In an update report on progress so far published today, we have proposed, at this stage, not to refer any of the three markets, covered by the market study, to the Competition and Markets Authority (CMA).

We are continuing to identify any harm in these markets and, where appropriate, potential ways to address it. 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, such as concerns about market power of large and established firms, which can reduce competition. The report also highlights commercial practices that could increase complexity and reduce transparency in pricing and contractual terms.

The FCA launched its study in March 2023 to investigate potential competition problems in the markets for benchmarks, credit ratings data and market data vendor services.

Well-functioning data markets are important for economic growth and the UK’s international competitiveness. Our work is a key part of our broader strategy to strengthen the UK’s position in global wholesale markets.