After losing its appeal to the UK’s Competition and Market Authority, Intercontinental Exchange will need to sell off its Trayport trading software business.

The global exchange operator purchased Trayport from interdealer broker BGC Partners in 2015 for $650 million in a stock transaction. BGC Partners acquired Trayport as part of its purchase of fellow interdealer broker GFI the same year.

“We are disappointed by the CMA’s decision that the agreement for additional connectivity between ICE and Trayport signed in May 2016 should be terminated, thereby delaying when customers can benefit from the additional Trayport connectivity and greater access to ICE markets delivered by the suspended agreement,” ICE stated in a prepared statement. “Nonetheless, we will now complete the CMA process, terminate the agreement as instructed and move forward with the divestment of Trayport expeditiously so that Trayport’s future ownership is resolved. In the interim, Trayport will continue to be operated separately and independently as it has been throughout the process.”

ICE is the largest European utilities exchange operator, while London-based Trayport’s software underpins more than 85% of European energy trading, noted a report by Reuters.

The British regulator also stated that ICE could use Trayport’s platform to reduce competition between its rivals and that the company could not run the two businesses at arm’s length as ICE suggested in its filings, Reuters further reported.