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Internet Access to the SEC EDGAR Database
- To: carl@radio.com
- Subject: Internet Access to the SEC EDGAR Database
- From: lplotczy@advent.com
- Date: Tue, 29 Aug 95 14:15:59 PST
Chairman Arthur Levitt Securities and Exchange Commission 450 5th Street, N.W. Washington, DC 10549
Re: Internet Access to the SEC EDGAR Database
Dear Chairman Levitt:
Since January, 1994, the non-profit Internet Multicasting Service has maintained an on-line database of U.S. EDGAR documents, as well as the full text of U.S. Patent documents, for the American public to access at no charge. The Internet Multicasting Service will terminate this project on October 1, 1995. I write to you today to encourage the SEC to provide public access to the EDGAR database via the Internet.
Advent Software, Inc. is the investment industry's leading provider of portfolio management and trading solutions. Our clients are primarily composed of investment advisory firms who rely on our software to manage more than $800 billion in assets. In addition to providing high-quality investment management systems, we have played an important role in helping our clients comply with SEC initiatives. Most recently, we worked hand-in-hand with The Depository Trust Company to manage our clients' transition to a T+3 settlement period.
As a technology solutions provider, we are excited by the opportunities that the Internet presents for our clients in particular, and the investment industry in general. Over the past two years, the explosive growth of the World Wide Web (WWW) has created new opportunities for distributing information and creating investment services over the Internet. We at Advent Software are committed to the Internet as a powerful business communication network, and as the enabling technology for creating a virtual investment community.
Our clients look to us to lead them to new technology. We are currently developing two primary services which will enable our clients to take advantage of the Internet: ú We are currently developing a WWW site for our clients which will provide "links" to resources on the Internet which are of interest to the investment advisory firm. We expect that our clients will find the EDGAR database an extremely valuable resource in their day-to-day business activities. ú Furthermore, we are currently designing an electronic data integration service which will use the Internet as the primary communications network. We feel that the Internet, coupled with the appropriate privacy and security systems, is a powerful, cost-effective network for business communication.
In short, these two initiatives will lead our 3,100 investment advisor clients to the Internet. These investment advisors are the perfect audience for the EDGAR database, and the ability to have instant access to SEC filings would be of tremendous benefit to them.
We were happy to read in the August 16 Wall Street Journal that you are raising the Internet distribution of SEC filings to the "highest priority." We encourage the SEC to create or sponsor a publicly available WWW site to host the EDGAR database as quickly as possible.
Sincerely,
John J. Griffin Vice President, Marketing Advent Software, Inc.
cc: Vice President Gore Hon. Ron Brown, Secretary of Commerce Ms. Sally Katzen, Office of Management and Budget
Hon. Newt Gingrich, Speaker of the House Hon. Robert Dole, Majority Leader of the Senate Hon. Barbara Boxer Hon. Dianne Feinstein
Mr. Carl Malamud, President, Internet Multicasting Service
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