London

Innovation Economics for Antitrust Lawyers

3rd annual conference organised by Concurrences Review in partnership with King’s College London with the support of Compass Lexecon, Freshfields Bruckhaus Deringer, Qualcomm, Shearman & Sterling, Skadden and White & Case (Panel Sponsors) and MLex and PaRR (Media Partners).

SYNTHESIS

Panel 1. Banking and Big Data: Should Incumbents Get Access to FinTechs’ Data?

Ingrid Vandenborre

A study initiated by the European Parliament has framed competition issues related to financial technology (“FinTech”, i.e. technological innovation in the financial sector, including lending and borrowing, retail banking, money payments, investment management, etc.) and identified the main challenges raised by FinTech. Defining markets is not an easy task. Also, it is very difficult to assess market power, given that traditional indicators such as market shares, prices and profitability fail at explaining the relationship between supply and demand in the provision of FinTech services. Competition rules may be insufficient to preserve competition in FinTech-related sectors.

The use of big data can cause harm. There is a risk that technology and innovation develop too quickly at the disadvantage of consumers. When it comes to data sets, the reasoning focuses on indispensability and market barriers. However, if a given data set can be replicated, then it will not be identified as indispensable. It raises the question of the relevance of competition regulation. Also, what are the specificities of the financial sector in relation to data access issues? Is competition law the right tool to address these issues?

Photos © Léo-Paul Ridet

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Speakers

  • King’s College (London)
  • British Competition Authority - CMA (London)
  • Financial Conduct Authority (London)
  • Auka (Oslo)
  • Shearman & Sterling (Brussels)
  • Compass Lexecon (London)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • UK Competition Appeal Tribunal (London)
  • British Competition Authority - CMA (London)
  • King’s College (London)
  • Qualcomm (San Diego)
  • Freshfields Bruckhaus Deringer (London)
  • Compass Lexecon (London)
  • Queen Mary University (London)
  • DG COMP (Brussels)
  • Visa (London)
  • Compass Lexecon (London)
  • White & Case (Brussels)
  • King’s College (London)

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