The new Thomson Reuters service for speeding access to market-moving machine readable news content is aligned with the trend for finding productivity and decision making gains in equity trading through data process improvement. Wall Street Technology estimated that global spending on unstructured data for electronic trading will jump from $75 million in 2009 to $115 million in 2010 and to more than $141 million by 2011. As a sign of the demand for integratable unstructured data.
David Worlock, Co-Chair, Outsell Leadership Programs – London, UK and Chairman of BIIA wrote in a recent Outsell Insight: We are in a data arms race in this market. As news handling speeds up, so all other data elements must move rapidly into a greater compliance with a machine-readable logic. A good example, four days after the Thomson Reuters announcement, was the news that Bain Capital Ventures was investing a $12 million dollar stake in venerable business information supplier of SEC filings, EDGAR Online. Why this and why now? This is a response to the SEC and the markets moving to the XBRL financial reporting standard. By 2011, all US public companies will have to report in XBRL (eXtensible Business Reporting Language) for their results and other filings. This in turn raises the bar at the bottom of the market for the most basic public content (and gives EDGAR the chance to create a technology company to feed the need for corporate America to get this transfer done). Source: Outsell Insight www.outsellinc.com