UK regulator FCA begins review on data in wholesale markets and calls for industry stakeholders to share their insights

From: RegTech Analyst

The Financial Conduct Authority (FCA) is reviewing the use and value of data and advanced analytics in wholesale financial markets, both now and in the future.

The UK financial markets watchdog is calling for industry stakeholders to share their insights so that the FCA can better understand how data and advanced analytics are being accessed and used, the value offered to market participants and whether they are competitively sold and priced.

The FCA also invites for people to comment on access and the changing use of data and analytical techniques across all wholesale financial markets.

The consultation is open until Friday May 1, 2020.

“Wholesale financial markets play a vital role in our economy and it is important that they work well,” said Christopher Woolard, executive director of strategy and competition at the FCA. “There is rapid and wide-ranging innovation in data in wholesale markets as firms become better able to gather and analyse data. More efficient, comprehensive and timely data for wholesale market participants have the potential to generate significant benefits. But these changes may also create new risks that may require us to act. We are launching this review to better understand any risks and assess whether FCA action is needed.”

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