Intercontinental Exchange questions UK competition watchdog concerns over Trayport takeover

 
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ICE acquired Trayport for $650m last December (Source: Getty)

The owner of the New York Stock Exchange has questioned the justification of the British competition authority’s concerns over its Trayport takeover.


The Competition and Markets Authority (CMA) said the Intercontinental Exchange (ICE) should consider reversing its $650m (£495m) deal for Trayport, a commodities trading software operation.

Read more: US rival pulled London Stock Exchange bid because it expected Brexit vote

The CMA said the deal “may be expected to lead to a substantial lessening of competition” in European energy trading markets.

The company hit back today, saying: “ICE does not agree with the findings which do not align with ICE’s vision for continuing to operate Trayport as an open and autonomous software provider.”


ICE said it was not expecting a CMA decision on the deal until mid-October.

Read more: CMA threatens Intercontinental Exchange's Trayport takeover

The company said: “We do not believe that divestment is necessary, appropriate or in the best interests of Trayport’s customers.

“ICE is committed to retaining ownership of Trayport and is willing to memorialise its intentions with regard to Trayport’s future operation with formal CMA remedies.”

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