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
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.