ICE Buys S&P Evaluations Biz, CMA to Boost OTC Evaluations
S&P is pulling out of the evaluated pricing business after failing to attract critical mass, officials say.
Officials say the move was driven by client demand for independent data in the fixed income and credit markets.
However, S&P was apparently not seeing the same levels of demand. "After a strategic review of our portfolio, we determined that we do not have critical mass in the area of securities pricing. Therefore, this choice is the right decision for [McGraw-Hill Financial] and S&P Global Market Intelligence," says S&P GMI president Mike Chinn, adding that the combination with ICE's existing multi-asset class market and reference data will benefit both ICE and the S&P and CMA businesses.
Terms of the deal were not disclosed. Chinn says that once the deal closes, S&P will work with ICE to ensure "a seamless transition."
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