Reuters launches data authentication programme
10 December 2007 | 1852 views | 0
Reuters (LSE: RTR, NASDAQ: RTRSY) today launched a new programme in a unique bid to add transparency to the reporting of market data usage.
In a move welcomed by leading stock exchanges, software applications which have met Reuters' stringent qualification criteria will be permitted to display a 'Reuters Open DACS Enabled' label. This will be accepted by leading exchanges as evidence that organizations are taking credible steps to ensure their data use is authorized.
Open DACS is the leading tool from Reuters that helps financial institutions follow the strict requirements for reporting their market data consumption for both Reuters and other third party data - including exchanges. This is vital to help organizations account for the data they use and avoid allegations of non-compliant or unauthorized usage.
From today the 'Reuters' Open DACS Enabled' label is available to over 250 members of the Reuters Application Partner Program. In line with Reuters commitment to "openess" in its systems Reuters encourages its partners to directly implement Open DACS as part of their products. This means that the integration work is efficiently done by the application providers themselves.
Wendy Morgan, Head of Real time Data, London Stock Exchange, said: "We welcome the new authentication label on Reuters Open DACS as a great way to recognize the effort of embedding a standardized entitlement solution. Through the deployment of Open DACS, Reuters Partners will be able to offer their clients a sophisticated, built-in solution for the reporting of market data usage, which is a real positive for the industry."
Zaklina Keramidopulos, Toronto Stock Exchange DataLinx Compliance & Contract Manager, said: "The concept of Open DACS technology when correctly implemented is something which clients and content providers can look to as a potential solution to some of the administrative issues the market data industry is currently faced with. End-user firms which are Open DACS Enabled will find less effort in maintaining and correctly reporting accesses to the content providers."
Tom Davin, Managing Director, FiFinancial Information Services Division of the Software & Information Industry Association said: "Unauthorized use of data is a growing problem in financial markets. Most firms transgress accidentally but the result can be embarrassing and expensive for them when they are discovered. Products like Reuters Open DACS give these firms a clearer picture of their data usage which allows them to make better decisions and better control their risks."
Michael Parlapiano, Reuters Global Head of Information Management Solutions said: "Today's announcement is testimony to Reuters commitment to deliver value to the financial markets by working closely with its partners. Correct data usage is a big issue for the industry and we want to help our clients comply as easily and effectively as possible."