ICE Bonds reached record notional amount volume of $232.5 billion for corporate bonds in 2025, up 10% from 2024. Meanwhile, municipal bond trading reached record notional amount volume of $225.5 billion in 2025, up 27%, with over 4 million trades processed, which was over 30% more than the previous record. Volumes in Mortgage Backed Securities (MBS) trading also doubled last year after the recent expansion of our execution protocols.
In CDS, ICE Clear Credit, the leading global clearing house for CDS instruments and CDS options, processed a record of more than $28 trillion notional amount in USD-denominated Index CDS in 2025, compared to $22 trillion in 2024. In Euro-denominated Index CDS, ICE Clear Credit cleared more than €15.2 trillion in 2025, compared to €12.8 trillion in 2024. In Single Name (SN) CDS, ICE Clear Credit cleared a record $2.57 trillion notional amount in USD-denominated SN CDS in 2025, compared to $2.17 trillion in 2024. In Euro-denominated SN CDS, ICE Clear Credit cleared €890 billion in 2025, compared to €800 billion in 2024. ICE’s Index CDS Options volume more than doubled in 2025 to approximately $1 trillion (more than $980 billion) USD-equivalent notional amount, compared to $425 billion in 2024.
“As we continued to see elevated volatility across many of our markets, 2025 was, by all accounts, the best year for notional amount volumes across our fixed income execution and clearing businesses in the history of the company,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services. “This was the result of a tremendous effort by our teams, working with customers to launch new products and trading protocols, and building our networks to ensure we offer the broadest, most liquid pools of trading and clearing across the markets we serve.”
In addition, ICE achieved various milestones across other parts of its Fixed Income and Data Services business in 2025, including:
* Reached a record amount of assets under management (AUM) for passive funds tracking ICE Indices of $794 billion at the end of 2025, compared to $647 billion at the end of 2024. Across passive and active combined, ICE has over $2 trillion in AUM benchmarked to ICE Indices.
* Responding to a surge in growth for colocation services, ICE had record growth of 50% in billable kilowatt hours in 2025 at its ICE Mahwah, NJ data center, where ICE has more than doubled capacity compared to 2020.
* Signed data distribution, market sentiment and other agreements with leading firms across prediction markets, social media, crypto and news, including Polymarket, Reddit, Circle and Dow Jones.
* The number of desktop users across all of ICE’s platforms, including ICE Connect, ICE IM, Market-Q and ICE Options Analytics, rose 9% since the start of 2025.
* Processed a record number of ETF creation/redemption orders over ICE ETF Hub of 76,908 orders in 2025, up 42% from the prior year. Since launching in 2019, ICE ETF Hub, which was designed to bring efficiencies and standardization to the ETF primary market, has processed $4.77 trillion in notional volume.
“These milestones are a testament to the rich history ICE has of bringing innovation to the markets we serve, and maintaining a strong entrepreneurial spirit throughout our product development teams and the company as a whole,” added Edmonds.
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