Singapore's competition watchdog has raised concerns about the London Stock Exchange's planned $27 billion takeover of financial data vendor Refinitiv.
The Competition and Consumer Commission of Singapore says that its initial review of the deal flagged concerns about the merged entity's provision of foreign exchange benchmarks "at fair, reasonable and non-discriminatory terms" to rival providers.
A phase two review will now take place and could take up to 120 business days.
Last month the EC opened an in-depth antitrust investigation into the merger, prompting the LSE to insist it is committed to closing the transaction by the end of the year.