BROKERS are up in arms after Reuters threatened to nick their RICs - or at least take them back. Sounds painful, and indeed it might be.
While a row over Reuters Instrument Codes may sound like a storm in a broker's teacup, it could end up costing the British financial information provider big bikkies.
Reuters has looked like a flailing giant as it struggles to battle back against US rivals Bridge and Bloomberg.
Having been charged with playing dirty in its battle with Bloomberg, Reuters is now accused of shooting itself in the foot by upsetting its clients.
'It's bloody stupid,' spluttered a SAR brokerage source. 'They are cutting off their own nose to spite their face.' RICs are used to identify securities. They can be keyed into Reuters terminals or used with Reuters software to bring up displays on securities.
In Asia in particular they have become an industry standard and brokers insert the codes in research after naming companies as a help to clients who may want to cross check on their Reuters terminal.