The news and information group says the automated process will scan and automatically extract critical pieces of information from corporate announcements for clients to use in a machine readable format.

The information will be delivered in an XML format via Thomson Reuters NewsScope Direct, the firm's low latency news distribution platform. In addition, clients will have access to nearly seven years of historical data, enabling them to back-test in their trading and investment strategies.

Initially, NewsScope Company Events will focus on US newswires before expanding to Canada and Europe.

The provision of market-moving news and information in a machine-readable format has become a key battleground for market data firms as increasing volumes of stocks are executed by computer algorithms.

Late last month, Deutsche Börse acquired machine-readable data specialist Need to Know News, in an effort to raise the profile of its market data and analytical offerings with algorithmic traders.