FCA sizes up alt data for insider trading, irking funds

UK regulator examines new data sources’ potential to confer unfair market advantage

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Investors are sounding the alarm on the Financial Conduct Authority’s move to expose unfair advantages from alternative datasets it says could constitute insider trading.

The FCA’s Call for Interest (CFI) paper, Accessing and using wholesale data, says information available only to one market participant or group of participants “may be used to generate insights… that would not be available through traditional sources”. And while the regulator gets some support for its review, most investors

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