Benjamin Jackson
President, Intercontinental Exchange at Intercontinental Exchange
Thank you, Warren, and thank you all for joining us this morning. Please turn to slide eight. Amidst a very dynamic macro environment, including a shock to the banking sector, our customers continue to rely on our leading technology, mission-critical data and transparent and accessible markets to navigate these uncertain conditions. This contributed to our all-time highest single-volume day of 14.5 million contracts across our markets on March 13. Along with this, we also achieved record options volumes across our commodities in the quarter, up 21% year-over-year. As seen historically, options contracts are an efficient and valuable tool in highly uncertain market conditions.
In our interest rate markets, central bank activity and banking concerns led to increased hedging activity driving 18% volume growth in the first quarter. This growth was underpinned by a 25% volume increase in our Euribor contract, including record futures volumes. We also had a record volumes in our SONIA contract, up 12% year-over-year. This strong performance is a testament to the strength of our multicurrency multi-benchmark offering across interest rates. Across our global energy markets, how energy is produced and consumed has evolved rapidly. Importantly, we have continuously invested alongside this evolution, building a global platform that today is one of the most diverse and liquid energy marketplaces in the world.
This platform has established benchmarks in emerging markets across every source of energy. And with record energy options in the first quarter, up 21% year-over-year and energy open interest up 6% through the end of April, we are pleased that our customers continue to turn to our deep liquid market to manage their risk. In our oil markets, we've invested in building a global platform that positions us well to provide the critical price transparency across the energy spectrum that will enable participants to navigate the clean energy transition. Today, the resilience and liquidity of ICE's Brent benchmark has surpassed other oil benchmarks in both volume and open interest and, at the same time, reached an all-time high in options market share.
This demonstrates that the market depends on the Brent benchmark's ability to reflect global fundamentals. Importantly, Brent stands as the cornerstone of a franchise spanning key price benchmarks across gas oil; WTI; Platts Dubai; and more recently, Murban. Together, these benchmarks form the foundation of a cohesive web of more than 700 related oil products, such as locational, product and refining spreads. In the last few years, we've also invested in biofuels and renewable oil products such as RINs, RVOs, biofuels and low-carbon fuel standard products. And while small today, we see positive signs that these will become meaningful contributors in the future.
Importantly, driven by the breadth of our commercial customer base, we have become the natural home for liquidity in these products, with open interest in our oil complex up 5% year-over-year through the end of April. In our natural gas markets, we've adopted a similar playbook, building a global platform that spans benchmarks across North America, Europe and Asia, a thoughtful approach that positions us well to benefit from both the near-term volatility and the long-term secular growth trends occurring across these markets. This has also helped us drive a 10% increase in global gas volumes in the first quarter. This includes a 14% growth in our North American gas business, which not only benefited from continued commercial engagement in our Henry Hub contract, but also our North American basis markets.
In our environmental markets, we recognize the importance of carbon price transparency over 10 years ago acquiring the Climate Exchange in 2010. As we look out over the longer term, corporates and market participants remain committed to environmental policy to reduce carbon emissions, as illustrated by a record number of market participants in the quarter, up 7% year-over-year. In summary, as the clean energy transition continues to introduce new complexities, uncertainties and volatility to energy markets, our global environmental markets, alongside our global oil, gas and power markets, provide the critical price transparency that will enable participants to navigate this evolution.
Moving to our Fixed Income and Data Services business. Our comprehensive platform continued to generate compounding revenue growth and delivered another quarter of record revenues, up 12% year-over-year. This strong growth was underpinned by both recurring and transaction revenues, a testament to the strategic diversification of our business model and our ability to deliver growth through an array of macroeconomic environments. Rising market uncertainty and interest rates as well as continued efforts to build institutional connectivity to our bonds platforms provided significant tailwinds for ICE bonds, which was up over 100% year-over-year.
We're also beginning to see return on the investments we've made in both enhanced content and functionality across our other data and network services business. This part of our business increased 8% in the first quarter, driven by demand for additional capacity on the ICE global network, our private cloud as well as strong growth across our analytics and desktop offerings. As we move forward, there is a significant opportunity to continue to expand and evolve the products and services within our Fixed Income and Data Services business. From the digitization of fixed income workflow to the innovations we bring to connectivity and market data, ICE is well positioned for long-term success and growth. Turning now to our Mortgage business. In the first quarter, we once again outperformed the broader industry driven by strong recurring revenues, up 6% year-over-year.
This continued outperformance is a result of executing against our strategy of leveraging our technology and data expertise to accelerate the analog-to-digital conversion happening in the industry. Part of that strategy is intentionally shifting more business to recurring revenue, particularly within our origination technology and data and analytics business. While still in the early days of this transition, we continue to see strong client adoption. Importantly, as customers increasingly seek efficiencies across a very manual process, our leading origination technology, known as Encompass, provides valuable digital solutions that can reduce both the time and cost required to originate a loan.
We are pleased to see the value of our offering continues to resonate with lenders, and this is highlighted by the fact that we had record new sales in our Encompass offering in the first quarter, and the sale success included, for the first time, a top five global bank, electing to replace their legacy in-house loan origination technology for their retail business. This is a testament to the trust and strong relationships ICE has established with our customers since our founding. Additionally, the recent exit of the largest correspondent lender in the country that was not on Encompass presents opportunities for lenders that are on Encompass. This focus on automation and efficiencies also contributed to a 10% growth in our data and analytics business.
Through our AIQ offering, customers can leverage our analytics such as our credit and income analyzers as well as leverage our automated document recognition and data extraction technology to reduce the manual stare-and-compare work that exists across the mortgage workflow today. This automation could save lenders thousands of dollars per loan by reducing manufacturing time and complexity. The continued growth in our recurring revenues is a testament to the demand we're seeing for these digital solutions. As these new customers come on to our network, we benefit from new subscription revenues and have the opportunity to expand the customer relationship over time as they adopt additional solutions.
Just as we've seen in our other markets, this flywheel effect is what we believe will drive compounding growth in our recurring revenues and gives us confidence that we can grow a business that today is only a fraction of the $10 billion addressable market that is in the early days of an analog-to-digital conversion.
With that, I'll now turn the call over to Jeff.
