University of Michigan Consumer Sentiment Index

[3] CNBC reported on 12 June 2013 that the University of Michigan provided Thomson Reuters news service with the data early, so that Reuters could release the CSI to select, paying clients at 9:55 a.m., five minutes before it released the data to the general public on its web site at 10:00 a.m.

In addition, Reuters released the data via high speed communication channels to select clients two seconds earlier.

CNBC revealed that trading activity increased dramatically within milliseconds of 9:54:58 a.m. Traders who subscribed to either service were able to take advantage of the CSI before the university released it to the public.

Former Securities and Exchange Commission Chairman Harvey Pitt opined that this might present a fairness issue and destroy confidence in the market by the public.

[4] Thomson Reuters announced on 8 July 2013 that it was suspending its early release practice as part of an agreement with the New York Attorney General's office.