Y2K Squeezes Reuters Trading Systems: 3rd Quarter Sales Slide With Code Freeze
REUTERS TRADING SYSTEMS
LONDON--Reuters third quarter results--and share price--showed the effects of the Y2K slowdown with Reuters Trading Systems (RTS) revenues down, although Instinet revenues grew sharply in Europe.
RTS took the brunt of the millennium code freeze, which began generally on October 1 (TTW, September 27), because the division is involved in outright systems sales. Consolidation of banks, in particular the Bankers Trust/Deutsche Bank merger, has also dented revenues, says Peter Job, chief executive
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