Intercontinental Exchange / Trayport merger inquiry

The CMA is investigating the completed acquisition by Intercontinental Exchange, Inc. (ICE) of Trayport.

Phase 2

Administrative timetable

Date of referral: 3.5.16

Statutory deadline: 18.10.16

Full administrative timetable


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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