Thomson Reuters offers EU commitments to end antitrust probe
Thomson Reuters has offered "additional commitments" to European antitrust authorities in an effort to end an antitrust probe.
The company had offered promises to changes in its business practices in December 2011, but competitors had demanded more.
A spokesperson for the European Commission confirmed to Reutersthe executive body had received "new proposals for commitments" from the company.
Thomson Reuters offers among other thing news wires for media groups and real-time market and business data for financial institutions.
The Commission opened a formal antitrust suit against the company for abusing its dominant market position, and was charged with blocking competition in the market with its flagship Reuters Instruments Codes' system, used by traders worldwide.
The company is accused of 'locking-in' customers to its system because replacing the codes that allows the data flow from other data suppliers to customers would require a lengthy process in reconfiguring software.
Normally, competitors and those who had submitted complaints in the first instance against a company to the European authorities would be asked if the concessions are acceptable before an antitrust probe continues or is dropped.
If Thomson Reuters is found to be flouting Europe's antitrust laws, it could face a fine up to 10 percent of its global annual turnover, up to $1.4 billion.
An in-depth review of the company continues.
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