and wealth channel, we now see a clear opportunity to extend our reach into the institutional investor segment, where market access has a leading presence. By bringing these liquidity pools together, the logic is simple. We're building a global fixed income network. First, we connect the full spectrum of liquidity from retail to institution. Second, we make our clients more efficient, improving their experience with a goal of reducing operating costs over time. And third, we turn the combined network into a compounding data and distribution engine. Please turn now to slide six. More than 2100 institutional firms participate on the market access network using protocols that are recognized industry standards for institutional credit liquidity. Large asset managers, pension funds and insurance companies transact at a different scale and through different protocols than the retail and wealth clients that we serve today. Market access is a leader in the institutional market with investment grade and high yield corporate bonds in emerging markets. across approximately 30 local currency markets and in euro bonds with a growing portfolio. ICE bonds is a leader in the retail and wealth channel, a complementary liquidity pool with a unique client base, trade sizes, and protocols. Putting these two together creates a fully integrated front-to-back ecosystem spanning the fixed income market. Retail and wealth flow long separated from institutional flow will be able to connect into a deep institutional pool and institutional participants will gain access to the diversified order flow that retail and wealth channels bring. You've seen this broadening market trend in the U.S. equity securities markets, which we believe we can now further extend into the fixed income securities markets. And our offering of one of the most robust data sets in the world supports efficient price discovery across this broader channel. With fixed income markets, this matters more than most other asset classes. There are millions of instruments, most of which trade infrequently, and the single greatest challenge to any investor is finding the other side for a true representation of fair value. Connecting these two pools should dramatically increase the probability that a buyer finds a seller, and this price discovery will benefit every market participant. We want to offer our clients a common set of rails. Whether a client moves upstream to institutional or downstream to retail, they will operate on the same connected infrastructure, creating real economies of scale. And market access will bring us a growing treasury rates trading platform, which we plan to connect directly into our newly approved treasury clearing system, extending our credit and fixed income network into the interest rate markets. Our Clear Treasury Futures franchise was our fastest growing product set in the last quarter, as Ben will discuss shortly. So we look forward to extending these capabilities. Please turn to slide seven. A single connected network does more than deepen liquidity. It will simplify how our clients operate, reduce what costs it takes them to do so over time. We plan to collapse a fragmented stack of execution venues, data vendors, and analytics providers into a single integrated workflow. Fewer connections, fewer reconciliations, fewer points of failure. The same should be true for our customers' technology spend. Clients will have access to pricing, liquidity, execution, and analytics through one platform and one connection. For generating alpha, a deeper, broader pool that means superior fills, Tighter spreads and lower market impact. Layering ICE's real-time evaluated pricing and analytics into the workflow should lead to improved decisions. The results for our clients is simple. Better liquidity plus better data equals better transparency and better returns achieved at a total lower cost. Moving to slide eight, the most powerful effect we're building is the classic ICE flywheel. More liquidity generates more transaction data. Combined with our evaluated pricing, this makes ICE Analytics more powerful. More powerful analytics attracts more users. More users deepen the pool, and a deeper pool generates yet more data. Each turn of that wheel should compound the value of our clients and ICE. This is what produces the compounding cash flows that create values for our shareholders. An expanded fixed income network is a direct channel to cross-sell ICE's evaluated pricing, reference data, and index data, including liquidity scoring, transaction cost analysis, and predictive pricing, into the workflow of more than 2,100 institutional clients who need exactly these tools to better inform their execution. Today, many of these market access customers consume ICE data indirectly through third parties or not even at all. and the way our clients consume data is changing. Increasingly, they want data to inform their own models at the point of decision. Reaching them there is what our ICE Model Context Protocol or ICE MCP server was built to do. Our first MCP release opened a new channel for expanding distribution of our non-proprietary data. Our newly expanded ICE MCP offering now offers ICE's proprietary data into our clients' AI workflows. And we didn't simply build an open data pipe. We built a client engagement channel that runs both ways. The MCP server connection is the easy part. What matters is what sits behind it. Organized data that arrives with its own meanings attached and which represents and respects our proprietary rights so that each client model are not left to guess what permissions govern who can see what. We now offer a complete audit trail so that every output can be traced and trusted. In regulated markets, it is this governance and contextual foundation that turns a simple data connection into a resource that institutions can rely upon. The fixed income network that we're designing will not stop at public credit. We have a plan to use the same rails to connect private credit clients who we're going to bring in via our initiative with Apollo. So public and private credit will increasingly be accessible on one platform. ICE has spent its history turning fragmented analog markets into connected electronic networks, then growing and compounding these networks. This is how ICE has grown. It's not by chasing one market or one cycle, but by building infrastructure that compounds through every market environment. Market access will make our network broader and deeper and will advance a strategy that we followed from the start. This deal does not begin a new chapter for ICE. It deepens the story that we've been writing since our inception. I'd like to now hand the call over to Warren.