SEC gets technology makeover

The Securities and Exchange Commission is to give its 1980’s database the
push by upgrading its technology to IDEA.

Short for Interactive Data Electronic Applications the new software will
allow investors faster and easier access to financial information regarding
public companies and mutual funds.

The new technology replaces the SEC’s current system EDGAR, which was
launched when the markets only used paper, and will mark the SEC’s transition
from collecting forms to an information provider. Investors will be able to
receive more up-to-date financial disclosure in a form they can use.

SEC chairman Christopher Cox said that IDEA will ensure that the SEC
continues to stay ahead of the needs of investors.

‘This new SEC resource powered by interactive data will give investors far
faster, more accurate, and more meaningful information about the companies and
mutual funds they own. IDEA’s launch represents a fundamental change in the way
the SEC collects and publishes company and fund information – and in the way
that investors will be able to use it,’ Cox added.

Currently investors that wish to retrieve information from the SEC must sift
through one form at a time, re-keying the information they need into their own
format. With IDEA, investors will be able to collate information from thousands
of companies and forms instantly, creating reports and analysis in any format
they need.

Companies’ interactive data filings are expected to be available through IDEA
beginning late this year.

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