The review will look at whether there are any concerns about the way data is used in the markets and whether action is needed.

The FCA is using a Call for Input (CFI) to “better understand how data and advanced analytics are being accessed and used.”

The FCA says it will use its CFI to determine whether it needs to do further work to address any “harm” that it identifies.

It wants to understand the value offered to market participants from data and analytics services and whether they are competitively sold and priced.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “Wholesale financial markets play a vital role in our economy, and it is important that they work well.

“There is rapid and wide-ranging innovation in data in wholesale markets as firms become better able to gather and analyse data.

“More efficient, comprehensive and timely data for wholesale market participants have the potential to generate significant benefits. But these changes may also create new risks that may require us to act. We are launching this review to better understand any risks and assess whether FCA action is needed.”

The CFI will consider the use and supply of market data, with a particular focus on trading data and benchmarks.

Mr Woolard added: “They (market data) are used to trade, make investment decisions, to evaluate positions and to meet regulatory obligations.

“Trading venues and market data vendors also use them to provide other services, such as consolidated data feeds. The FCA wants to know whether users have concerns with the way trading data, benchmarks and vendor services are priced and sold.”

The review includes both FCA-regulated and connected firms and non-regulated activities and firms.

The CFI is open for feedback until 1 May. A Feedback Statement will be published in the autumn, which will set out the findings and any next steps, says the regulator.

• The FCA’s CFI is available here Call for Input on Accessing and using wholesale data