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: Approaches to ESG data for the Sustainable Finance Disclosure Regulation (SFDR)

The EU Sustainable Finance Disclosure Regulation (SFDR) outlines extensive rules designed to ensure transparency across sustainable financial markets. It also demands huge volumes of non-financial ESG data to be sourced, managed and governed, some of which is difficult to find, and much of which is unstructured and of variable quality. The data challenge is exacerbated...

BLOG

FSB Explores Potential of Adding LEIs to Cross-Border Payments

The Financial Stability Board (FSB) is encouraging greater adoption of the Legal Entity Identifier (LEI) in a report exploring its potential in cross-border payments. No implementation mandates are suggested, although the report does identify how the LEI could be a useful addition to payment transactions. The LEI is currently mandated for use in OTC derivatives...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

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...