The Financial Conduct Authority said in March that competition in some parts of the wholesale financial data market isto investigate if markets for benchmarks, credit ratings data and market data vendor services are working well, setting a Sept. 1 deadline to decide whether to refer any of the three market sectors to the Competition and Markets Authority .
"We are continuing to identify any harm in these markets and, where appropriate, potential ways to address it," an FCA statement said. "We consider at this stage that we are likely to be best placed to address any harm and have invited views on this proposed stance." The update report highlights emerging issues in these markets, including concerns about the market power of large and established companies, which can reduce competition.
"The report also highlights commercial practices that could increase complexity and reduce transparency in pricing and contractual terms," the FCA added.