ICE Committed to Keeping $650 Million Trayport Platform
Intercontinental Exchange slaps down CMA suggestion of divestiture of Trayport platform, confirms intentions to carry on unchanged.
The Atlanta-based exchange operator said in a statement that it refuted the CMA's initial investigatory findings that the acquisition of the Trayport platform in December 2015 could lead to a lessening of competition.
In response to the watchdog's remedy proposal of complete divestiture of the platform, ICE said the idea was not "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."
While the CMA highlighted that ICE would be able to divert trades to its own platforms, as well as increasing fees for execution and clearing, as a direct result of its acquisition of Trayport, it would be open to the exchange operator changing the nature of the platform as a solution.
However ICE also rejected that compromise, stating that the Trayport platform would "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."
"The findings are provisional and the final CMA decision is not expected to be known until mid-October", said the statement. "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."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Devil’s Bargain: Closed architecture systems will derail AI ambitions
Rob Flatley explains why closed-off systems will fall flat when it comes to AI adoption.
This Week: First Trust/Bloomberg/New Constructs, Cboe/Metaurus, LTX/MultiLynq, and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
Frank Tarsillo, CTO at S&P Global Market Intelligence, joins the podcast to discuss the firm’s approach to AI, the importance of data, and what might be in store for datacenters in the coming years.
BMO’s cloud migration strategy eases AI adoption
The Canadian bank is embracing a more digital future as its cloud strategy makes gains and it looks to both traditional machine learning and generative AI for further augmentation.
Waters Wrap: GenAI and rising tides
As banks, asset managers, and vendors ratchet up generative AI experiments and rollouts, Anthony explains why collaboration between business and tech teams is crucial.
Ice moves to meet demand for greater cloud, AI capabilities
The exchange also outlined competitive advantages behind managing its data and cloud strategy internally during its Q1 earnings call on Thursday.
FactSet looks to build on portfolio commentary with AI
Its new solution will allow users to write attribution summaries more quickly and adds to its goal of further accelerating discoverability, automation, and innovation.
Most read
- Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- BMO’s cloud migration strategy eases AI adoption