Net News, March 1996

EDGAR, the Electronic Gathering and Retrieval project, compiles public filings with the Securities & Exchange Commission. While EDGAR filings are currently offered free to the public on the SEC's Web site, a group of lobbyists led by the Information Industry Association contend that information retailers are threatened by free access to EDGAR filings.

The debate is further complicated by the Paperwork Reduction Act, effective since October 1, which requires governmental agencies to disseminate documents electronically. Retail data providers affected by the SEC's decision to provide free EDGAR data include Global Securities Information and Internet Financial Network, whose president Clifford Boro has suggested an "Association of EDGAR Providers" which would offer limited free access to the public.

Recently, the Travelers Group and Data Broadcasting Corporation joined together to acquire a controlling interest in IFN. The deal includes a five-year agreement with Data Broadcasting to offer IFN's EDGAR data through DBC's site on the Microsoft Network as well as MarketWatch, DBC's new real-time quote service for the Net.

MarketWatch is the latest in Data Broadcasting's Internet ventures: in addition to their own DBC Online site, the data provider currently offers free delayed quotes to Interactive Nest Egg. A WWW financial mall maintained by Investment Dealer's Digest, Nest Egg makes DBC's quotes available in its Tradeline Investor Center pages, along with mutual fund performance charts and data through IDD Information Services.

Smith Barney, a Traveler's Group subsidiary, also maintains a site within Tradeline: their Wall Street Watch page offers a daily stock review supplemented by IDD historical data, regularly updated commentary from Smith Barney's research division in the Information Center, and a Market Watch page highlighting various Smith Barney funds.

Outside of the Tradeline section, Nest Egg hosts the on-line magazine Web Finance which augments articles from Investment Dealer's Digest with links to relevant Web pages. Back issues of the personal finance magazine Nest Egg are available, and can be searched by subject. It remains to be seen whether DBC/Traveler's deal with the Internet Financial Network will result in EDGAR filings on Nest Egg.

Another publisher, Metal Bulletin PLC, has brought its roster of market-related publications to the Net. Hosted by WebChat Communications, these pages keep the graphics to a minimum as a benefit to modem users, but provide a wide variety of Internet features.

Through the Managed Account Reports page, visitors can subscribe to mailing lists about managed futures and hedge funds, find fund performance rankings, or search MAR's Frequently Asked Questions files. Futures & Options World's page provides headlines from the Futures & Options Week newsletter, along with a variety of conference and product news.

For many, the phrase "computer crime" evokes images of 13-year-old boys playing havoc with long-suffering phone companies. As on-line business increases, however, issues of secure transactions and fraud in cyberspace become relevant to a greater number of people. But most legal information on the Internet focuses on issues of personal liberty, which may be less than helpful if some person liberates your MasterCard number.

However, the National Fraud Information Center, a project of the National Consumer's League, has established a home page which provides updated daily alerts, links to the Federal Trade Commission's home page, and offers guidelines for reporting suspected fraud.

Less upstanding but far more amusing is DigiCrime, a kind of cautionary, how-not-to Web page that purports to be "a full-service criminal computer hacking corporation." Among their products are the "affinity credit card program" (no annual fee, 0.0% APR interest rate, and no bills or payments) and a "password generation service" - simply supply your name and your computer's name and IP address, and they'll do the rest! DigiCrime is, of course, an elaborate joke, but as a means of learning the risks of on-line commerce it beats an overdraft notice any day.

Sean G. Thomas, Sean Thomas, Sean Garrett Thomas