The report essentially confirms that based on 2012 revenue alone, the EU ratings market is dominated by Moody's and S&P, which combined have more than 70% market share, followed by Fitch at almost 18%.The report also provides the broad types of credit ratings issued by registered CRAs in 2013 based on information from CEREP, the public ratings repository. This inaugural market share report is important context for Article 8d in CRAIII, which requires issuers or related third parties that intend to appoint at least two CRAs for the credit rating of the same issuance or entity to consider appointing a CRA with less than 10% of market share that is capable of rating the relevant issuance or entity. Based on the stringent EU regulatory requirements and registration process, there are 19 qualified CRAs. CRAIII is the first regulation internationally to directly focus on CRA competition. Unfortunately, after almost six months since adoption, the 10% market share measure is not working at all.