Data is not the new crude oil. Think of data as water, precious yet imperfectly valued. Big tech groups such as Facebook grab the headlines for aggregating so much of it. Yet those purveying financial markets information are amassing equivalent clout.

Regulators worry that investors are being ripped off. Britain’s Financial Conduct Authority (FCA) launched a review on Monday. The probe should prompt heart-searching at the London Stock Exchange Group. Shrewd acquisitions are turning Gorgonzola Hall, as the bourse was known in Victorian times, into a vertically integrated data powerhouse.

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