Substantive Research's 2023 Market Data Pricing White Paper reveals findings on wholesale market data pricing ahead of the FCA's Wholesale Market Data Study, set to be released by March 2024. The FCA launched an investigation in March 2023 into the opacity and inconsistency of pricing in the industry. It suspects that some market features prevent fair competition. The research showed significant pricing disparities, with some institutions paying up to 26 times more for similar products. The study also highlighted aggressive price hikes of 12-13% during recent contract renewals. If the FCA’s study doesn’t lead to market changes, data consumers may need to reevaluate their procurement strategies.

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