Intercontinental Exchange (NYSE: ICE) notes today’s ruling by the Competition Appeal Tribunal (CAT) with respect to ICE’s appeal against the Competition and Market Authority (CMA) prohibition decision in connection with the acquisition of Trayport.
We are gratified by today’s ruling by the CAT reversing the CMA’s decision that the agreement between ICE and Trayport should be terminated, and remitting this issue to the CMA for further consideration. We are hopeful that the CMA will recognize the merits of customers gaining access to additional Trayport connectivity and greater access to relevant markets through the agreement.
We are disappointed by the CAT’s ruling on the other aspects of our appeal, having presented a compelling challenge to the CMA’s decision ordering ICE to divest Trayport. We will review the CAT’s judgment and consider our options, including the possibility of a further appeal to the Court of Appeal.
In the interim, Trayport will continue to be operated separately as it is today.
