Dow Jones Set To Launch Forex Information Service

Online, January 18, 2011 (Newswire.com) - Dow Jones is launching DJ FX Trader, a Forex exchange information service, at the end of January. Hoping to capitalise on increasing foreign exchange trading volumes, the service will reportedly cost traders a six figure sum for each license.

The new service will put the company in direct competition with Thomson Reuters and Bloomberg, both of which have invested large sums of money to speed up the news and data feeds in order to keep up with the markets which are heavily dominated by high speed electronic trading.

Dow Jones chief executive Les Hinton said the new service will concentrate on breaking currency news faster than it's competitors. Editor in chief Robert Thompson said the company has told their newswire and newspaper journalists to seek exclusive interviews that could potentially move the foreign exchange markets.

The company has already invested in algorithmic trading technology and has hired former currency traders, but supposedly will use data compiled outside the company for DJ FX Trader's technical analysis and charting features.

Since the 2007 takeover by News Corp, plans have been to tie Dow Jones Newswires and the Wall Street Journal closer together."The whole idea is that you have a single cost of content but multiple opportunities to repurpose it and profit from it", Robert Thompson said.