The UK’s financial services watchdog on Thursday said it will not conduct a probe on the wholesale data market, citing ‘potential unintended consequences’.
The Financial Conduct Authority, publishing its findings on a financial data market study, ‘ruled out a significant intervention’.
Its study looked at the markets for credit ratings data, benchmarks and market data vendor services.
The FCA said: ‘The regulator has ruled out a significant intervention because of potential unintended consequences, such as on the availability and quality of data, in a market relied upon by investors worldwide. However, across all 3 markets, the FCA has identified areas where competition does not work well. Users may be paying higher prices for the data they buy than if competition was working more effectively.
‘The FCA will take forward ideas to help support wholesale data being available on fair, reasonable and transparent terms as part of its work to ’repeal and replace’ assimilated EU law.’
It cautioned that it will ‘consider allegations of anti-competitive conduct in all markets including in wholesale data markets’.
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