ICE — Intercontinental Exchange, Inc.

CME Group operates the world's largest and most diverse derivatives exchange marketplace, including the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), and COMEX. CME provides futures and options products across interest rates, equity indexes, foreign exchange, energy, metals, and agricultural commodities. Its interest rate futures on U.S. Treasuries and Eurodollars are global standards for hedging interest rate risk. CME generates revenue both from trading volumes and data subscriptions.

S&P Global provides ratings, data, analytics, and market intelligence to financial markets worldwide. Its Ratings division is one of the two dominant credit rating agencies globally (alongside Moody's), earning fees when companies and governments issue debt. The Indices segment owns the S&P 500 index and hundreds of others, collecting licensing fees from ETF providers. The Market Intelligence and Commodity Insights platforms provide data and analytics subscriptions to financial and energy professionals.

Moody's Corporation is one of the two dominant global credit rating agencies alongside S&P Global, providing credit ratings, research, and risk assessments on bonds, structured finance products, and financial institutions. Moody's Analytics segment provides risk management software, economic data, and financial intelligence subscriptions to banks, insurance companies, and investment managers. The company benefits from the regulatory requirement that most institutional bond investors hold securities with ratings from recognized agencies.