The CMA References TransFICC in its Review of Ion and Broadway

The CMA found that the takeover results in a substantial lessening of competition in the Fixed Income market, as there are only a small number of competitors in the supply of sell-side front office systems for FI electronic trading.

The CMA mentioned Bloomberg as Ion’s closest competitor, but also referenced AxeTrading, smartTrade and TransFICC, as providers of more specialised FI technology.

The report also found that only a small number of banks are able to build this Fixed Income technology themselves, due to the range of different products included in Fixed Income and the complex trading workflows.

The CMA's findings can be found at - https://assets.publishing.service.gov.uk/media/5f0...