Intercontinental Exchange / Trayport merger inquiry

The CMA investigated the completed acquisition by Intercontinental Exchange, Inc. (ICE) of Trayport and is considering one remitted issue.


Date of remittal: 6 March 2017


Administrative timetable

Provisional findings on the remitted question


Summary of call


Background information to the remittal

Core documents

13 March 2017: The CMA has published its conduct of the remittal document in which it sets out the way in which it intends to conduct the remittal process, particularly with regard to gathering and considering further evidence. If you wish to provide written comments on the remitted issue please send these to the CMA by 27 March 2017.

Any comments on the administrative timetable should be sent in writing to the CMA by 20 March 2017.

Remittal group appointed

Following the remittal by the Competition Appeal Tribunal on 6 March 2017, the Remittal Group was appointed on 10 March 2017.

Simon Polito (Inquiry Chair), Robin Aaronson, Sarah Chambers, and John Krumins.

Update 9 March 2017

The Competition Appeal Tribunal has upheld the CMA’s findings that the merger results in a loss of competition and that in order to resolve this, ICE must sell the Trayport business. The CMA has been asked to reconsider one aspect of the divestiture process and will announce the next steps as soon as possible.

Phase 2

Administrative timetable

Date of referral: 3.5.16

Statutory deadline: 18.10.16

Full administrative timetable

Final order

Formal consultation on proposed final order

Final report

Provisional findings

16 August 2016: The CMA has provisionally found that ICE’s completed acquisition of Trayport could lead to a substantial lessening of competition.


The publication of the evidence of any party on the CMA’s webpages does not indicate in any way endorsement by the CMA of the views expressed in the evidence or acceptance of that evidence. Publication in this way is designed to assist public understanding of the issues.

Responses to provisional findings and notice of possible remedies

Responses to ICE/Trayport remedy proposal

Response hearing summaries

Further submissions

Hearing summaries

Responses to issues statement

Initial submissions

Issues statement

31 May 2016: The issues statement sets out the scope of the investigation. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

Inquiry group appointed

4 May 2016: The CMA has appointed the inquiry group.

Simon Polito (Inquiry Chair), Robin Aaronson, Sarah Chambers, and John Krumins.

Terms of reference

3 May 2016: The CMA has referred the completed acquisition by Intercontinental Exchange, Inc. (ICE) of Trayport.

Phase 1

Phase 1 date Action
26 May 2016 Decision published
27 April 2016 Decision announced
29 February to 14 March 2016 Invitation to comment
29 February 2016 Launch of merger inquiry
11 January 2016 Initial enforcement order

Reference decision

Reference unless undertakings accepted

Launch of merger inquiry

29 February 2016: The CMA announced the launch of its merger inquiry by notice to the parties.

Initial enforcement order

Amendments/consents granted:

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