CMA refers energy trading software merger for phase 2 investigation
The CMA has referred the completed acquisition of Trayport by Intercontinental Exchange (ICE) for an in-depth merger investigation. The CMA is concerned that ICE could use its ownership of Trayport’s software to raise prices and/or reduce the quality of its service to rival exchanges, brokers and clearinghouses in order to divert its rivals’ trades to ICE’s exchange and clearinghouse and/or to protect its market position from increased competition. Click here.
European Commission seeks feedback on commitments by ISDA and Markit on credit default swaps
The European Commission is inviting comments on commitments offered separately by ISDA and Markit to address the Commission’s competition concerns relating to the licensing of data and indices on credit default swaps (CDS) for the purpose of exchange trading. The Commission’s concerns are that ISDA and Markit refused to license to exchange trading platforms certain data and indices used by the industry for the pricing of CDS – and that this may have blocked or delayed the emergence of an effective market for exchange traded credit derivatives. Click here.
CMA issues provisional findings in Iron Mountain/Recall merger
The Competition and Markets Authority has published its provisional findings in relation to the Iron Mountain/Recall merger. The CMA has provisionally found that the merger gives rise to a substantial lessening of competition in the supply of records management services and offsite data protection services in the Aberdeen and Dundee areas – and also in the supply of specialist records and information management services to oil and gas customers in the Aberdeen area. Click here.
Articles 101 and 102
The European Commission has published a decision rejecting a complaint by HASTA that MACO has infringed Articles 101 and 102. The Commission concluded that there are insufficient grounds for conducting a further investigation into the alleged infringements. Click here.
Commissioner Vestager has issued a statement noting the withdrawal of the Halliburton/Baker Hughes merger. The Commission opened a Phase 2 investigation into the merger in January. Click here.