CCCS Clears Proposed Acquisition by Nasdaq Technology AB of Cinnober Financial Technology AB Involving Market Technology Products
The Competition and Consumer Commission of Singapore (“CCCS”) has today cleared the proposed acquisition by Nasdaq Technology AB (“Nasdaq Technology”) of Cinnober Financial Technology AB (“CINN”) (the “Proposed Transaction”). Following a review, CCCS concluded that the Proposed Transaction, if carried into effect, will not infringe the section 54 prohibition of the Competition Act (Cap. 50B).
In its assessment, CCCS considered that the relevant market for the Proposed Transaction is the global supply of market technology solutions; namely: (i) trading solutions, (ii) clearing solutions, (iii) market surveillance solutions, and (iv) risk management solutions.
After consulting stakeholders and evaluating all relevant information, CCCS concluded that the Proposed Transaction, if carried into effect, will not lead to a substantial lessening of competition within the relevant markets in Singapore.