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.