European Union says Thomson Reuters investigation at “critical stage”

The European Commission has warned that an anti-trust investigation into Thomson Reuters has reached a “critical stage”.

Joaquín Almunia
Joaquín Almunia

Joaquín Almunia, vice-president of the European Commission, responsible for competition policy, says it has concerns that Thomson Reuters has abused its “dominant market position”.

The anti-trust investigation has centered on Thomson Reuters restricting usage of its identification codes – the Reuters Instrument Codes – limiting consumers’ ability to switch between different providers.

He says: “We want to make sure that undue restrictions on the provision of financial information do not hamper the healthy development of financial services.

“Indeed, the importance of the availability of financial market data has increased in recent years. The availability of accurate and timely financial data at reasonable costs provides transparency which is essential for market participants in assessing trading and investment opportunities.”

He adds: “Recently, we have unsuccessfully market tested a solution offered by Thomson Reuters to facilitate switching.

“We have now reached a critical stage in this investigation. If no effective solution can be agreed upon, then we will have to draw the adequate conclusions.”