ISLAMABAD: The Competition Commission of Pakistan has introduced the Market Intelligence Unit (MIU) to acquire advanced technologies and data analytical capabilities aimed at evaluating market data and uncovering collusive practices.
As announced by the CCP on Monday, the commission has inaugurated a new Market Intelligence Unit (MIU). The primary goal is to establish sophisticated technological and data analytical abilities for scrutinising market data and detecting collusive practices. This marks a shift from the previous approach of reactive enforcement to a more proactive form of enforcement.
The CCP has already formalised an MOU with the Urban Unit in Punjab. Furthermore, the CCP will gather data about all essential commodities from the Pakistan Bureau of Statistics. It will encompass data about crucial products and various sectors of the economy to pinpoint collusive practices and cartels. These collusions and cartels drive up prices in the economy, maximising profits at the expense of the nation’s less fortunate.
Market abuse has a history as ancient as the markets themselves. Unscrupulous participants have evolved to become more sophisticated, often leaving no direct evidence. In line with international approaches, the MIU will compile economic data. It will conduct market surveys and gather consumer feedback to monitor various sectors and industries. This monitoring aims to observe both the supply and demand sides, identifying any distortions in the natural equilibrium. Utilising various software, tools, econometric models, and price movement analyses, the MIU intends to curb market abuse, collusion, and cartels in the economy.