Intercontinental Exchange’s incremental cash flows and capital position support efficiencies, strategic acquisitions, alliances and divestments, product novelty, and global expansion. The successful integration of NYSE, timely achievement of cost synergies and steady debt reduction also strengthen ICE’s ratings. However, stiff competition, low interest rate, challenging regulations and volatile industry trends are concerns. Moreover, weak volumes are a drag on margins and remain headwinds. With respect to earnings results, third quarter earnings per share was in line with the expectation. Results however improved year over year on increased revenues as well as reduced expenses. These factors also supported margin expansion.