Thomson Reuters and University of Michigan To End Early Access For Market Data
Thomson Reuters and the University of Michigan is suspending an early provision that is sent to a small group of clients that closely watched their consumer sentiment data. The ending of the early reports is taking place due to a request from the New York Attorney General. The University of Michigan and Thomson Reuters has an agreement in place to allow some of their clients to receive data 2 seconds before other clients.
This arrangement is subject to review by New York Attorney General Eric Schneiderman, said Thomson Reuters in a statement. It is believed that some clients paid over $6,000 per month for the data in order to get a 2-second advantage, according to The New York Times.
“Thomson Reuters strongly believes that news and information companies can legally distribute non-governmental data and exclusive news through services provided to fee-paying subscribers,” stated Thomson Reuters spokesman Lemuel Brewster. “It is widely understood that news and information companies compete for exclusive news and differentiated content to help their customers make better informed trading and investment decisions.”
Starting July 12th, all Thomson Reuters clients will receive the survey data at 9:55AM Eastern time before it is sent out to the public by 10AM EST.