FSA acts on PRN technical glitch

Financial Services Authority bosses are this week meeting with PR Newswire in a bid to draw up emergency contingency procedures for regulatory news providers.

The move follows news last week of technical glitches in PRN's news dissemination software that caused a delay in sending out price sensitive information.

The FSA confirmed it was due to hold talks with PRN after the blunder, which saw Reuters receive announcements before fellow secondary information providers (SIPs) such as Bloomberg and Thomson, all of which are supplied with data by primary providers such as PRN.

PRN Europe MD Vicky Unwin said the technical problems were software-related and resolved quickly, with a back-up system put in place as soon as the fault was discovered.

'It was inevitable someone would have a glitch like this and we now need to clarify the procedures,' said Unwin. 'We will be working together with the FSA in due course.'

The FSA was forced briefly to shut down PRN's service for two hours.

An FSA spokeswoman said: 'It was a technical problem, but it's important it doesn't happen again as all the information should go to SIPs at the same time. It is serious and we are keen to stress it is seen in the context of what has otherwise been a smooth transition to the new model.'

The competitive news dissemination market was introduced mid-April, ending the monopoly held by the London Stock Exchange-owned Regulatory News Service.

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