Ion Forced to Split Broadway, Keeping FX
The remedy will satisfy the UK competition watchdog—but “a big defeat” for the acquisitive tech giant.
Trading systems giant Ion will split up Broadway Technology—the rival it acquired in February—to allay concerns the deal would erode competition in the market for fixed income trading software.
An initial review by the UK’s Competition and Markets Authority concluded on July 7 that a months-long probe was warranted. In a further report, published on August 7, the CMA revealed Ion’s proposed remedy—an undertaking to keep only Broadway’s foreign exchange (FX) business and find a buyer for the
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