About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Thomson Reuters Returns to the EC with Revised Offer on RICs

Subscribe to our newsletter

Thomson Reuters has returned to the negotiation table at the European Commission with a revised offer on how it will ease licensing policies for Reuters Instrument Codes (RICs). The issue of access to security and other identifiers will be discussed in a panel session at A-Team’s forthcoming Data Management Summit in London on May 22 (find out more here).

Thomson Reuters’ latest approach follows the company’s inability to avert an antitrust investigation of its policies in December 2011 when it proposed commitments that would offer some concessions to users of RICs. This proposal was market tested by the Commission, but found to fall short of its requirements, leaving Thomson Reuters in breach of European competition rules.

The Commission confirmed receipt of another tranche of commitments from Thomson Reuters on RICs late last week, but declined to detail their content.

Similarly, Thomson Reuters is giving nothing away, stating only: “After reviewing the feedback from the European Commission’s market test, Thomson Reuters submitted a revised offer to the EC which is aimed at addressing the comments of our customers. It is premature to comment further or discuss those details, but we are continuing to cooperate fully with the EC and look forward to resolving this matter.”

While there is no definitive timescale to resolve the issue, the Commission is likely to run out of patience if settlement is drawn out for too much longer. Thomson Reuters could then face financial penalties if it remains in breach of the competition rules.

After the unsuccessful market test using the concessions proposed by Thomson Reuters in December, Joaquin Almunia, vice president of the Commission responsible for competition, told delegates at the March 8 2012 European Competition and Consumer Day in Copenhagen: “We have concerns that Thomson Reuters has potentially abused a dominant market position by restricting the usage of its identification codes, RICs, thereby limiting the ability of its customers to switch to competing data providers. Recently, we have unsuccessfully market tested a solution offered by Thomson Reuters to facilitate switching. We have now reached a critical stage in this investigation. If no effective solution can be agreed upon, then we will have to draw the adequate conclusions.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Leaving Money on the Table: Busting the Myths of North American Securities Class Action Claims for European Investors

North American securities class actions, particularly within the United States, represent one of the most developed frameworks globally for shareholder redress. Operating on an opt-out basis, this passive participation model automatically includes eligible investors, including those based in Europe, allowing them to obtain compensation without initiating litigation. Despite the fact that billions of dollars are...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Directory of MiFID II Electronic Trading Venues 2018

The inaugural edition of A-Team Group’s Directory of MiFID II Electronic Trading Venues 2018 offers a guide to the European landscape resulting from new market structure introduced by the January 3, 2018 implementation of Markets in Financial Instruments Directive II (MiFID II). The directory provides detailed profiles of more than 70 venue operators and their...