The New York Stock Exchange (NYSE) is taking a major step to expand its reach and cater to investors across the globe. The exchange, a subsidiary of Intercontinental Exchange (ICE), has announced plans to extend weekday trading on its NYSE Arca equities exchange to 22 hours a day, pending regulatory approval. This move signifies a shift towards a more globally connected financial market and reflects the growing demand for US-listed securities worldwide.
RBC Capital Markets analyst Ashish Sabadra initiated coverage on Intercontinental Exchange Inc. (ICE) with an Outperform rating and a price target of $200, citing strong growth prospects driven by its diversified business model, strategic positioning within key financial markets, and technological capabilities in mortgage and data services. The analyst expects ICE to benefit from double-digit growth in mortgage technology, driven by synergies from the BKI acquisition and a recovering market, as well as from digitization in ICE Bonds and the shift to passive fixed-income investing in ICE Indices.
