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Thomson Reuters halts early release of survey results

Rochester Business Journal
July 8, 2013

Thomson Reuters Corp., an employer of some 525 in Rochester, will no longer provide market-moving consumer survey results to high-frequency traders prior to their release to other subscribers, officials announced Monday.

The change was prompted by an investigation of the financial information company by state Attorney General Eric Schneiderman, his office said.

Thomas Reuters was selling early access to the University of Michigan consumer survey to high-frequency traders, Schneiderman’s office said. Those traders could act on the information two seconds earlier than other Thomson Reuters subscribers.

The two-second advantage gave high-frequency traders an unfair advantage, Schneiderman said.

“Promoting fairness and avoiding distortions in the securities markets is an important focus of this office,” Schneiderman said in a statement. “The securities markets should be a level playing field for all investors, and the early release of market-moving survey data undermines fair play in the markets.”

The investigation into the scope and impact of Thomson Reuter’s early release continues, officials said.
 
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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