Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Derivatives definition

What does Derivatives mean? Derivatives are contracts used to transfer or manage risk, whose value is determined by an underlying asset, interest rate, currency, index, commodity, security or credit event. Common types include futures, options, swaps (interest rate and currency), forwards and credit derivatives (such as credit default swaps), traded on exchanges or over the counter. Legally, derivatives create payment or delivery obligations calculated by reference to the underlying. They are typically documented under an ISDA Master Agreement with a Credit Support Annex for collateral, and depend on close-out netting upon default. Key issues include counterparty capacity and authority, governing law and jurisdiction,...

Intercontinental Exchange/Trayport: UK CMA orders full divestment due to vertical foreclosure risks in European energy execution and clearing markets (Phase 2 SLC; completed merger unwound)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB (NOTE–appeal lodged at the CAT by Intercontinental Exchange, Inc on 11/11/2016)

ARCHIVED – this archived case hub captures the position as at the decision of 17 October 2016; it is now no longer maintained. See further, the timeline and related cases.

Case facts

Outline UK merger investigation into the completed purchase of Trayport by Intercontinental Exchange, Inc. (ICE). The deal entails vertical overlaps relating to exchanges and clearing houses, and the supply of software that supports trading of energy commodity and utility Derivatives.

Latest developments

On 17 October 2016, the CMA published its final report from the phase 2 inquiry into ICE’s completed takeover of Trayport and directed ICE to sell the entirety of Trayport. The CMA found the deal gives rise to an SLC in the markets for supplying trade Execution services to energy traders and for providing trade clearing services to energy traders across the EEA. It considered that ICE could leverage control of Trayport’s platform to dampen rivalry between ICE and competing venues for wholesale European utilities trading, by pursuing a partial foreclosure approach. The CMA concluded that the only remedy that would be fully effective is the complete and unconditional divestment, considered most proportionate, of...

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Web page updated on 21/05/2026

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