{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"insights","count":2,"updatedThrough":"2026-07-21","summary":{"dispatchCount":1,"domainCount":1,"domainReadoutCount":1,"focusedNoteCount":0,"latestSourceAccessDate":"2026-07-18","signalCount":2,"signalMembershipCount":2,"sourceCount":1},"universeSummary":{"dispatchCount":7,"domainCount":5,"domainReadoutCount":5,"focusedNoteCount":2,"latestSourceAccessDate":"2026-07-21","signalCount":46,"signalMembershipCount":62,"sourceCount":12},"guardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance.","filters":{"dispatch":"federal-merger-review-pipeline-fy2025","dispatchMatched":true,"domain":"all","domainMatched":true,"query":"","scope":"all","scopeMatched":true,"direction":"all","directionMatched":true,"signal":null,"signalMatched":true},"publications":[{"authorName":"Antitrust Radar Research Team","canonicalHref":"/insights/federal-merger-review-pipeline-fy2025","publishedAt":"2026-08-12","seriesNumber":"AR-CI-2026-07","seriesTitle":"Competition Insights","status":"current","updatedAt":"2026-08-12","version":"1.0"}],"rows":[{"dispatchId":"merger-review-pipeline","dispatchSlug":"federal-merger-review-pipeline-fy2025","dispatchTitle":"Reported HSR volume and the Second Request rate both moved lower in FY2025.","dispatchScope":"domain-readout","dispatchDomain":"mergers","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/federal-merger-review-pipeline-fy2025","publicationSeriesNumber":"AR-CI-2026-07","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"hsr-second-request-rate","signalDomain":"mergers","signalMetricId":"hsr-second-request-rate","signalMetricLabel":"Second Request rate","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","unit":"percentage_points","priorPeriod":"FY2024","priorYear":2024,"priorValue":3,"latestPeriod":"FY2025","latestYear":2025,"latestValue":2.1,"delta":-0.9,"deltaPercent":-30,"direction":"decreased","sourceIds":["ftc-doj-hsr-report-2025"],"sourcePublishers":["Federal Trade Commission and U.S. Department of Justice"],"observation":"Second Request rate moved from 3.0% in FY2024 to 2.1% in FY2025 (-0.90 percentage points).","interpretation":"The latest reported review rate is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","researchQuestion":"How did transaction mix, clearance, adjusted denominators, and agency review practice change alongside the observed rate?","signalGuardrail":"Second Requests and public enforcement actions are different stages with different timing rules. Their counts must not be treated as a finding that every reviewed or reported transaction was anticompetitive.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. HSR transaction counts and Second Request rates describe a federal notification and review pipeline. They do not measure merger harm, deterrence, legal merit, agency quality, or competitive outcomes.","entityHref":"/mergers","explorerHref":"/mergers?metric=second_request_rate&year=2025","monitorHref":"/economy/monitor?signal=hsr-second-request-rate#competition-monitor-console"},{"dispatchId":"merger-review-pipeline","dispatchSlug":"federal-merger-review-pipeline-fy2025","dispatchTitle":"Reported HSR volume and the Second Request rate both moved lower in FY2025.","dispatchScope":"domain-readout","dispatchDomain":"mergers","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/federal-merger-review-pipeline-fy2025","publicationSeriesNumber":"AR-CI-2026-07","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"hsr-transactions","signalDomain":"mergers","signalMetricId":"hsr-transactions","signalMetricLabel":"Reported HSR transactions","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","unit":"count","priorPeriod":"FY2024","priorYear":2024,"priorValue":2031,"latestPeriod":"FY2025","latestYear":2025,"latestValue":2006,"delta":-25,"deltaPercent":-1.2,"direction":"decreased","sourceIds":["ftc-doj-hsr-report-2025"],"sourcePublishers":["Federal Trade Commission and U.S. Department of Justice"],"observation":"Reported HSR transactions moved from 2,031 in FY2024 to 2,006 in FY2025 (-25 transactions).","interpretation":"The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","researchQuestion":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","signalGuardrail":"HSR transactions are notifications reported under the federal premerger program, not a census of every U.S. merger. A reported transaction can involve multiple filings, and the adjusted denominator removes matters for which the agencies could not issue a Second Request.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. HSR transaction counts and Second Request rates describe a federal notification and review pipeline. They do not measure merger harm, deterrence, legal merit, agency quality, or competitive outcomes.","entityHref":"/mergers","explorerHref":"/mergers?metric=transactions&year=2025","monitorHref":"/economy/monitor?signal=hsr-transactions#competition-monitor-console"}]}