Thomson Reuters Welcomes the European Commission’s Decision on Instrument Codes
No finding of liability against Thomson Reuters
The European Commission’s decision closes the investigation
London - Thomson Reuters today welcomed the European Commission’s announcement that it has accepted Thomson Reuters proposal in response to the Commission’s investigation into usage of Reuters Instrument Codes (RICs). Today’s announcement brings this matter to a close, with no finding of liability.
“We have had an open and constructive dialogue with the European Commission throughout this year and are pleased to have closed this matter with a solution that is satisfactory to both parties,” said David Craig, president of Financial & Risk at Thomson Reuters. “Following a detailed examination of the facts, the Commission accepted our proposal without any finding of infringement of EU competition law by Thomson Reuters. We now look forward to continuing to work with our customers to bring world-class real-time data feed and symbology solutions to market.”
In line with its agreement with the European Commission, Thomson Reuters will offer its customers rights to continue to use its RICs with data from an alternative consolidated data feed provider to which they have moved.
RICs are Thomson Reuters proprietary symbology developed to allow the identification of securities across its range of feeds, desktops and other products. The European Commission started a preliminary investigation in November 2009 into the use of RICs with real-time consolidated data feeds. Today’s decision follows the European Commission’s market test of Thomson Reuters proposal.
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