Reuters | Jul 02, 2020 13:30
SINGAPORE (Reuters) - Singapore's competition authority said on Thursday it had raised concerns about the London Stock Exchange 's (L:LSE) proposed $27 billion acquisition of data and analytics company Refinitiv in an initial review.
The Competition and Consumer Commission of Singapore (CCCS) cited concern about the provision of foreign exchange benchmarks by the merged entity and said it would need to conduct a second phase review to consider the matter in detail.
"Third-party feedback revealed concerns as to whether the merged entity will continue to supply foreign exchange benchmarks at fair, reasonable and non-discriminatory terms to rival providers in the market for the global supply of index licensing and derivatives clearing services to customers globally (including Singapore)," it said.
LSE and Refinitiv declined to comment.
European Union antitrust regulators, which have launched a four-month investigation into the deal, warned in June about the possible anti-competitive effects of the acquisition.
CCCS said it was unable to determine at this stage whether competitors would be able to mitigate the risk of foreclosure by the merged entity of access to the WM/R FX benchmarks.
There was also insufficient information available for CCCS to determine if the competition concerns could be addressed through any existing regulations overseas on the global supply of the WM/R FX benchmarks, CCCS said.
Thomson Reuters (TO:TRI), which owns Reuters News, has a 45% stake in Refinitiv.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.