Consumer financial data and non-horizontal mergers

Linda Jeng, Jon Frost, Elisabeth Noble and Chris Brummer

No 1251, BIS Working Papers from Bank for International Settlements

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.

Keywords: antitrust; big data; big tech; competition; data; financial data; financial services; mergers; open banking; open data; open finance; payments; personal data; privacy (search for similar items in EconPapers)
JEL-codes: E21 G34 K21 L41 O32 (search for similar items in EconPapers)
Date: 2025-03
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