Since then, the IA has consistently engaged with the FCA encouraging them to do work in this area and we were pleased with the publication of FCA Feedback Statement 22-1 and the clear conclusion that more work needs to be done in this area.
The FCA now plans to launch two market studies and gather further information to investigate access to wholesale data. The first, expected to begin in the summer, will explore concerns that complex contracts for benchmarks and indices prevent switching to cheaper, better quality or more innovative alternative providers. A subsequent study by the end of the year will look to assess whether high charges for access to credit ratings data are adding costs to investors and limiting new market entrants.
The FCA will also begin gathering further information on competition in the market for wholesale trading data. This will focus on the pricing of trading data, underlying costs and the terms and conditions of the sale of trading data, and is expected to start in Spring 2022.