London Stock Exchange Group PLC / Quantile Group Limited merger inquiry

The CMA investigated and cleared the anticipated acquisition by London Stock Exchange Group PLC of Quantile Group Limited.

• From: Competition and Markets Authority
• Published: 3 March 2022
• Last updated: 26 October 2022 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Financial services
• Outcome: Mergers - phase 2 clearance
• Opened: 3 March 2022
• Closed: 26 October 2022

Phase 2

Administrative timetable

Date of referral: 17 May 2022

Statutory deadline: 31 October 2022

• Administrative timetable (30.6.22)

Contact

Please send written representations about any competition issues to:

general.enquiries@cma.gov.uk

Final report

26 October 2022: The CMA has cleared the anticipated acquisition by London Stock Exchange Group plc of Quantile Group Limited.

• Final report (26.10.22)
• Appendix and glossary (26.10.22)
• Press release: CMA clears LSEG / Quantile merger

Responses to provisional findings

The responses to the CMA’s provisional findings are below. The deadline for any submissions in advance of the final report is Friday 14 October 2022.

• Response to provisional findings (13.10.22)
• Response to provisional findings (merger parties) (12.10.22)

Provisional findings

9 September 2022: The CMA has provisionally cleared the anticipated acquisition by London Stock Exchange Group plc of Quantile Group Limited.

• Provisional findings (9.9.22)
• Glossary (9.9.22)
• Appendix (9.9.22)
• Summary of provisional findings (9.9.22)
• Notice of provisional findings (9.9.22)

Responses to issues statement

• Parties response (21.7.22)
• Third party response (21.7.22)
• Third party response 2 (21.7.22)

Issues statement

16 June 2022: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 30 June 2022.

• Issues statement (16.6.22)

Initial Phase 2 submission

• Main parties initial Phase 2 submission (16.6.22)

Inquiry group appointed

17 May 2022: The CMA has appointed the Inquiry Group:

Martin Coleman (Chair), Susan Hankey, John Thanassoulis, and Crispin Wright.

Terms of reference

17 May 2022: The CMA has referred the anticipated acquisition by London Stock Exchange Group PLC of Quantile Group Limited for an in-depth investigation

• Terms of reference (12.7.22)

Phase 1

Statutory timetable

Phase 1 date	Action
3 May 2022	Decision announced
3 March 2022 to 17 March 2022	Invitation to comment
3 March 2022	Launch of merger inquiry

Reference decision

17 May 2022: The CMA has referred the anticipated acquisition by London Stock Exchange Group PLC of Quantile Group Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom

• Decision to refer (26.5.22)

Reference unless undertakings accepted

3 May 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (27.5.22)
• Summary of phase 1 decision (3.5.22)
• Press release: LSEG’s anticipated Quantile purchase raises competition concerns (3.5.22)

Launch of merger inquiry

3 March 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (3.3.22)

Invitation to comment: closes on 17 March 2022

3 March 2022: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Published 3 March 2022
Last updated 26 October 2022 + show all updates

1. 26 October 2022

   Final report, appendix and glossary published.

2. 13 October 2022

   Response to provisional findings published.

3. 12 October 2022

   Response to provisional findings published.

4. 9 September 2022

   Full text of provisional findings published.

5. 9 September 2022

   Summary of provisional findings and notice of provisional findings published.

6. 21 July 2022

   Responses to the issues statement published.

7. 12 July 2022

   Update to terms of reference published.

8. 16 June 2022

   Issue statement and Initial Phase 2 submission published.

9. 31 May 2022

   Administrative timetable published.

10. 27 May 2022

    Full text of phase 1 decision published.

11. 26 May 2022

    Full text of the decision to refer published.

12. 17 May 2022

    Terms of reference published.

13. 3 May 2022

    Reference unless undertakings accepted published.

14. 3 March 2022

    First published.