Thomson Financial is to provide financial crime clearinghouse Regulatory DataCorp with systems and services designed to help firms meet provisions on allocation of hot IPO issues and tracking of corporate insider trading activity.
RDC was established by twenty top flight institutions, led by Goldman Sachs, to develop a shared data repository designed to help identify and manage the risks associated with financial crime.
Under terms of the agreement, Thomson Financial's insider trading products will be offered as part of RDC's Global Regulatory Information Database (Grid). Thomson Insider Insight consists of two products: a historical data feed of corporate officers, directors and beneficial owners and a Web-based product that provides updates, portfolio monitoring, and search capabilities on corporate insider trading activity.
Bill Catucci, president and CEO of RDC says: "In light of recent regulatory scrutiny on insider sales and corporate governance practices, and in response to the industry settlement, greater attention must be paid by institutions to corporate insider sales and trading. Experience has shown that insider activity may be indicative of greater problems within an institution."