Bear Stearns Enters into an Agreement with Thomson Financial to Provide Earnings Information for New Corporate Earnings Derivative Product.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York--(BUSINESS WIRE)--March 20, 2003 Bear, Stearns & Co. Inc. announced today that it has entered into an agreement with Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings to use Thomson First Call operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before as the reference earnings for Bear Stearns' Traded Corporate Earnings product. Bear Stearns' Traded Corporate Earnings product will provide institutional participants the ability to buy or sell options on a given US publicly traded company's earnings per share. "Thomson is the industry leader in collecting and publishing earnings data and we are extremely pleased that they are adding their expertise to this innovative product," said Don Martocchio, head of Equity Derivative Sales at Bear Stearns. "We are pleased to provide Thomson First Call earnings data for Bear Stearns' Traded Corporate Earnings product," said Rick Pucci, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Thomson Financial's Investment Management Group. "Bear Stearns boasts a long and impressive history of serving the institutional investment community, which relies on Thomson First Call earnings data, a trusted and crucial tool for making effective decisions." Bear Stearns' Traded Corporate Earnings Product will use a Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. format using patented technology developed by Longitude(tm). Settlement of the options will utilize Thomson First Call operating earnings per share number, which is typically released shortly after a company releases its earnings. "The technology provided to us by Longitude and the agreement with Thomson create an opportunity for Bear Stearns to deliver a unique new product" commented Kevin T. Robik, head of Trading for the Structured Equity Products Group in North America and South America at Bear Stearns. About Bear Stearns Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $32.0 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including clearing and securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. About Thomson Financial Thomson Financial is a US$1.5 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (www.thomson.com), a leading provider of value-added information, software applications and tools to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The Corporation reported 2002 revenues of US$7.8 billion and its common shares are listed on the Toronto and New York stock exchanges (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : TOC; NYSE: TOC). |
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