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RE: [sharechat] Findata

From: "Craig Hoskin" <>
Date: Wed, 24 Jul 2002 15:04:19 +1200

When I subscribed to Findata for Metastock data, I was told that a) 20-minute delayed data is available from the web-site for downloading but the official-certified ASX end-of-day (EOD) is e-mailed to its subscribers at approx 10:20 pm (NZ time) each night on receipt from ASX. 
Times may vary, but I get ours at 20 min past the hour intraday and the final EOD is at 9:30pm (if I recall correctly)
This data for yesterday (23 July 02) is not accurate on at least 2 stock - NCM and NCP - I am not sure on other stocks.
I called Findata to find out why my ASX end-of-day data is inaccurate. I was told that this is not their fault because ASX did not send out an official end-of-day file its sends to all data providers. If find this explanation highly unusual as I would not expect a reputable exchange like ASX to default on its obligations to provide accruate EOD data to data providers like Findata - unless there is major techological fault - in which case I would assume that it would rather not send out data than send out inaccurate data. This goes to the heart of an exchanges integrity as tens of thousands of traders make trading decisions on the basis of this data.
It happens.  Ive been involved in an AUS data provider and at times the ASX does have problems
I may be wrong. I am new to this - therefore few points I need to understand are:
a) does ASX really sends out its official ASX EOD file to all data providers, 
Yes ... although there are various "signals" by which this is delivered and this is determined by the data provider and how much they are prepared to pay.  Ive used Satelite, Radio, PAPL and plain jane text file downloads via the Internet ... and at times all may/will differ.
Ive seen charts differ between different data providers, different live sources (eg Bourse and WebIress) ... its something we have to live with.
b) if yes, is it possible that every once in a while, it would not ( like yesterday) causing traders / investors to make wrong trading decisions, 
Yes ... and that is something you have to allow for in your trading plan
c) if not, is Findata lying to me - is this customary (I'm new to this!!),
d) if not, if I can provide third party evidence that this inaccurate data has caused me financial loss - do I have any recourse with the data provider (Findata) to make good my loss. I realise that I may not have any recource with ASX directly as the contract to provide EOD data is between ASX and data provider (in this case Findata).
That would depend on the contract you have with FinData.  Most data suppliers will have clauses which dont allow for this.
I would appreciate if any body would share their understanding of all or any of the above with me.
Kind regards
PS I have received another e-mail from Findata with ASX EOD data for yesterday at 2:16pm - more that 2 hours into today's trading! 
Thats technology for you.  MOst people still trade from data provided for by their newspapers.  Do they sue the NZ Herald because their paper wasn't delivered one night?  No ... its up to the trader, I feel, to ensure the tools the use are accurate, reliable and appropriate.  I know many will disagree ... but that is the lie I take for my own trading.  It still amazes me the degree people go to in todays age where they have become so accustomed to "information delivery" that when it goes wrong the finger pointing begins.  No disrespect Vijay ... just thats the tone I sensed from your Email.

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