US exchanges saw increased revenues across the board in Q4 2025, with the largest players making the bulk of their profits from non-transactional services rather than trading.
ICE, the largest exchange of the cohort by revenue, reported US$5.4 billion in revenue for its exchanges segment, up 9% YoY. The segment covers listing, trading and clearing.
According to Morgan Stanley research, as of Q3 2025 the majority (31%) of the exchange’s revenues came from data, analytics and indexes. Technology services and commodities and energy trading contributed a further 22% each, while interest rate and FX trading made up 6% of revenues. Credit trading contributed just 1% of revenues.
Chief financial officer Warren Gardiner commented, “Within ICE Bonds, continued growth in municipal bond revenue was offset by lower retail, corporate, and treasury activity, while strong CDS clearing results were offset by lower member interest income following the Federal Open Market Committee’s rate reductions in 2025.”
“For 2026, we anticipate fixed income and data services recurring revenue growth in the mid-single-digit range, underpinned by another year of high-single-digit growth in our data and network technology business.”
At Nasdaq, net revenues in Q4 reached US$1.4 billion – up 13% YoY, and contributing to the exchange’s full-year net revenues of US$5.3 billion. Morgan Stanley notes that, as of Q3 2025, 77% of this revenue was non-transactional.
Fixed income trading and clearing is reported under ‘other’ revenue at the exchange, alongside European equity derivatives and Canadian cash equity. Nasdaq reported US$24 million in this segment over Q4, up 14% YoY.
As at ICE, technology services and data, analytics and indexes contribute the most to revenues at Nasdaq – 35% and 42% respectively, per Morgan Stanley research. Cash equity and multi-list options trading comes in third at 19% of revenues, while commodities and energy trading, and credit trading, represent 2% each.
At CME Group, total revenue was reported at US$1.6 billion – up 8% YoY. Within this, both clearing and transaction fee and market data and information service revenues increased 15% YoY.
Of the three exchanges, CME Group is the only contender that makes the majority of its revenues from trading – according to Morgan Stanley, 80% of its revenues are transactional as of Q3 2025. Interest rate and FX trading makes up 36% of total revenues, followed by commodities and energy trading at 27%.
During the firm’s earnings call, chairman and CEO Terry Duffy noted the group’s plans to launch a new clearing house for US Treasuries early this year and to extend its cross-margining service with the Fixed Income Clearing Corporation (FICC).
READ MORE: Competition in US Treasury clearing could sustain vicious exchange battle
President of CME Clearing Sunil Cutinho added, “The CME FICC cross-margining program for clients is operationally ready. In terms of expanding to clients, we are dependent on the approval from the CFTC, which is expected sometime this year.”
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