Building on Columbia Law School’s longstanding strength in corporate and securities law, the mission of the Ira M. Millstein Center for Global Markets and Corporate Ownership is to bring world class scholarship, research and academic rigor to the vital task of restoring and strengthening long-term financing of innovative and durable public corporations, which are the underpinning of economic growth.
On October 29, 2014, based on research by the Millstein Center's Professor Robert Jackson and postdoctoral fellow Joshua Mitts, the Wall Street Journal reported that the SEC was making market-moving securities filings available to a paying group of subscribers before the general public. Members of Congress soon demanded the SEC address the problem, and Mary Jo White agreed that the SEC would do so by the end of the first quarter of 2015.
The Millstein Center has been monitoring the early advantage enjoyed by subscribers to the Public Dissemination Service as well as the SEC's File Transfer Protocol (FTP) systems. The below charts display in real-time the percentage of securities filings that are delivered first to PDS and FTP subscribers every day since August 2014.
We welcome comments and questions on this research. Please feel free to reach out to Professor Jackson, at firstname.lastname@example.org, if you are interested in learning more about our work.