The European Commission has initiated second phase proceedings in the proposed acquisition by the Canadian company, Thomson, of UK based Reuters. Both companies are, among other things, leading financial information providers as they source, aggregate and provide market data to financial professionals. The Commission’s initial investigation showed that the transaction might be problematic with regard to a number of financial information markets. It is also expected that vertical effects and, in particular, foreclosure scenarios will be further investigated. This is because the two companies supply financial information to third companies who are, at the same time, both their customers and competitors. These companies also integrate such information downstream into their own products.