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Markit to Broaden Release of PMI Data

The distributor of a leading manufacturing index is eliminating a trading advantage some investors currently enjoy by ending the selective early release of the data through a single financial news organization. Markit’s purchasing managers index, or PMI, was previously distributed by Thomson Reuters Corp., which gave the results of the business surveys to investors and other high-paying clients two minutes ... Read More »

Bloomberg Appoints Chief Risk and Compliance Officer

Bloomberg L.P. announced that it has named Paul Wood as its Chief Risk and Compliance Officer.  He will oversee all risk, corporate compliance, client data security, and security globally and report to Daniel L. Doctoroff, Bloomberg L.P.’s Chief Executive Officer and President. This newly created role centralizes existing functions responsible for identifying and managing risk and compliance across all Bloomberg ... Read More »

Bloomberg Takes New Steps to Keep its Reporters from Snooping on its Customers

Bloomberg L.P. said it has adopted new procedures to protect client information after an outside review found the financial news and data failed to restrict its reporters’ access to subscriber data two years ago. The review, led by law firm Hogan Lovells and regulatory compliance firm Promontory Financial Group, said a number of journalists used subscriber data in their reporting, ... Read More »

News Corporation to Challenge LinkedIn & Bloomberg

News Corporation outlined plans to launch its own social network as well as an instant messaging service for financial clients. The Wall Street Journal is expected to launch a social network in the coming months that will compete with LinkedIn as a platform for “like-minded people” to meet online and share ideas. News Corp also intends to offer new Dow Jones ... Read More »

The Bloomberg Scandal: Omniscience and Omerta

Bloomberg reporters have used private client data from terminal users at Goldman Sachs and JPMorgan for news stories.  After Goldman complained about an unnamed reporter pointing out that a partner at the bank had not logged in and inquired if he had left the firm, Bloomberg cut off access to this data for its reporters and had to apologize. The Bloomberg Saga is indeed ... Read More »

Bloomberg LP and Thomson Reuters are Launching Sukuk Indices.

Bloomberg announced further commitment to the Islamic finance market with the launch of a Malaysian Ringgit (MYR) corporate sukuk index, developed with the Association of Islamic Banking Institutions Malaysia (AIBIM) and Bursa Malaysia. The Bloomberg AIBIM Bursa Malaysia Corporate Sukuk Index will serve as a benchmark for investors of ringgit- denominated Islamic bonds in Malaysia, the world’s biggest sukuk market. ... Read More »

Bloomberg Completes Acquisition of BNA

Bloomberg has completed its acquisition of The Bureau of National Affairs, Inc (BNA) which is now a stand-alone wholly-owned subsidiary of Bloomberg. The acquisition was overwhelmingly accepted by the BNA owner/employees, who tendered approximately 95% of their stock within the 20 business day offering period. Additionally, Bloomberg received an early termination of the waiting period under the Hart-Scott-Rodino Act. The ... Read More »

Bloomberg Enters Agreement to Acquire BNA

Combination Propels Bloomberg’s Expansion into Legal Information Market and Enhances BNA through Bloomberg’s Data and Technology Expertise Bloomberg and BNA today announced that they have entered into an agreement for Bloomberg to acquire all of the outstanding shares of BNA for $39.50 per share in a cash tender offer followed by a merger for a total purchase price of approximately ... Read More »

RATING AGENCIES FACE FURTHER PAIN WITH LANDMARK WALL STREET REFORM BILL

The Senate passed the landmark ‘Wall Street reform bill’ which includes important new requirements and oversight of rating agencies.  The most damaging aspect of the reform bill for rating agencies is the liability provision.  Investors could bring private rights of action against rating agencies for a knowing or reckless failure to conduct a reasonable investigation of the facts or to ... Read More »

NEW COMPETITION LURKING IN THE WINGS FOR CREDIT RATING

Notwithstanding the imminent ‘thumb of government’ a number of companies have indicated their interest in entering the credit rating business:  Morningstar (see page 15), Bloomberg, Coface, Kroll, Hearst and not to be left out KPMG and PwC.  What makes them think they will do better?     BIIA Newsletter June I – 2010 Issue Read More »