The Federal Trade Commission (FTC) on Thursday sued to block the proposed $13 billion merger between Intercontinental Exchange Inc. and rival mortgage software firm Black Knight.

The federal agency said the merger would give ICE and Black Knight a significant position in the market for loan origination software, which it could use to push customers to its other mortgage services and products instead of rivals’ offerings, the agency argued. It also claimed a merger would stifle innovation and reduce lenders’ choices for both origination and mortgage servicing.

The FTC details ⇒

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