We said we would publish a Call for Input (CFI) to explore the access and use of data in wholesale markets. We expected to publish this CFI in Q2 2019/20.
We are mindful of the resources that stakeholders, who would ordinarily respond to the CFI, are dedicating to preparing for and implementing the change resulting from the UK’s exit from the European Union (EU). Therefore, we have decided to postpone this publication to allow firms to focus more time on EU Withdrawal.
Background to the Call for Input
We remain committed to launching work in this area in the future. There is rapid and wide-ranging innovation in data in wholesale markets. Firms’ ability to gather and analyse data has grown tremendously in scope and in speed, with a corresponding increase in the value of data. This promises very significant benefits through the availability of more efficient, comprehensive and timely data for wholesale market participants.
These changes may create new risks that may require us to act. Innovation could increase barriers to access, including timely access, to data, and favour larger or incumbent firms, weakening competition. Some firms may be able to exploit market power as providers of critical data or data analytical tools.
We therefore still intend to undertake diagnostic work to understand the changes and to identify possible harms and their drivers. This in turn should enable us to prioritise more effectively, identifying areas for more targeted regulatory action in the future, while ensuring we do not hamper the many benefits that the innovation promises.