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"It is also clear that the market is still evolving, and that we quite likely have not yet found the right pricing equilibrium for research – or felt the full benefit of competition – in a market which was previously characterised by opaque pricing and weak competition."
Mr Bailey said the new framework is designed to "increase accountability" but must rely on competitive market for research to be fully effective.
He added: "Competition creates winners and losers – this may mean some consolidation in parts of the market and, hopefully, new opportunities for those offering the best products and services."
rachel.addison@ft.com
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