Intercontinental Exchange Inc.: Takeaways From Perpetual Futures Webinar With ICE COO Stuart Williams

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Intercontinental Exchange Inc.: Takeaways From Perpetual Futures Webinar With ICE COO Stuart Williams

Equity Research

U.S. Brokers, Asset Managers & Exchanges

9 June 2026

Intercontinental Exchange Inc.

Takeaways From Perpetual

Futures Webinar With ICE COO

ICE OVERWEIGHTStuart Williams

U.S. Brokers, Asset POSITIVE

We hosted Stuart Williams, COO of ICE, to discuss Managers & Exchanges Price Target USD 201.00

opportunities, threats, strategy, regulation, and other Price (05-Jun-26) USD 141.50

considerations regarding "perps". While perps have had some Potential Upside/Downside +42.0% Source: Bloomberg, Barclays Research

traction among retail traders (in crypto in particular), they are

likely ill-suited to fit the needs of institutions. U.S. Brokers, Asset Managers &

Exchanges

Benjamin Budish, CFA

+1 212 526 2418

benjamin.budish@barclays.com

BCI, US

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Chris O'Brien

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Survey Mason+1 212 526Fleming7025

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Mark McLaughlin, CFA

+1 212 526 9320

mark.mclaughlin@barclays.com

Overview: We hosted Stuart Williams, COO of ICE, to discuss the potential for perpetual BCI, US

futures (perps) in both retail and consumer use cases, challenges associated with the contract

structure, potential for perps in the US, and potential implications for pre-existing products.

While perpetual futures have become a dominant instrument in international crypto

derivatives, their economic utility in the traditional futures space – particularly energy – appears

limited. Demand to date has been driven primarily by retail participants seeking leveraged,