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Intercontinental Exchange said it sold its stake in US cryptocurrency exchange Coinbase for more than $1.2bn (€1bn) as the operator of global exchanges, clearing houses and provider of mortgage technology, data and listings services reported record revenues and net income for the first quarter of this this year.
Our CFO Scott Hill on our strong first quarter performance ⤵️ pic.twitter.com/pj3e0xfqR1 ICE (@ICE Markets) April 29, 2021
Scott Hill, chief financial officer of ICE, said on the results call: “First quarter revenues, operating income, adjusted net income and adjusted earnings per share, were all the best in the history of our company.”
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Intercontinental Exchange said it sold its stake in US cryptocurrency exchange Coinbase for more than $1.2bn (€1bn) as the operator of global exchanges, clearing houses and provider of mortgage technology, data and listings services reported record revenues and net income for the first quarter of this this year.
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Jeffrey Sprecher, chairman and chief executive of ICE, said US equity market structure is flawed and hopes it will be reviewed by the Securities and Exchange Commission under the new administration.
Sprecher said an earnings call last week that when ICE acquired the New York Stock Exchange they had been vocal about the need to change US equity market structure.
Jeff Sprecher, ICE
“We tried to negotiate a grand bargain but we were unsuccessful,” he added.
Late last month, a record number of US equities were traded as retail investors bought shares in retailer GameStop, which had been shorted by some hedge funds, following posts on social media platform Reddit. This led to extreme volatility in some stocks and Robinhood, the app that many investors had used for trading, temporarily suspended activity in some shares which led to outrage from customers. Robinhood said in a blog that its clearinghouse-mandated deposit requirement had increased t