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On 2 March 2023, the UK Financial Conduct Authority (FCA) issued a report with its findings on the wholesale data market. The FCA stated that it found several competition problems in the market, including a concentration of trading markets among a few firms, little choice for users and a lack of options for switching suppliers. The FCA also found that the way data is sold can be complex, making it harder for data users to make informed choices. Furthermore, it found complexity and limited choice result in additional costs to data users, which are likely to be passed on to retail investors and savers. Finally, the FCA determined that despite rules in place requiring delayed data to be distributed for free, many users end up with little choice but to pay for data. The FCA announced it is working with the Government to develop consolidated tapes, which collect wholesale data across the market and distribute them in single, standardised data feeds, in order to help improve the overall cost, quality and accessibility of wholesale data.
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