Update on the FCA’s wholesale data market study

Summary:

The Financial Conduct Authority (FCA) has published an update report on its wholesale data market study, which will provide a report by March 2024. The study aims to investigate potential competition problems in the markets for benchmarks, credit ratings data, and market data vendor services. The report highlights concerns over market power, complex commercial practices, and reduced transparency in pricing and contractual terms. The FCA will consider whether to address these issues directly or refer them to the Competition and Markets Authority (CMA). The study is part of the FCA's broader strategy to strengthen the UK's position in global data markets and promote economic growth and competitiveness.