Fair Play Measured in Slivers of a Second - NYTimes.com: " . . . Our view is we’re entitled to do with this data as we like without violating any laws,” Mr. Spector said. “We believed we could release it early. But every person we talked to, including people in finance, said it would be wrong — even though there’s no law that says it’s wrong. But if the man in the street had it explained that certain people could pay to buy data in advance, he’d conclude that markets were rigged against the small guy. Collectively, this hurts business and markets. It’s a matter of trust.” But Thomson Reuters, the University of Michigan, news organizations and other providers of data may have other priorities, including making money. Like the Conference Board, Thomson Reuters has stressed that it doesn’t believe releasing the information early violates any law. It’s certainly not insider trading, although it bears a superficial resemblance to it. But people who trade with superior information aren’t engaging in insider trading if they come by the information legitimately, which may well include buying it. (If, on the other hand, a Thomson Reuters employee stole the data and sold it to someone who traded on it, that would probably be insider trading.) . . . "
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