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Statement from Business Wire Regarding News Delivery to High Speed Trading Firms

Thursday, February 20, 2014 4:31 pm EST



NEW YORK--(BUSINESS WIRE)--The following is a statement from Cathy Baron Tamraz, Chairwoman and CEO of Business Wire:

Following the February 7, 2014, Wall Street Journal article, and in consultation with Berkshire Hathaway's Chairman, Warren Buffett, Business Wire has made the decision to no longer allow high frequency trading firms to license direct feeds from Business Wire.

As the recent Wall Street Journal article and others have pointed out, there was nothing wrong in Business Wire serving these handful of HFTs directly. These traders had absolutely no time advantage in receiving material news from Business Wire, which operates a patented internet delivery network that disseminates news simultaneously and in real-time to all market participants, and in accordance with Regulation Fair Disclosure.

However, in discussions that have taken place with a few of our clients, we learned that the article may have caused some misperceptions, and that was of deep concern to us.

Our most important assets are our reputation and the trust we have earned from our clients and other market participants for more than a half century. Therefore, we have pro-actively made the decision to terminate these feeds.

About Business Wire

Business Wire, a Berkshire Hathaway company, is the global leader in press release distribution and regulatory disclosure. Investor relations, public relations, public policy and marketing professionals rely on Business Wire to accurately distribute market-moving news and multimedia, host online newsrooms and IR websites, build content marketing platforms, generate social engagements and provide audience analysis that improves interaction with specified target markets. Founded in 1961, Business Wire is a trusted source for news organizations, journalists, investment professionals and regulatory authorities, delivering news directly into editorial systems and leading online news sources via its multi-patented simultaneous NX Network. Business Wire has 32 offices worldwide to securely meet the varying needs of communications professionals and news consumers.

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Business Wire
Neil Hershberg, +1 212-752-9600