Template-Type: ReDIF-Paper 1.0
Author-Name: Linda Jeng
Author-X-Name-First: Linda
Author-X-Name-Last: Jeng
Author-Name: Jon Frost
Author-X-Name-First: Jon
Author-X-Name-Last: Frost
Author-Name: Elisabeth Noble 
Author-X-Name-First: Elisabeth
Author-X-Name-Last: Noble
Author-Name: Chris Brummer
Author-X-Name-First: Chris
Author-X-Name-Last: Brummer
Title: Consumer financial data and non-horizontal mergers
Abstract: This article explores the potential competitive implications of non-horizontal mergers where they involve extensive consumer data, including consumer financial data. As data become increasingly central to firm strategy, mergers between data-rich firms, while potentially leading to positive outcomes, can also create market power in ways not entirely accounted for by traditional antitrust theory. The article considers some of these implications. It introduces new metrics for valuing data sets held by merging firms that could help competition authorities evaluate market impacts more effectively. The article then suggests potential tools to mitigate anti-competitive effects of data-rich mergers. It advocates for further research to adapt competition policy to data-centric mergers, all with a view to maintaining open, innovative and competitive markets in the digital and data economy.
Creation-Date: 2025-03
File-URL: https://www.bis.org/publ/work1251.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/work1251.htm
File-Format: text/html
Number: 1251
Keywords: antitrust, big data, big tech, competition, data, financial data, financial services, mergers, open banking, open data, open finance, payments, personal data, privacy
Classification-JEL: E21, G34, K21, L41, O32
Handle: RePEc:bis:biswps:1251