The FCA is investigating whether the London Stock Exchange Group and the landlord of the LSE data centre building have hindered competition for low latency connectivity services (LLCS) between certain trading venues.
Currently, only LSEG can use the rooftop of the data centre building for radio equipment used for LLCS. To address our competition concerns, LSEG and the landlord have proposed to offer equal access to the rooftop to others. The FCA’s competition investigationsLLCS providers build and operate high-speed connections between trading venues, which allow trading firms to process trades very quickly. Offering very fast connections is key to competition, and to maximise the speed of their connections, providers must be able to place radio units close to trading venues.The FCA’s investigations under competition law relate to the supply of LLCS between the LSE trading venue in London and 2 other trading venues in the UK: Cboe Europe and ICE. Currently, LSEG has exclusive rights to locate radio units on the rooftop of the data centre building. We are concerned that these rights and LSEG’s rooftop policy at the LSE trading venue prevent rival LLCS providers from installing equipment on the rooftop, favouring LSEG’s own LLCS and so hindering competition.The firms’ commitmentsTo address our concerns, LSEG and the landlord have proposed: To end LSEG’s exclusive rights to the rooftop. In future, LSEG will only use part of that space for its equipment. To make an equivalent space on the rooftop available to third parties, on a fair and reasonable basis. Our consultationWe provisionally consider that the commitment proposals address our competition concerns. We are consulting on them before reaching a final decision on whether to accept them and close the investigations accordingly.Find more details in our Notice of Intention to Accept Commitments (PDF).The consultation runs from 11am on 5 September 2025 to 5pm on 29 September 2025. Any person wishing to comment on the proposed commitments should email: CA98.2023.02@fca.org.uk.Further informationIn investigations under the Competition Act 1998 (CA98), a firm under investigation can offer commitments (that is, binding promises relating to its future conduct) to address the FCA’s concerns. The FCA has discretion on whether to accept commitments. If the FCA proposes to do so, it must be satisfied that the commitments offered address its competition concerns.Under the CA98, we must consult third parties that are likely to be affected by the commitments before deciding on whether to accept them or not.We have reached no view, provisional or otherwise, on whether competition law has been breached. Offering commitments does not amount to a breach of competition law, or an admission of infringement by those under investigation and the parties have made no such admission in this case.
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