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CNBC: Thomson Reuters Gives Elite Traders Early Advantage


 

A closely watched consumer confidence number that routinely moves markets upon release is accessed by an elite group of traders, for a fee, a full two seconds before its official release, according to a document obtained by CNBC.

A contract signed by Thomson Reuters, the news agency and data provider, and the University of Michigan, which produces the widely cited economic statistic, stipulates that the data will be posted on the web for the general public at 10 a.m. on the days it is released.

Five minutes before that, at 9:55 a.m., the data is distributed on a conference call for Thomson Reuters’ paying clients, who are given certain headline numbers.

http://www.cnbc.com/id/100809395

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  • tom d

    Oh what a shock. The entire financial system is corrupt. Silver and gold has unlimited shorting which kind of makes a mockery of the term precious metals. Combine unlimited shorting and the backing of the print press of the federal reserver the little guy takes it in the rear every time. The precious metals is a model of honesty compared to the stock market. First you haver senate and hourse of representative who exempt themselves from inside trading laws. The you have the fecderal reserve giving trillions to the banks. BTW the banks own the Fe3dewral reservre. Japan is imploding and I suspect so will us. It is hard to imagine how things got this corrupt.