When we pivot to market data vendor services, big names like Bloomberg and Refinitiv emerge as dominant forces. Their iron grip on the market can be partly attributed to the rough terrain users must navigate to switch allegiances. To put it in perspective, a mere seven of these firms hoarded £3 billion in the UK in 2022.
Echoes of Concern
Whispers of discontent have reached FCA’s ears. From charges morphing into a confusing jigsaw of fees for identical data to murky waters surrounding some licensing terms, the grievances are hard to ignore.
Pleading for a beacon of clarity, various entities such as the German BVI, the Information Providers User Group of the UK, and others implored the FCA to extend a hand to the Competition and Markets Authority (CMA) for assistance.
However, the FCA remains resolute, standing tall on its belief that its regulatory role will offer a vantage point, enabling it to concoct solutions fostering healthy competition.
With a promise of global collaboration, if required, the FCA assures it has its alliances primed. And if the shadows extend to the uncharted territories of unregulated firms, the Treasury might wield its sword, enhancing its influence, potentially ahead of what the CMA might suggest.
