United Kingdom: Published progress update report on the FCA wholesale data market study

On 31 August 2023, the UK Financial Conduct Authority (FCA) published a progress update report on the wholesale data market inquiry, which aims to investigate whether the markets for benchmarks, credit rating data and market data vendor services function effectively. In the progress update report, it has been stated that none of the three markets included in the study will be referred to the Competition and Markets Authority (CMA) for investigation after the inquiry's conclusion. The inquiry aims to identify potential issues and address them internally. Furthermore, the progress report highlights concerns regarding the market dominance by large firms and practices that could decrease transparency.