Intercontinental Exchange's Trayport Sale Order Upheld by UK Competition Appeal Tribunal
ICE appeal against CMA order to divest Trayport platform over reduction of market competitiveness rejected by UK court.
ICE acquired Trayport in December 2015 in a $650 million deal but was ordered to divest the platform in October last year, after the CMA concluded that market participants had a “high level of dependence” on the platform due to weak alternatives and high barriers to entry, meaning ICE would be in a position to reduce competition between itself and its rivals leading to “increased fees for execution and clearing, and worse terms offered to traders.”
While ICE appealed the decision, the CAT has ruled in favor of the CMA and has upheld the decision that ICE must sell the Trayport platform to a CMA-approved buyer.
ICE said that it was “disappointed by the CAT’s ruling” in a statement and that it would “review the CAT’s judgment and consider our options, including the possibility of a further appeal to the Court of Appeal.”
The CAT, however, did agree with ICE to overturn the CMA’s ruling that the exchange operator should not be allowed to put its data onto the Trayport platform.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
DLT and digital contracts for market data: Has the hammer found the nail?
Waters Wrap: A new platform that a custom-made DLT underpins is coming to market. Anthony examines its merits and, surprisingly, finds a lot.
No, no, no, and no: Overnight trading fails in SIP votes
The CTA and UTP operating committees voted yesterday on proposals from US exchanges to expand their trading hours and could not reach unanimous consensus.
Bond CT hopeful Etrading unveils free tape prototype ahead of tenders
The vendor hopes to provide the long-awaited consolidated tape for bonds in the EU and the UK, demonstrating its ability to do so through ETS Connect.
Jump Trading CIO: 24/7 trading ‘inevitable’
Execs from Jump, JP Morgan, Goldman Sachs, and the DTCC say round-the-clock trading—whether five or seven days a week—is the future, but tech and data hurdles still exist.
Terry Duffy on CME’s cloud future, takeover targets, and ... candy
CME CEO Terry Duffy explains the relatively narrow strategy that the derivatives exchange has taken under his leadership, especially compared to its peers.
Big Tech and capacity issues, Bridgewater’s CEO on AI, the UK’s Pisces platform, and more
The Waters Cooler: AI and cloud—shockingly—were major talking points this week…as they were the weeks before, and likely the weeks to come.
Orchestrade resists SaaS model in favor of customer flexibility
Firms like Orchestrade are minimizing funds and banks’ risks with different approaches to risk management.
Pisces season: Platform providers feed UK plan for private stock market
Several companies in the US and the UK are considering participating in a UK program to build a private stock market composed of separate trading platforms.
