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: Data standards and global identifiers update

Data standards and global identifiers are the international language of capital markets – but how widely have they been adopted, how useful are they in practice, and can they stand the test of sustaining stable markets? This webinar will review data standards and global identifiers available in capital markets, discuss their adoption, and consider best...

BLOG

ANNA Implementation of Revised ISO 6166 Standard Brings Together ISIN, LEI, CFI and FISN

Work by the Association of National Numbering Agencies (ANNA) on the implementation of the revised ISO 6166 standard for the International Securities Identification Number (ISIN) has resulted in an accessible set of four data standards that can be used together to improve data management and regulatory reporting. The standards include the Legal Entity Identifier (LEI),...

EVENT

A-Team Innovation Briefing: Innovation in Cloud

This Innovation Briefing will explore approaches to data infrastructure transformation, technologies required and how to make sure processes are optimised to support real time data management. Hear from leading practitioners and innovative technology solution providers who will share insight into how to set up and leverage your data infrastructure to provide user access to consistent data and analytics, and companies the ability to monetise their data.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...