Platform business FNZ is trying to overturn regulatory decision to unwind its merger with GBST, even though it agreed to terms for a seperation.
A final decision by the Competition and Markets Authority (CMA) in the United Kingdom last that year ruled FNZ's purchase of GBST would lessen competition in the market. As a result it ordered FNZ to sell GBST.
FNZ agreed to terms last month but is now challenging the final CMA decision.
FNZ alleges that the CMA “erred in law by reaching an unreasonable decision”.
It also says the regulator failed to “properly define the relevant market” and to “carry out an appropriate market definition exercise”.
It “acted irrationally by finding an actual of expected lessening of the competition without investigating the magnitude of the subset of the market affected by the alleged weakening of competition”.
The CMA was notified on December 2 that FNZ had lodged an appeal, but on 24 December the watchdog revealed that the “potential errors” it identified in its market share calculations were “as a result of the provision of inconsistent information during the course of the CMA’s investigation”.
The regulator will ask the competition appeal tribunal to refer the case back to the CMA to reconsider.
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