You’re thinking of a practice that caused quite a bit of controversy in the 2000s–early 2010s: the early or preferential release of market-moving economic data to paying clients.
A well-known example involved the University of Michigan and its
consumer sentiment index. For years, this data was compiled by the university but distributed commercially through Thomson Reuters (now part of Refinitiv / London Stock Exchange Group). High-frequency trading firms and hedge funds could pay for access and receive the data
a couple of seconds before the public release.
That tiny time advantage mattered a lot. Firms with ultra-fast trading systems could react to the data in milliseconds and profit before the broader market even saw the numbers.
What changed?
The practice drew regulatory attention, especially from the U.S. Securities and Exchange Commission.
- In 2013, regulators scrutinized whether giving a head start to select clients was fair.
- By 2014–2015, the early-access window was eliminated, and releases were standardized so everyone gets the data at the same time.
Other similar cases
- The U.S. Department of Labor was also reported to have allowed certain news agencies (like Bloomberg and Thomson Reuters) into “lockup rooms,” where they could prepare reports on data (e.g., jobs numbers) just before release.
- However, they weren’t supposed to transmit the data until the official release time.
- Over time, procedures became stricter to prevent leaks or timing advantages.
The broader issue
This all ties into a bigger concept:
information asymmetry in financial markets.
Even today:
- Professional investors still pay for faster feeds, better analytics, and premium datasets.
- But outright time advantages on official economic releases are now heavily restricted or eliminated in major markets.
Bottom line
Yes—your memory is spot on. There
was a period when paying clients could get key economic indicators slightly early, and even milliseconds gave them an edge. Regulatory pressure largely shut that down to make markets fairer, though advantages in speed and data quality still exist.
.
.
