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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMatt Taibbi has another blockbuster on the SEC whistleblower and the Banks
This is a complicated story so you really need to read the whole thing, but it shows once again the international banking cartel is corrupt and screws the rest of us
16 Major Firms May Have Received Early Data From Thomson Reuters
Readers may recall an ugly story that broke earlier this summer, when New York State Attorney General Eric Schneiderman rebuked the news/business information firm Thomson Reuters for selling access to key economic survey data two seconds early to high-frequency algorithmic traders. The story strongly suggested that some Thomson Reuters customers were using their two-second head start (an eternity in the modern world of computerized trading) to front-run the markets.
"The early release of market-moving survey data undermines fair play in the markets," Schneiderman said, back in the second week of July. Thomson Reuters suspended the practice of selling two-second head starts after Schneiderman insisted upon a change. Still, the firm defiantly refused to declare the change permanent and insisted that it had the right to "legally distribute non-governmental data" to "fee-paying subscribers."
It turns out that there's more to the story.
Back in June, journalist Simone Foxman at the global economic site Quartz reported that in addition to the two-second head start some Thomson Reuters customers were getting on the release of the University of Michigan Survey of Consumers, other customers may have been getting their data even earlier, "nearly an hour in advance" in some cases.
Read more: http://www.rollingstone.com/politics/blogs/taibblog/16-major-firms-may-have-received-early-data-from-thomson-reuters-20130905#ixzz2e6BvVPbC
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BelgianMadCow
(5,379 posts)I find myself either bookmarking his pieces, or wishing I had.
Thanks for posting!
idwiyo
(5,113 posts)Enthusiast
(50,983 posts)If this sort of release of economic data thing is legal, it should be made illegal immediately.
How could anyone defend this bullshit?
Ichingcarpenter
(36,988 posts)he got fired.
reformist2
(9,841 posts)That way everyone has time to figure out how to deal with the new info, nobody can front-run the data, and we put an end to this this my-computer-is-faster-than-yours nonsense.
fasttense
(17,301 posts)Why isn't the University releasing it?
Is this another contracted out and privatized function that should NOT be given away to a corrupt and greedy corporation?
Seems there is no financial process that can't be rigged for profit and to the advantage of the uber rich.
Vinnie From Indy
(10,820 posts)Good post! Thanks.
Cheers!