It’s not Refinitiv they were purchased be LSEG back in 2020. Refinitiv, now part of the London Stock Exchange Group, gathers and provides institutional data through platforms like Refinitiv Eikon and Refinitiv Workspace.

These platforms pull data from various sources, including large asset managers and prime brokers, to track institutional holdings and market activity. Schawb and others pays LSEG to keep an eye on large acquisitions, manage portfolios, and stay compliant with regulations like 13D filings.

Prime brokers use this data to offer services to institutional clients, giving them insights into shareholder structures and transactions ahead of major events way ahead of any of us.

Schawb is a prime broker in my opinion #2. I’d be cautious thinking LSEG is pulling bad data. I’m still on the fence and more on the glitch side but it’s completely reasonable to assume this could be accurate information and not reported yet. I just had a conversation with schawb about the reporting and there are definitely ways around reporting timelines. Also if you dig deep enough there are specific laws in SEC. These are into a few I grabbed and I looked most of these up last week in depth. There are work arounds with 8-K but I don’t want to belabor the point.

1. Passive Investment (Rule 13d-1(b)):
File 13G instead of 13D if acquiring >5% without control intent. 13G is due 45 days after year-end or Feb 14 if within first 10 days.
2. Transactional Exception (Rule 13d-1(d)):
Acquisitions part of a merger or acquisition can delay 13D filing until the transaction completes.
3. Change in Intent (Rule 13d-1(c)):
If intent shifts from passive to active, file 13D within 10 days.
4. Entity Exemptions (Rule 13d-1(e)):
Banks, insurers, or fiduciaries may be exempt from immediate 13D filings.
5. Confidential Treatment (Rule 24b-2):
Request confidential treatment for sensitive transactions, but file 13D on time.

These are some main ones.


Actually I’ll add one more thing but I’ll keep it short. In order to LSEG to get this data before everyone else the broker deals in order to sell the data.

They get data early through prime broker relationships with big investors like hedge funds and asset managers. As part of deals, such as mergers, they have early access to it before any of us do and are very much often a part of the deal just on the outside looking in.