金融讯息

　　Seconds out

　　当！时间到！

　　Is it a crime to give people an early peek at data?

　　将金融讯息提早透露给他人是否违法？

　　Jul 13th 2013

　　2013年7月13日

　　MORE than a half century ago the University of Michigan Institute for Social Research created a well-received monthly index tracking American consumer sentiment. Until 2007 it was funded by more than 100 “supporters” who got an advanced look at the results. No one got overly upset by this. Such sangfroid is emblematic of a different era.

　　早在大半个世纪以前，美国密歇根大学社会研究所就曾按月发布“美国消费者信心指数”的跟踪报告，人们反响不错。直到2007年，共有100多位“支持者”出钱支持这份报告进行下去，回报即是提前得知报告结论。没有人因此太过担忧，人们镇定的表象的原因实则是另一时代的特有标志。

　　In 2007 Thomson Reuters agreed to pay in excess of $1m for distribution rights to the University of Michigan index. In 2008 the information provider began sending the results out in three bursts—one a general distribution via press release; another five minutes earlier through all its terminals (which means it was reported by Reuters as well as other subscribers); and another a mere two seconds earlier but plenty long enough to be of use to a small coterie of fee-paying high-speed traders.

　　2007年，汤森路透同意花100多万美元，用来拿到密歇根大学指数报告的发布权。2008年，密歇根大学发布报告结果的方式可以称得上是“广、频、快”：一是通过新闻发布作为一般经销渠道；二是提前5分钟发送给其所有的终端接受者（也就是包括汤森路透在内的其他订购者）；第三种，仅仅提前2秒发布：别小看这两秒钟，这对一小部分付了钱的快速投资者来说已经不算短了。。

　　Thomson Reuters suspended this third feed on July 8th in response to demands by Eric Schneiderman, New York’s attorney-general, who is conducting an investigation into the distribution of sensitive financial information. “The securities markets should be a level playing-field for all investors and the early release of market-moving survey data undermines fair play,” he said.

　　纽约总检察长埃里克施奈德曼一直在调查敏感性金融讯息的发布情况。7月8日，应他的要求，汤森路透撤去了第三种“小灶”灶台。埃里克说：“证券市场应当为所有投资者提供一个公平公正的“游戏”场所，提早泄露市场动态的调查讯息明显破坏了游戏的公正性。”

　　Mr Schneiderman’s definition of “fair play” remains unclear. Why draw the line at the feed for high-frequency traders but not the one to paying subscribers, for example? Thomson Reuters says it uses the same multi-tiered distribution strategy in only one other area, the European release of a purchasing managers’ survey in conjunction with Markit, a financial-information firm. But staggered releases are common enough. The Chicago Business Barometer, another purchasing managers’ index, is distributed by Deutsche B?rse, an exchange operator, to paying subscribers three minutes earlier than to the wider world, for example.

　　埃里克对于“游戏公正性”的定义尚不明确。这样说吧，为什么对提前发布给高频交易者设限却对提前发布给订购者却未加干涉？另一个且是唯一的运用了相同多层分销战略的地区位于欧洲，即森路透与金融信息公司麦盖提针对采购经理人调查发布报告协同合作。但是，错时发布是很常见的做法。比如，德意志交易所散发的另一个采购经理人指数——芝加哥商业景气指数，就为付费订购者提供先于外部3分钟的讯息。

　　The involvement of the University of Michigan raises another set of issues: you could argue that information provided by public entities like a state university should be distributed broadly to the public. The university itself contends that the consumer-sentiment survey is just one of many forms of sponsored research that would never be done at all were there not outsiders willing to subsidise it, and that its wide distribution does provide a public benefit.

　　由于事件涉及密歇根大学，这也引发了另外一组问题：人们认为诸如像公立大学这样的公共实体提供的讯息应该更广泛的告知给公众。密歇根大学解释说消费者信心调查只不过是众多接受赞助研究的一项；并且谈到假如没有外部参与订购，这些研究根本完成不了。密歇根大学又声称自己广泛播撒式的发布讯息也的的确确照顾到了公众利益。