Business Wire, a website that posts news releases about corporate developments is planning to stop releasing information to the press before the information is accessible by the public. The company claims that by allowing the press a window of 15 minutes before investors receive news, Wall Street was able to get a leg up on important investment information.
"Individual investors today are looking for corporate information on the Internet," said Business Wire chief operating officer Cathy Baron Tamraz in a statement. "With the recent passage of Regulation FD by the U.S. Securities and Exchange Commission, the clear message from the SEC is that all investors should have equal access to all information that may influence their investment decisions."
It's expected that competing sites will have to adopt the same information dissemination practices to meet investors' demands for receiving the best information possible.