The UK’s Financial Conduct Authority (FCA) said it is investigating whether the London Stock Exchange Group (LSEG) and the landlord of the London Stock Exchange (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 the FCA’s competition concerns, LSEG and the landlord have proposed to offer equal access to the rooftop to others.

The FCA said its investigations under competition law relate to the supply of low latency connectivity services between the LSE trading venue in London and two other trading venues in the UK — Cboe Europe and ICE.

“LLCS providers build and operate high speed connections between trading venues, which allow trading firms to process trades very quickly,” said the FCA.

“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 two 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.”

To address the FCA’s 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.

LSEG and the landlord have also proposed to make an equivalent space on the rooftop available to third parties, on a fair and reasonable basis.

“We 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 …” said the FCA.

The consultation runs from 11am on September 5, 2025, to 5pm on September 29, 2025. Any person wishing to comment on the proposed commitments should email: CA98.2023.02@fca.org.uk