Bloomberg welcomes settlement on Chinese regulation of foreign information vendors

Source: Bloomberg

Bloomberg L.P. today issued the following statement responding to the announcement of a settlement between the United States, the European Union, Canada and China in connection with the WTO dispute involving China's regulation of foreign financial information service providers:

We are very pleased that the governments involved in this dispute were able to resolve the issues during the negotiation phase of the WTO dispute resolution process, and that the result is a memorandum of understanding that covers all of the major aspects of China's regulation of financial information service providers such as Bloomberg. The settlement serves the vital interests of Chinese consumers of financial information, and thereby will help encourage the continued growth of the Chinese financial services sector, stable capital markets, and the overall economy. More broadly, it recognizes the benefits of open markets and competition among providers and strengthens the global trading system.

We note particularly that the settlement will establish an independent regulator and licensing authority not affiliated with any competitive financial information provider, ensure our freedom to deal directly with our financial information customers and protect our proprietary commercial information, affirm our ability to establish a robust commercial presence for our financial information services in China, and confirm that China will treat foreign financial information service providers no less favorably than domestic suppliers.

We are deeply appreciative to all of the governments for their good faith and cooperation in reaching this settlement, and we especially thank U.S. Trade Representative Susan Schwab and her outstanding staff for their support and efforts on behalf of Bloomberg and other U.S.-based financial information service providers. The process by which this dispute has been resolved is a textbook example of the significant value of the WTO rules and the dispute resolution mechanism.

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