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June 28, 2013

SEC Investigating Early Release of Reuters, ISM Data

The SEC is investigating the relationship between the news organization Thomson Reuters and the Institute for Supply Management, CNBC has learned.

The two entities join forces to publish market-moving manufacturing data that is generated by ISM and published to high-speed data clients by Thomson Reuters.

CNBC reported earlier this month that ISM’s manufacturing data was inadvertently sent out early by Thomson Reuters on June 3rd to its high-speed clients, many of whom immediately traded on the information. There was a sharp market reaction to that burst of trading, which prompted downward moves in the SPY ETF, which serves as an investing tool for traders to bet on the overall direction of the market. That downward surge came 15 milliseconds ahead of the official release time for the data. In an era of super-fast computer trading, 15 milliseconds is more than enough time to profit from early knowledge of market moving information.”

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Read full CNBC article here

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