Bigger fund companies have indeed resisted more disclosure, citing management problems and competitive issues.

"Every infrastructure industry starts with lots of competition and then as competitive issues come up, we get more regulation."

Faster availability of data is a competitive issue for most organizations.

"In Bridgeport, we didn't want emergency medical services to be a competitive issue," he said.

Although it does not address these competitive issues, let's hope it is the starting point for genuine reform.

While she said she understood the competitive issues, "they could be more forthcoming."

The competitive issues, the note warns, go beyond the fact that the software is free.

He added, "It's a competitive issue that applies to everyone."

"But environmental benefits are going to become a competitive issue and another buying criteria."

A lot of his ideas are competitive issues for Vanguard.