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While it’s not willing to intervene to correct the problem, competition in the wholesale data market is lacking, the U.K.’s Financial Conduct Authority (FCA) says.

The regulator examined competition in the markets for credit ratings data, benchmark data, and data vendor services, and found deficiencies in all of them.

“Users may be paying higher prices for the data they buy than if competition was working more effectively,” it concluded.

However, the regulator indicated that it will not intervene in these markets to address these competition issues, citing concerns about “potential unintended consequences” on the availability and quality of data in critical data markets.

“We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms,” said Sheldon Mills, executive director of consumers and competition at the FCA, in a release.

The regulator also said it will continue to consider allegations of anti-competitive conduct in all markets, including in wholesale data markets.

In particular, benchmark and credit ratings regulations will be reviewed as part of the U.K.’s efforts to replace European law with legislation tailored to the U.K. in the wake of Brexit.

“The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills said.