Thursday, March 18, 2010
Bank and brokerage firm research is now "intellectual property"--at least for two hours
March 18 (Bloomberg) -- Theflyonthewall.com, an online financial news service, was barred from issuing immediate online reports about stock upgrades and downgrades of Barclays Plc, Bank of America Corp.’s Merrill Lynch, and Morgan Stanley.
U.S. District Judge Denise Cote in New York today issued an injunction sought by the three banks. They argued at a March trial that Theflyonthewall.com, a Summit, New Jersey-based firm with about 30 employees, wrongfully obtains and sells reports on changes to the banks’ stock evaluations.
The banks sought to bar publication of the reports’ content for four hours after their release or until noon, whichever is later. Cote chose a shorter period. For reports issued before the market in New York opens, the ban will be in effect until 10 a.m. For those issued when the market is open, it will last two hours.
Morning research has now become a state secret on Wall Street, as Wall Street wants to go back to the good old days, when they could rig the information flow.
So they take the smaller guys down first. You can bet that www.briefing.com will be next.
If you are looking for a good source of news, check out www.tradethenews.com. They don't advertise and they keep a low profile. But its first rate.
Here's a sample of their morning report.
But don't tell anyone!
Posted by Palmoni at 10:48 PM