Market operator Intercontinental Exchange (ICE) is buying trading platform Trayport for $650 million in common shares, the companies announced on Monday.
London-based Trayport’s platform is used mainly by brokers in the European over-the-counter (OTC) energy market, and is a subsidiary of GFI Group, which was acquired by BGC Partners in Mar. 2015.
Atlanta-headquartered ICE, which had seen a significant drop in its OTC-based emissions trade over the past few years, said the acquisition will allow it to offer new services to participants in energy markets.
“In addition, as energy markets in Asia continue to develop, ICE expects to extend the platform to support the development of these OTC markets,” it said.
By Mike Szabo – email@example.com