Daily newspapers Are price pages and stock market advertisements also at risk of migrating to the Internet? The consequences would be devastating - especially for the NZZ. In the good old analog days, the NZZ was still a "must-read" for Swiss securities trading - both under stock exchange law and in its own newspaper headline. With the introduction of electronic trading on the Zurich Stock Exchange ten years ago, this special status lapsed. What remained, however, was the publication obligation of listed companies - keyword: listing advertisements - and the daily (closing) price pages in the business section of the daily press.If you count the latter on any given working day, a regional newspaper averages a maximum of two pages, the Tages-Anzeiger three to four and the NZZ a whopping 11 to 13 pages. In contrast to the classifieds market, a shift of this segment to the Internet would therefore hit the central organ of the Swiss economy by far the hardest.
Calculable cluster riskNZZ publishing director Tobias Trevisan also acknowledges "a calculable cluster risk". However, this only applies to the four or so daily fund advertisement pages discreetly marked as such at the top right. These are paid for by the advertising banks on a monthly basis per line and, according to Trevisan, cost the clients roughly the same as regular full-page advertisements.
The remaining eight regular price pages on average are an editorial reader service that the NZZ obtains from the financial information service of Telekurs Financial (TKF). Trevisan is unable or unwilling to quantify how much of a burden such a pre-selected and pre-formatted page places on the editorial budget. TKF, the third player in this non-transparent market alongside Reuters and Bloomberg, is also keeping quiet about this (see box). A look at the Swiss customer list is granted: It includes the Tamedia titles 20 Minuten and Finanz & Wirtschaft as well as a number of regional newspapers, but not the Tagi.
Online is already sufficient for derivativesIn contrast to its competitors, Telekurs currently only offers print data, but no Internet data. No wonder TKS Sales Manager Peter Wanner emphasizes the "better clarity and handiness of printed stock exchange pages" compared to the digital real-time medium. Trevisan also emphasizes that Internet financial services do not provide archivable reviews of a trading day (which are still required by the supervisory authorities), but merely snapshots of current trading activity. These are probably for
active stock market participants, but not for the general public.
However, one trend is definitely pointing towards the Internet: Last fall, for example, the Admission Board of the Swiss Exchange (SWX) exempted the growing number of issuers of derivatives, bonds and other fast-moving securities from the publication requirement in newspapers. SWX spokesman Werner Vogt believes it is "not unlikely" that more sustainable financial instruments and at some point even listing notices will only have to be published electronically. For Swiss publishers with national daily and business newspapers, such electronification would not only mean losses running into the millions, but also a further loss of importance. It is difficult to say what would weigh more heavily for NZZ & Co.
"Quote Publisher "As a globally operating financial information service provider with Swiss roots, Telekurs Financial (TKF) believes in the future of stock market pages in the press. This is demonstrated by the "Quote Publisher" content management system developed by the Biel-based Telekurs subsidiary Rolotec in cooperation with the NZZ. This software package automates the production of stock market pages, which is under immense time and precision pressure, and reads the financial data - for example closing prices, high and low prices, volume data, but also calculated values such as market capitalization - directly into the respective typesetting system.
The "Quote Publisher" also keeps the subscribed business editors informed of all important stock market news and trends. The newspaper's internal manual work is limited to the selection of securities and stock exchanges and the insertion of any advertisements in the stock exchange pages. According to TKF Sales Manager Peter Wanner, the costs of this service vary greatly depending on the scope of delivery, technical complexity and contract term. (oc)
Share prices as a reader service, fund advertisement pages and emmision advertisements as sources of income: The latter are coming under increasing pressure.
Oliver Classen