More than a half century ago the University of Michigan Institute for Social Research created a well-received monthly index tracking American consumer sentiment. Until 2007 it was funded by more than 100 "supporters" who got an advanced look at the results. No one got overly upset by this. Such sangfroid is emblematic of a different era. In 2007 Thomson Reuters agreed to pay in excess of $1m for distribution rights to the University of Michigan index. In 2008 the information provider began sending the results out in three bursts-one a general distribution via press release; another five minutes earlier through all its terminals (which means it was reported by Reuters as well as other subscribers); and another a mere two seconds earlier but plenty long enough to be of use to a small coterie of fee-paying high-speed traders.
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机译：半个多世纪以前，密歇根大学社会科学研究所创建了一个广受欢迎的跟踪美国消费者情绪的月度指数。直到2007年，它都是由100多个“支持者”资助的，他们对结果进行了深入研究。没有人对此感到不安。这种sangfroid是不同时代的象征。 2007年，汤森路透（Thomson Reuters）同意支付超过100万美元，以获得密歇根大学（University of Michigan）指数的发行权。信息提供者从2008年开始分三批发送结果，一则是通过新闻稿发布。再过五分钟，通过其所有终端（这意味着它是由路透社以及其他订户报道的）；还有两秒前，但足够长，足以供一小部分收费的高速交易商使用。
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