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Feature Article
One Step Backward. Two Steps Forward.
by Peter Schwartz

For years, Securities Mosaic used the same, single-row format to display filing search results. One filing record = one row. Yes, it was Old School, and kind of cramped. But boy, you could fit a lot of information into the results page using this approach.

That was then. This is now. We launched a major new upgrade to the All SEC Filings page at the end of December. With lot of new search fields (Index Membership. NAICS Codes. Location Data. Financial, Performance, and Ownership Data). And with Keywords in Context for text searching.

So far, so good. But we had a question. How do we display all of this new information on the filing results page? It wouldn’t fit on one row. However, we also could not imagine not making it available.

Then we had what at the time seemed like a brilliant idea. Let’s put all of this great information in a tabular record, with multiple rows! And then let’s put the KWIC right below each record, just to be sure every bit of information is available to our customers.

At the moment we released the new page, queasiness tempered our excitement. The new page felt right, but something was wrong. The results took up way too much space. They were difficult for the eye to scan. Would this new page work? And then came the deluge of customer feedback. It was uniformly polite, but firm. This page cannot stand.

We realized that we had made a classic error of logic by confusing two distinct levels of analysis – the filing level and the company level. We also realized that the old single-row approach truly did work well. And yet the company and KWIC information remained valuable. So how to resolve this conundrum?

In a few days, we will release a new All Filings results page that combines the wisdom of the Old School with the technical advances of the New School. Using a technology called Ajax, we deliver a simple row of results with basic filing information. A series of tabs on the right side of each row allows you to choose to view more detail for the company, the filing, and the text preview.

This approach captures both the distinction between different kinds and uses of information, as well as our own commitment to learning from our mistakes. One step backward. Two steps forward.

Snow or no, our neighbors to the north prepare to host the 2010 Olympic Winter games. Photo by M-J Milloy. Some rights reserved.

Document of the Week
Follow This on Twitter

In light of the recent explosion of social media sites, blogs, and forums, and their increased focus toward business interests and far-reaching groups of professionals, FINRA recently released Regulatory Notice 10-06 [Social Media Web Sites: Guidance on Blogs and Social Networking Web Sites].

The notice does at least three important things. It offers guidance for firms regarding their responsibilities for recordkeeping of online communications. It addresses concerns about what is suitable. And it details different types of electronic forums and their relevance to regulations such as NASD Rule 2210, which specifies standards for communications with the public. Regulatory Notice 10-06 [Social Media Web Sites: Guidance on Blogs and Social Networking Web Sites]

What You Need To Know About Instant Messaging (Mayer Brown, 1/29/2010)
Poison Pills Revisited (Gibson, Dunn & Crutcher, 1/29/2010)
SEC Removes Roadblocks to Use of Non-GAAP Measures in Filings (Davis Polk & Wardwell, 2/1/2010)

Website Tip
Oh, Canada!

Looking for filings from companies headquartered in British Columbia? Or incorporated in Quebec? You can now search by Canadian province in the “Business Location” and State of Incorporation fields. Combine with a text search such as olympic* and (vancouver or winter) to see who is gearing up for the upcoming winter Olympics in Vancouver.
Let the games begin.

Website Tip
CFTC Enforcement Search Page

Quick: Since 2000, which hedge funds have had their assets frozen? Questions like these are child’s play if you know where to look on Securities Mosaic. Updated Daily, our CFTC Enforcement search page allows you to efficiently locate and compile notices of CFTC enforcement activity. Search by action type, defendant name, violation, penalty, and more. If you spend time manually pulling documents from the CFTC website, then this page is for you.

How do I find...
Subsidiaries of Carnival Corporation?

To locate Carnival Corporation’s list of subsidiaries, start on our Exhibits Search page, enter Carnival Corp in the Company Name box, select (21) Subsidiaries of the registrant in the Exhibit Numbers menu, and click Search.
Subsidiaries of Carnival include Holland America Line, Princess Cruise Lines Ltd, and much more!

KM Picks

Interesting or noteworthy items in print, onscreen, or online.

Free Exchange
In a KM Pick last year, we referred to the Financial Times’ blog Alphaville as “the business blog equivalent of an all-you-can-eat-buffet.” Free Exchange, The Economist’s version of Alphaville, likewise offers a veritable feast of punditry aimed at the voracious reader. Colorful graphs and flow charts are ubiquitous, like so many sprigs of parsley to garnish the day’s servings.