Andrew Edgecliffe-Johnson of the Financial Times reports that Dow Jones & Co., the parent of The Wall Street Journal, is about to announce a new foreign exchange information service called DJ FX Trader.
Talking Biz News reported in November that the company’s so-called “secret project” would cover forex news and reported in December that it would launch in late January.
Edgecliffe-Johnson writes, “Financial institutions spend over $1.7bn for foreign exchange news and information, according to Burton-Taylor International Consulting, which tracks financial data providers. However, Dow Jones’ estimated $22m forex market data sales last year trailed far behind Thomson Reuters, at $1.28bn, and Bloomberg, at $518m.
“Financial institutions spent $98.2m on forex news and commentary last year, with two-thirds of the market controlled by Informa, Dow Jones and IFR Markets, part of Thomson Reuters, Burton-Taylor estimates.
“Les Hinton, chief executive of Dow Jones, said its web-based service would focus on breaking exclusive currency news faster than rivals. Robert Thomson, editor-in-chief of Dow Jones, said the company had instructed its newswire and newspaper journalists to seek out interviews that could move foreign exchange markets.”
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