• Intercontinental Exchange average gross margin for 2023 was 98.39%, a 0.33% decline from 2022.
• Intercontinental Exchange average gross margin for 2022 was 98.07%, a 0.49% increase from 2021.
• Intercontinental Exchange average gross margin for 2021 was 97.59%, a 0.14% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.