Magazine article Information Today

IFN Announces Instant News Service

Magazine article Information Today

IFN Announces Instant News Service

Article excerpt

Internet Financial Network, Inc. has announced the launch of an automated financial news service. Instant News extracts key information from SEC filings. It then distributes a newsfeed of that information, along with plain English headlines, seconds after the filings reach the SEC. ILX, a division of Thompson Financial Services, has agreed to become the first distributor of the newsfeed, which also will be available on IFN's own EdgarWatch platform.

"Instant News redefines the meaning of real-time news:' said Clifford Boro, IFN's president and CEO. "It automatically performs the tasks of excerpting, condensing, and distributing the often market-sensitive information contained in SEC EDGAR filings-tasks that until now have required intensive involvement by journalists." He noted that a small news staff will complement Instant News with "value-added pursuit of filing information and oversight."

The service is aimed at traders and brokers who do not have the time to delve through lengthy documents to assess the market sensitivity of the information they contain. Instant News will be the fastest source of key information on such filings as tender and exchange offers, 13-D filings, contested proxies, auditor changes, and other market-moving events, Boro said.

When influential investors or arbitrageurs such as Warren Buffet, George Soros, or Carl Icahn buy or sell large positions of stock, they often must file a Form 13-D with the Securities and Exchange Commission. Virtually all such filings are now delivered electronically through the SEC's EDGAR system, and a typical EDGAR monitoring service will alert customers about who made filings and what type of forms they filed (e.g., "1/13/97 CARL ICAHN FORM 13-D"). Customers must then retrieve the entire filing document electronically to learn more, and several types of filings can run to hundreds of pages. …

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