Signs of the FCA (Financial Conduct Authority), Britain’s financial regulator, are seen at their headquarters in London, Britain, March 10, 2022. REUTERS/Toby Melville/File Photo Purchase license rights
LONDON, Aug 31 (Reuters) – Britain’s financial watchdog has stopped short of referring parts of the financial data market to the competition authority for now, despite concerns about the power of big business, it said on Thursday.
The Financial Conduct Authority (FCA) said in March that competition in some parts of the wholesale market for financial data is doesn’t work as well as it shoulda sector that includes information about stock prices used by investors.
He also released a study to investigate whether the markets for benchmark indices, credit ratings data and market data provider services are performing well, setting a September 1 deadline to decide whether to refer any of the three market sectors to the Authority Markets and Competition (CMA).
“We continue to identify any damage in these markets and, where appropriate, potential ways to address it,” an FCA statement said.
“We believe that at this stage we are probably in the best position to address any damage and have solicited feedback on this proposed position.”
The updated report highlights emerging issues in these markets, including concerns about the market power of large and established companies, which may reduce competition.
“The report also highlights business practices that could increase complexity and reduce transparency in pricing and contractual terms,” the FCA added.
Reporting by Huw Jones Editing by David Goodman
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