Sumary of European Commission Approves Joint Venture of IHS Market, CME Group:
- The European Commission has granted unconditional European Union antitrust approval to the proposals of IHS Markit (NYSE: INFO) and CME Group (NASDAQ: CME) to form a joint venture combining their post-trade services.
- In its public confirmation on Thursday, the European regulator specified that it does not have any competition concerns with the formation of the joint venture.
- “The proposed transaction is largely complementary, and results in a few technically overlapping areas between the companies’ activities relating to trade processing products,” the EU antitrust regulator stated.
- No Competition ConcernsBoth IHS Markit and the CME Group first announced their intention to form a joint venture overlapping parts of their businesses earlier in January.
- The joint venture will consist of IHS Markit’s over-the-counter (OTC) derivatives and foreign currency trade processing business (MarkitSERV) and of CME Group’s OTC derivatives optimization businesses, which it operates as Traiana, TriOptima, and Reset.