Competition & Markets Authority
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CMA publishes issues statement in ICE/Trayport merger

The CMA has published an issues statement as part of its investigation into ICE’s completed acquisition of Trayport.

The merger was referred for an in-depth phase 2 investigation on 3 May 2016.

The inquiry group of Competition and Markets Authority (CMA) panel members investigating the merger must decide whether the acquisition may be expected to result in a substantial lessening of competition within any market or markets in the UK for goods or services. The inquiry group must publish its final report by 18 October 2016.

Intercontinental Exchange Inc. (ICE) is a global operator of exchanges and clearinghouses, and as part of its activities facilitates trading of energy commodities and utilities derivatives. Trayport licenses software products to participants (traders, brokers, exchanges and clearinghouses) active in the wholesale markets for European utility derivatives and commodities (in particular, natural gas, power (electricity), oil, coal and emissions).

The issues statement identifies clearly for all interested parties the key questions which the inquiry is examining. The issues statement does not imply that the inquiry group has yet identified any competition concerns. The full issues statement is available on the investigation case page along with all other published information relating to the investigation.

Anyone wishing to respond to the issues statement should do so in writing, by no later than 5pm on 14 June 2015. Please email or write to:

Project Manager
ICE/Trayport merger inquiry
Competition and Markets Authority
Victoria House
Southampton Row


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