IntercontinentalExchange (ICE) has announced the completion of its $650 million acquisition of the Trayport energy and commodities trading platform from BGC Partners and its GFI subsidiary.
The sale of Trayport was first mooted by BGC in April this year after the firm completed its acquisition of GFI Group in February. With an established foothold in the commodities market, ICE emerged as front-runner to acquire Trayport. According to the firm, it intends to maintain Trayport's London-based operations.
"We will continue to invest in the Trayport platform, maintaining and enhancing its current model to serve the European OTC markets by facilitating the interaction of brokers, utilities and end-users, clearing houses, and other market participants," says, Jeffrey Sprecher, chairman and CEO of ICE. "As the European energy markets evolve, we look forward to supporting and developing Trayport's technology to assist the management of price risks in a liquid, broker-centric marketplace."
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