(Bloomberg) -- Europe's leading finance executives are worried about technology firms' growing power and want Brussels to level the playing field on data.
Digital technology platforms gather vast amounts of information and can “rapidly dominate a market” in a way that can threaten finance firms, a group of executives led by Paul Achleitner, Deutsche Bank AG's supervisory board chairman, and Denis Duverne, the Axa SA chairman, said in a paper released on Friday.
Among the complaints of the executives on the Brussels-based European Financial Services Round Table: new regulations forcing banks to share data about their customers with technology firms. Such rules put traditional banks at a disadvantage, because technology firms aren't subject to the same requirements.
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“There is no obligation for platforms or BigTech companies to also share customer data with banks in a similar fashion,” the group said. “Reciprocity with respect to access to data would be expedient to safeguard the level playing field with other digital platforms.”
To contact the reporters on this story: Silla Brush in London at sbrush@bloomberg.net, Alexander Weber in Brussels at aweber45@bloomberg.net.
To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Christian Baumgaertel
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