Thread regarding FactSet Research Systems Inc. layoffs

@hm Yep, that’s why the industry is so pi---d. You have to pay some greedy banker a--holes who corrupted an industry standard, and their lapdog FactSet, a ridiculous sum for what are essentially phone numbers for investment vehicles. It doesn’t end there though. Next you have to do onerous compliance work on downstream distribution. It’s mafia behavior.

The really ridiculous part is that issuing 9 digit alphanumeric serial numbers is like a 5 minute code project, but CGS goes on and on about “50 years of innovation”. It’s more like 20 years of innovating asinine licensing practices.

@hm

This is why o yhink there is risk of larger class action against firm and board. They knew the risk and went forward anyway assuming nobody would notice

@fd I was at the set back when the then CUSIP license holder was starting to do their shakedown of the industry - including factset's clients. I want to say this was circa 2008? Senior management - including the then CEO (PAH) - were beyond annoyed at the entire scheme. It was a major distraction and irritated everyone as some non-trivial engineering work was required to even placate the CUSIP enforcers. And then they buy it! Just d-mb.

@fd Much easier to take down FactSet than freaking S&P Global.

Crazy part is that the law suit came out a few days after the acquisition. Anyone in the industry knew the risk. The factset board and leadership completely blew due dilligence.

@e2 https://www.courtlistener.com/docket/63135036/411/dinosaur-financial-group-llc-v-cusip-global-services/

Link?

Does that mean they get a big fine or they no longer can charge for cusip going forward?

Nothing ages quite like a business model that depends on nobody seriously challenging its legality.