The Financial Services Authority has revealed the first wave of
firms allowed to compete with the London Stock Exchange's Regulatory
News Service (RNS).
But the FSA this week confirmed rival firms could come forward to run
for primary information provider (PIP) status at any time.
PIMS, Business Wire, PRNewswire, Newslink and the RNS itself have passed
the first stage of the FSA's approval process, which is set to end the
LSE's monopoly on the provision of price-sensitive company announcements
from listed firms.
Three of the previously confirmed potential PIPs - Waymaker, Hugin
Online and PR Line - declined to go through the initial auditing
process, in which they must meet criteria including adequate security
and transparent pricing.
But the FSA said companies can still come forward to apply for PIP
approval: 'Those companies that have not yet come forward for the audit
process can do so at a later date - there is no time restriction,' said
FSA spokesman Patrick Humphris.
Waymaker is expected to apply for approval within weeks.
Humphris said the first wave of potential PIPs cleared to continue will
now go through an independent audit process before a final decision by
the FSA board later this month.
The FSA aims to introduce the new competitive PIP system on 2 April.