ICE

Intercontinental Exchange Inc

research_scan theme='dollar-system'; value_chain_position='picks-and-shovels'; Operates US Treasury futures clearing, ICE US Dollar Index futures, and CDS clearinghouse — picks-and-shovels for the operational plumbing of the dollar-system reserve / FX / Treasury market that Essay 08 documents. Fee-driven revenue scales with Treasury issuance volume (FY2026 maturity-wall = secular tailwind for clearing volumes) and is structurally insensitive to the direction of yields.