ICE's 205th-Ranked $460M Volume Plummets 28.69% as Treasury Clearing Expansion Nears Regulatory Milestone

On August 19, 2025, Intercontinental Exchange (ICE) closed with a 0.19% gain, while its daily trading volume of $0.46 billion marked a 28.69% decline from the previous day, ranking 205th in market activity. The move followed ICE’s announcement of a significant regulatory milestone in its expansion of treasury clearing services.

ICE Clear Credit, the company’s clearinghouse, has published its application and rulebook with the U.S. Securities and Exchange Commission to extend its clearing capabilities to U.S. Treasury securities. This step is critical for the firm’s planned launch of the service later in 2025, which aims to provide market participants with flexible clearing options akin to its existing credit default swap operations. The initiative leverages ICE’s established infrastructure, including its ICE Link platform, to streamline trade matching and connectivity across platforms.

The proposed Treasury clearing service will operate as a distinct offering with a separate governance framework, risk management protocols, and financial resources. By replicating the trusted processes used for CDS clearing, ICE aims to address risk management needs in the Treasury market while maintaining capital efficiency. Stan Ivanov, President of ICE Clear Credit, emphasized the solution’s robustness, citing the clearinghouse’s role in mitigating over $385 trillion in counterparty risk exposure since its 2009 launch.

A strategy of buying the top 500 stocks by daily trading volume and holding them for one day generated a total profit of $2,940 between December 2022 and August 2025. However, the approach experienced a maximum drawdown of $1,960 during the same period, reflecting a volatile but ultimately positive performance with a peak-to-trough decline of 19.6%.