Competition & Markets Authority
Trading systems firms address CMA competition concerns
The CMA has accepted a proposal from ION to sell Broadway’s fixed income business in order to resolve competition concerns about the completed merger.
ION Investment Group Limited (ION) and Broadway Technology Holdings (Broadway) provide specialist trading systems to financial organisations, such as banks, that allow the trading of foreign exchange (FX) and fixed income securities (FI) such as government bonds.
After an initial Phase 1 investigation in July, the CMA identified competition concerns in ION’s completed purchase of Broadway in the supply of FI electronic trading systems. ION is by far the largest supplier of these systems and Broadway is one of only 2 significant competitors.
The CMA was concerned that the deal could therefore leave customers facing a significantly reduced choice of supplier with the potential for higher prices or more onerous terms and conditions on their services.
In response to these concerns, ION has offered to sell Broadway’s FI business including the underlying software and the brand to a buyer consortium led by Broadway’s CEO. This has been approved by the CMA.
The CMA found that this proposal will address its competition concerns and opened a public consultation in September. It is now satisfied that the concerns will be fully addressed by the remedy offered, restoring competition in the supply of FI electronic trading systems to the pre-merger conditions.
The CMA has therefore decided that the merger will not be referred for an in-depth Phase 2 investigation.
All information relating to this investigation can be found on the ION/Broadway case page.
For media enquiries, contact the CMA press office on 020 3738 6460 or firstname.lastname@example.org.
Latest News from
Competition & Markets Authority
Metallurgy firms abandon merger during CMA investigation19/01/2021 12:20:00
The CMA no longer intends to refer the merger of TTI and Tronox to an in-depth investigation, after Tronox’s announcement to abandon the deal.
CMA breaks up motor parts merger13/01/2021 12:20:00
The CMA will require TVS Europe Distribution to sell 3G in order to protect competition in the commercial vehicle and trailer parts sector.
CMA to investigate Google’s ‘Privacy Sandbox’ browser changes08/01/2021 14:25:00
The CMA has opened an investigation into Google’s proposals to remove third party cookies and other functionalities from its Chrome browser.
CMA to investigate NVIDIA’s takeover of Arm07/01/2021 12:20:00
The CMA is inviting interested third parties to provide initial views on the anticipated acquisition of Arm by NVIDIA.
Metallurgy buyout raises competition concerns05/01/2021 09:10:00
The CMA has found that Tronox’s anticipated purchase of TTI raises competition concerns in the supply of chloride slag and titanium dioxide pigment.
CMA secures affordable supply of key bipolar drug21/12/2020 10:20:00
The CMA has accepted legally binding commitments from Essential Pharma to continue supplying a key bipolar drug at an affordable price for at least 5 years.
CMA publishes final report in funerals market investigation21/12/2020 09:20:00
The CMA has published the final report on its in-depth market investigation into funeral services, confirming its remedies for the sector.
Construction suppliers fined £15m for breaking competition law18/12/2020 12:20:00
The CMA has fined 2 major suppliers to the construction industry more than £15m for illegally colluding to reduce competition and keep prices up.