Competition – Merger. The Competition Appeal Tribunal (the tribunal) ruled on the application by Intercontinental Exchange, Inc. (ICE) for a review of a report by the Competition and Markets Authority (the CMA), into the acquisition by ICE of Trayport Inc and GFI TP Ltd and their subsidiaries, which had concluded that the transaction was likely to result in a substantial lessening of competition within the meaning of s 35 of the Enterprise Act 2002. The tribunal quashed the report to the extent that it had required the unwinding of a subsequent agreement entered into by the parties, but dismissed the action as to the remainder.