The [substantial lessening of competition – SLC] Decision found that the Merger [of ION and Broadway] gives rise to a realistic prospect of an SLC in relation to the supply of sell-side front-office systems for fixed income (FI) electronic trading, worldwide. To address this SLC, ION has offered to give undertakings in lieu of a reference to divest the Broadway FI business. This will be achieved through the sale of the entire share capital of Broadway (ie the entity and all its subsidiaries purchased by ION) to a suitable purchaser and the transfer back to ION of the Broadway foreign exchange (FX) business.
The full response is available at https://assets.publishing.service.gov.uk/media/5f2c237ed3bf7f1b1dfa2fee/I-B-Decision_that_undertakings_might_be_accepted.pdf