Intercontinental Exchange / Trayport merger inquiry
The CMA investigated the completed acquisition by Intercontinental Exchange, Inc. (ICE) of Trayport and considered one remitted issue.
ICE completes sale of Trayport to TMX Group
14 December 2017: Intercontinental Exchange, Inc. (ICE) has completed its sale of Trayport to TMX Group, a purchaser approved by the CMA. This brings the merger investigation to a close.
- (15.12.17)
Remedy group appointed
11 August 2017: The CMA appointed the remedy group on 10 August 2017.
Simon Polito (Inquiry Chair), Sarah Chambers, and John Krumins.
Remittal
Date of remittal: 6 March 2017
Contact
Administrative timetable
- (updated 29.6.17)
Final order
This order updates and supersedes the CMA’s January 2017 order to reflect the Competition Appeal Tribunal’s judgment and the CMA’s findings in the remittal report.
- (21.7.17)
- (21.7.17)
- (21.7.17)
Final report on the remitted question
- (7.7.17)
- News story: CMA final decision on ICE/Trayport agreement (7.7.17)
Responses to remittal provisional findings
- (16.6.17)
- (31.5.17)
- (22.5.17)
- (22.5.17)
- (22.5.17)
- (22.5.17)
Provisional findings on the remitted question
- (25.4.17)
- (25.4.17)
Evidence
Summary of call
- (20.4.17)
Submissions
- (22.5.17)
- (22.5.17)
- (21.4.17)
- (20.4.17)
- (19.4.17)
- (12.4.17)
- (10.4.17)
- (10.4.17)
- (5.4.17)
- (5.4.17)
- (5.4.17)
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.
- (13.3.17)
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
Final order
- (5.1.17)
- (5.1.17)
- (5.1.17)
Derogation to the final order
- (21.7.17)
- (30.6.17)
Formal consultation on proposed final order
- (30.11.16)
- (30.11.16)
Final report
- (PDF, 3MB) (17.10.16)
- (PDF, 1.9MB) (17.10.16)
- Press release: CMA requires ICE to sell Trayport (17.10.16)
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.
- (PDF, 2.3 Mb) (16.8.16)
- (PDF, 1.4 Mb) (16.8.16)
- (16.8.16)
- (16.8.16)
- (16.8.16)
- Press release: CMA sets out provisional concerns about ICE/Trayport merger (16.8.16)
Evidence
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
- (13.10.16)
- (7.10.16)
- (29.9.16)
- (15.9.16)
- (15.9.16)
- (15.9.16)
- (PDF, 1.7 MB) (12.9.16)
- (6.9.16)
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- (2.9.16)
- (2.9.16)
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- (2.9.16)
Responses to ICE/Trayport remedy proposal
- (5.10.16)
- (5.10.16)
- (30.9.16)
- (23.9.16)
- (PDF, 1.9 MB) (23.9.16)
- (23.9.16)
- (23.9.16)
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Response hearing summaries
- (23.9.16)
- (6.9.16)
- (6.9.16)
- (6.9.16)
- (6.9.16)
- (2.9.16)
Further submissions
- (27.7.16)
Hearing summaries
- (13.7.16)
- (13.7.16)
- (11.7.16)
- (11.7.16)
- (8.7.16)
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- (6.7.16)
- (4.7.16)
- (4.7.16)
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- (1.7.16)
- (1.7.16)
Responses to issues statement
- (13.7.16)
- (PDF, 1.3MB) (1.7.16)
Initial submissions
- (28.6.16)
- (27.6.16)
- (27.6.16)
- (27.6.16)
- (27.6.16)
- (15.6.16)
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.
- (31.5.16)
- News story: CMA publishes issues statement in ICE/Trayport merger (31.5.16)
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.
- (3.5.16)
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
- News story: CMA refers energy trading software merger for in-depth investigation (3.5.16)
- (26.5.16)
Reference unless undertakings accepted
- Press release: Energy trading software merger faces in-depth investigation (27.4.16)
- (26.5.16)
Launch of merger inquiry
29 February 2016: The CMA announced the launch of its merger inquiry by notice to the parties.
- (29.2.16)
Initial enforcement order
- (25.1.16)
Amendments/consents granted:
- (22.5.17)
- (14.2.17)
- (4.8.16)
- (7.6.16)
- (16.2.16)
Last updated 15 December 2017 + show all updates
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Sale of Trayport announcement added.
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Remedy group appointed.
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Final order published and derogation added.
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Final report on the remitted question published.
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Derogation to the final order published.
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Timetable updated.
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Response to remittal provisional findings published.
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Response to remittal provisional findings published and timetable updated.
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Derogation, submissions and responses to remittal provisional findings published.
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Provisional findings on the remitted question published.
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Submission published.
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Submission and summary of call published.
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Submission published.
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Submission published.
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Submissions published.
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Submissions published.
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Conduct of the remittal and remittal group appointments added.
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Update added.
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Derogation published.
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Final order published.
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Formal consultation on proposed final order launched.
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Final report published.
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Response to provisional findings and notice of possible remedies published.
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Response to provisional findings and notice of possible remedies published.
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Responses to remedy proposal published.
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Response to remedy proposal published.
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Response to provisional findings published.
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Response hearing summary and responses to remedy proposal published.
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Responses to provisional findings and notice of possible remedies published.
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Response to provisional findings published.
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Responses to notice of possible remedies and response hearing summaries published.
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Response hearing summary and responses to notice of possible remedies published.
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Full provisional findings report published.
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Summary of provisional findings and notice of possible remedies published.
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Derogation published.
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Further submission published.
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Hearing summaries and response to issues statement published.
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Hearing summaries published.
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Hearing summaries published.
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Hearing summary published.
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Hearing summaries published.
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Response to issues statement and hearing summaries published.
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Initial submission published.
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Initial submissions published.
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Initial submission published.
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Derogation published.
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Issues statement published.
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Reference and full text decisions published.
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Timetable published.
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Inquiry group appointed.
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Reference decision announced and terms of reference published.
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Decision announced: reference unless undertakings accepted.
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Launch of merger inquiry and invitation to comment issued.
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Derogation published.