We are asking for your input as we explore the changing use and value of data in wholesale financial markets. Our Call for Input looks at the change this has brought – and will continue to bring – to wholesale markets, transforming business models, competitive dynamics, and even how financial markets function.
Timings for the Feedback Statement setting out our analysis, findings and any next steps will be updated on this page or see our page on coronavirus information for firms.
The CFI has two areas of focus.
We consider the use and supply of market data, with a particular focus on trading data, benchmarks and market data vendors. Firms use these data to trade, make investment decisions, to evaluate positions and to provide other products and services.
Given the importance of market data, we aim to understand whether users have concerns with the way these data are being sold.
We also invite comments about the access to and changing use of data and analytical techniques across all wholesale financial markets. This will help to understand where this is having – or may in the future have – an impact on wholesale markets.
We want to identify possible issues caused by the changing use and value of data, and decide whether we need to do further work to assess or address harm.
We also want to understand any benefits these changes may bring, to ensure that our regulation does not impede beneficial innovation.
Who this applies to
The CFI will be of interest to stakeholders across the wholesale sector, in particular:
- suppliers of data, and related products and services within wholesale financial markets
- buyers of data, and related products and services within wholesale financial markets
- users of data, and related products and services within wholesale financial markets
- any other stakeholders who interact with wholesale market participants, may indirectly be affected by topics covered in this review and/or may have views on how competition is working in wholesale financial markets
We are keen to hear from market participants by 7 January 2021. You can respond via the online form, by email to [email protected], or using the postal address on page 2 of the CFI.
We intend to host a series of roundtables later in the year; these will be set out as follows:
- trade data, benchmarks and market data vendors users: who exclusively use real-time trade data and benchmarks to trade – brokers, investment banks etc. (to be held in London)
- trade data, benchmarks and market data vendors users: primarily interested in delayed data and benchmarks to make investment decisions – fund/asset managers, platforms etc. (to be held in London)
- trade data and benchmarks users: who use trade data and benchmarks to offer other products or services eg. MTFs, OTFs, market data vendors etc. (to be held in London)
- use of data and advanced analytics in wholesale markets (to be held in London)
- use of data and advanced analytics in wholesale markets (to be held in Edinburgh)
Please register your interest, indicating the session or sessions that you will be looking to attend, by emailing us at [email protected].
We are also open to meeting (or holding telephone calls) with stakeholders on a 121 basis.
Please contact us directly via [email protected] if you want to arrange a bilateral meeting.
Timings for the Feedback Statement setting out our analysis, findings and any next steps will be updated on this page.