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Non-Tech : Market Makers - What They Do and How They Do It -- Ignore unavailable to you. Want to Upgrade?

To: Fundamentls who wrote (385)	8/27/2000 9:47:20 PM
From: rjm2	Read Replies (1) \| Respond to of 429

So is freedgar.com delayed ? I was under the impression it was real-time.

To: Fundamentls who wrote (385)	8/28/2000 5:50:28 AM
From: Savant	Read Replies (2) \| Respond to of 429

I'll let the EDGAR fellow speak for himself..""Without a doubt, these [documents] about insider can have a profound material effect on a stock price and they should be public," says Jay Sears, senior vice president of strategy and business development at EDGAR Online." The article also states... "While more and more information is moving to the Web, some of the most interesting SEC filings are, for some reason, stuck in the Stone Age. Forms 3, 4, 5 and 144, dealing with aspects of insider trading, are not required to be filed electronically and so are filed the old-fashioned way: on paper. This is bad news for individual investors, because these four forms can give insight into executives' confidence--or lack thereof--in a company. After filing the pulp version of these forms, third party companies like Vickers Stock Research manually key the information into a computer and electronically deliver it to their subscribers. It's a clunky system that further slows down the disclosure of crucial, potentially market-moving information." Another article mentions the absence of important information in some filings on EDGAR online..I've personally noticed some discrepancies on the quarterly and annual renditions that EDGAR online posts. "Problems are also created by the distribution method of that data. EDGAR Online and other companies reformat the raw SEC data they buy, and then resell it " "EDGAR Online says that with a few exceptions, it posts SEC data in real time." (my note..that would be my luck, LOL) "That may be true, but the information is often incomplete. For example, a recent Web search on EDGAR Online for information on a Form 144 (sale of restricted stock) turned up the number of shares sold and the value of the sale. But it didn't list who sold the shares. Investors would certainly benefit from knowing whether it's an outside director selling shares or, for example, if the CEO is liquidating his position." You mentioned.."Since Forms 3/4/5/144 usually are preceded by an S-3 or S-8 or expiration of a lockup anyway," Form three is an S-3 filing, isn't it? Your point about the fairly low cost is valid, but personally, I dislike paying twice for information. The SEC is a government body, they spent $22 million for the latest part of this system...WE paid for that..why should we pay EDGAR-not-so-free...again?..Just a thought. I would rather pay the government, which is...ourselves, to defray any costs. My investments in larger companies aren't effected as much as the smaller companies. In those cases, insider selling can make quite an impact on some investors. Immediacy is $$$.