InterContinental Exchange (NYSE: ICE) shares are falling today after the company released a statement in response to Congressional proposals to modify the operation of regulated global energy exchanges. The company called the proposals arbitrary controls that would adversely affect consumers, market prices, and the competitiveness of the U.S. markets. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on ICE.

After hitting a one-year high of $194.92 in December, the stock hit a one-year low of $110.25 in March. This morning, ICE opened at $159.37. So far today the stock has hit a low of $156.07 and a high of $159.90. As of 12:00, ICE is trading at $156.57, down $3.15 (-2.0%). The chart for ICE looks bullish and steady, while S&P gives the stock a neutral 3 Stars (out of 5) Hold rating.

For a bearish hedged play on this stock, I would consider a September bear-call credit spread above the $200 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in four and a half months as long as ICE is below $200 at September expiration. ICE would have to rise by more than 24% before we would start to lose money. Learn more about this type of trade here.

ICE hasn't been above $195 at all in the past year and has shown resistance around $167 recently. This trade could be risky if the company's earnings (due out in late July) are a positive surprise, but even if that happens, this position could be protected by resistance ICE might find around $195, where it topped out back in January.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in ICE.