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Bedford, MA Office

32 Crosby Drive
Bedford
MA
US

London, UK Office

Fitzroy House, 13-17 Epworth Street
London
GB

Australia, Melbourne Office

1155 Malvern Road
Malvern
Melbourne
AU

France, Paris Office

9 rue de Téhéran
Paris
FR

Ireland, Dublin Office

6 Georges Dock, 4th floor IFSC
Dublin
IE

Luxembourg, Lux Office

5th floor 28 boulevard Royal
Luxembourg
LU

Switzerland, Geneva Office

25, rue Kléberg
Geneva
CH

New York, NY Office

100 William Street, 17th Floor
New York
NY
US

White Plains, NY Office

100 Hillside Avenue
White Plains
NY
US

Santa Monica, CA Office

2901 28th Street, Suite 300
Santa Monica
CA
US

Hayward, CA Office

3955 Point Eden Way
Hayward
CA
US

Singapore Office

1 Raffles Place #21-02 One Raffles Place
Singapore
SG

Hong Kong, Central Office

2001-2005, 20/F The Center 99 Queen's Road Central
Hong Kong
HK

Channel Islands, Jersey Office

8 Hill Street St Helier
Jersey
GB

Germany, Frankfurt Office

Sandweg 94
Frankfurt am Main
DE

Spain, Madrid Office

Francisco Silvela 42 1a planta
Madrid
ES

Switzerland, Zurich Office

Loewenstrasse 2
Zurich
CH

Australia, Sydney Office

Suite 405/368 Sussex Street
Sydney
AU

Japan, Tokyo Office

Kyobashi No. 8 Nagaoka Bldg. 1F 2-20-9 Hatchobori Chuo-ku
Tokyo
JP

Location Office

International House 1 St. Katharine's Way
London
GB

Italy, Rome Office

Via Cristoforo Colombo, 149
Rome
IT

Chicago, IL Office

600 West Fulton, 7th Floor
Chicago
IL
US

New York, NY Office

100 Church Street, 11th Floor
New York
NY
US

UAE, Dubai Office

805, City Tower 2 Sh. Zayed Road
Dubai
AE

Lombard, IL Office

955 Parkview Boulevard
Lombard
IL
US

Australia, Melbourne Office

Level 36/2 Freshwater Place Southbank Boulevard Southbank
Melbourne
AU

Telephone

02072653703

Contact

tony cossey a cossey
[email protected]
Back to all Intercontinental Exchange announcements

Intercontinental Exchange Statement on Trayport Acquisition

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today provided further information to investors on its acquisition of Trayport following the UK’s Competition and Markets Authority’s (CMA) announcement of its provisional findings on August 16, 2016.

The CMA’s provisional findings identified areas of concern. 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. This was ICE’s original statement of intention and reflects how the business has operated since the acquisition was completed in December 2015.

The findings are provisional and the final CMA decision is not expected to be known until mid-October. ICE now has an opportunity to address the CMA’s concerns and demonstrate how they do not reflect the manner in which Trayport will operate as a subsidiary of ICE.

Trayport will continue to operate as it does today in European utilities markets and will ensure that brokers, exchanges and clearing houses are all treated fairly and reasonably and are not discriminated against, including with respect to pricing, access and support.

In addition, Trayport will continue to invest in and enhance its existing services in response to customer and market demand. It will operate as a separate, independent business within ICE and will have a dedicated senior management team and defined processes to ensure customer feedback is received and given appropriate consideration.

Given its provisional findings, the CMA has started a consultation on potential remedies if its final decision is that ICE’s ownership of Trayport could give rise to an adverse impact on competition. As is customary with a CMA phase 2 review, the list of potential remedies includes the divestment of Trayport along with alternative protective measures. 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 memorialize its intentions with regard to Trayport’s future operation with formal CMA remedies.

Intercontinental Exchange (NYSE:ICE) operates a leading network of global futures, equity and equity options exchanges, as well as global clearing and data services across financial and commodity markets. The New York Stock Exchange is the world leader in capital raising, listings and equities trading.