Reuters first with news of Goldman secret trading code theft

Reuters was first with news on July 5 that a former Goldman Sachs employee had been arrested and charged with stealing computer code used in the firm’s proprietary high-speed trading platform for stocks and commodities. Reuters got access to a copy of the criminal complaint and confirmed the employer of the individual who was charged. Reuters was alone for nearly an entire day in reporting a criminal case with significant financial implications. Bloomberg and Dow Jones were able to match the story only on Monday morning. The Wall Street Journal credited Reuters for breaking the news and a number of financial blogs and web sites praised Reuters leadership on this story. The news was important for our clients because this is a criminal case that could shed a rare light on secretive world of Wall Street program trading, an important profit center for Goldman and other firms. The charges also raise questions about the kinds of safeguards being deployed by Goldman and others to protect their proprietary trading systems. On a story involving the most prominent firm on Wall Street, Reuters was far ahead of the pack.