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UK watchdog says ICE will have to sell Trayport to preserve competition

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 17 (Reuters) - Financial and commodity markets operator Intercontinental Exchange Inc (NYSE: ICE - news) will have to sell commodities trading software house Trayport to preserve competition, Britain's competition watchdog said on Monday. http://bit.ly/2elcJZN

ICE, which beat arch-rival CME Group (Kuala Lumpur: 7018.KL - news) to buy London-based Trayport in December for $650 million, said it was disappointed with the divestiture ruling and would consider an appeal.

Britain's Competition and Markets Authority (CMA) said in August that it may revoke the takeover to avoid reducing competition in European energy trading markets.

(Reporting by Noor Zainab Hussain in Bengaluru and Huw Jones in London; Editing by Adrian Croft)