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I was wondering what was the process for a company filing financial reports.

I was looking through Edgar on the SEC website and noticed that filings are "accepted" about 10 minutes later than a news outlet.

Am I right to assume that financial reports can be found faster through these news outlets? I want to know right when the filing comes out.

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By law, material information has to be made available to the public at the same time.

There are no restrictions on delivery once it's out of the issuer's hands.

If you want faster delivery, yes, you must subscribe to PR wires.

If you want HFT delivery, be prepared to pay even more, and this is still limited by physical proximity, so for the fastest speeds, you'll have to balance your physical location against the exchanges' physical locations. This industry is now extremely competitive with rapidly diminishing profit margins.

  • I guess they release to the sec first, but the sec doesn't release right away. Maybe they check it first before "accepting" it and publish it on their website. News outlets doesn't check so I guess they're faster. – John Smith Jul 2 '14 at 4:42
  • @JohnSmith No, they release the information to all at the same time because of legal requirements. The regulation trails off after that point, so no one is obligated to do anything once its out in the wild; all must receive the same information at the same time. The SEC can take its time because it's not required to post the data at HFT speed. Newsfeeds can output it at HFT speed because there's no regulation prohibiting it...for now. – user11865 Jul 2 '14 at 4:50
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    thanks! For me a small delay is fine, I'll get the data from the news outlets, no way I'm paying for HFT. – John Smith Jul 2 '14 at 5:01

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