The UK's Competition Appeal Tribunal (CAT) has upheld a ruling that Intercontinental Exchange must sell Trayport, the energy trading technology shop it acquired for $650 million in December 2015.
Following an in-depth investigation, in October the Competition and Markets Authority (CMA) decided that concerns that ICE could use its ownership of Trayport’s platform to reduce competition, leading to increased fees, were so strong that a sale of the recently acquired business was the only effective remedy.
ICE appealed but the CAT has backed the CMA. In a statement, ICE says: "We will review the CAT’s judgment and consider our options, including the possibility of a further appeal to the Court of Appeal."
However, the exchange operator did secure one victory, with the CAT ruling that the CMA was wrong to force ICE to kill a deal that put its data on Trayport trading screens.