Intercontinental Exchange, Inc v Competition and Markets Authority

Factual and Procedural Background

This opinion concerns an appeal brought by Company A against a decision of the Competition and Markets Authority (CMA), with Company B intervening. The appeal was heard by a Tribunal in England and Wales at Victoria House on 23-24 January 2017. The case numbers are 1271-1272/4/12/16. The Tribunal panel consisted of Judge Hodge Malek QC (Chairman), Professor Colin Mayer, and William Allan. The judgment was delivered on 6 March 2017.

Legal Issues Presented

The opinion addresses a procedural matter and does not frame distinct legal issues.

Arguments of the Parties

The opinion does not contain a detailed account of the parties' legal arguments.

Table of Precedents Cited

No precedents were cited in the provided opinion.

Court's Reasoning and Analysis

The Tribunal considered the CMA's position that the Transaction under review was likely to result in a shift in liquidity within the relevant market. However, it was acknowledged by the CMA that the precise location of this shift—specifically, which products and market players would be affected—could not be determined with certainty. The Tribunal's reasoning focused on this uncertainty in the CMA's assessment.

Holding and Implications

DISPOSED OF

The Tribunal's decision resolves the appeal brought by Company A against the CMA's findings regarding the Transaction. The direct effect is the conclusion of this specific dispute without establishing new legal precedent.