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(EMAILWIRE.COM, July 03, 2013 ) San Francisco, CA -- The Washington Conference Board will discontinue its provisions of economic reports to news organizations. The group indicated it is due to the belief data was being diverted in computer-driven trading systems, which creates unfair profit grabbing.
The private research group has been providing reports to news organizations 30 minutes prior to the news becoming public. The early access was allowing journalists to create news reports for the public early.
Beginning on Tuesday the Conference Board's data will be released to all individuals simultaneously. The board announced the change last Thursday. "We are taking this action because of indications that our embargoed data is being diverted, intentionally or otherwise, to computer systems that create an unlevel playing field for market participants," the Conference Board said in a letter to the news organizations.
The organizations, based in New York, reports on consumer confidence and other economic indicators that affect the general financial markets. The latest move comes on the tail-end of reports that the Thomson Reuters/University of Michigan provides monthly reports regarding consumer confidence to particular clients.
The Conference Board stated that a particular news organization had approached with information it had inadvertently breached the embargo by a fraction of a second in disseminating data to a trading system prematurely.
The Conference Board president and CEO, Jon Spector, decided to halt the embargo system three weeks prior. The decision is the result of a review of general data releases, according to Spector.
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Source: EmailWire.com
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