EU probes Thomson Reuters competition commitments

(BRUSSELS) - The European Commission said on Wednesday it was launching consultations to see if commitments by global news agency Thomson Reuters were enough to remedy concerns over its dominant market position.

The Commission opened an inquiry in 2009 into the financial news and information giant owing to concerns that its coding system for listed companies could harm competition, denying users other sources of information.

In an initial finding, the Commission ruled that the Reuters Instrument Codes system posed significant obstacles to clients wishing to change information suppliers because their own systems were tied into RICs.

To change supplier meant that a client would have to change all the company codes it used, a costly and lengthy process.

EU competition commissioner Joaquin Almunia said the commitments given by Thomson Reuters, incorporated in Canada but headquartered in New York, ought to mean that clients would not face such problems, allowing greater competition in the industry.

A statement said that interested parties had up to January 25 to submit their opinionns and that a subsequent review would decide if the company's commitments should be made permanent and binding.