Ion forced to split Broadway, keeping FX

Remedy satisfies UK competition watchdog – but “a big defeat” for acquisitive tech giant

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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 today, the CMA revealed Ion’s proposed remedy – an undertaking to keep only Broadway’s foreign exchange business and find a buyer for the firm’s

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