Refinitiv

Last updated
Refinitiv
FormerlyThomson Reuters Financial & Risk
Type Subsidiary
Industry Financial technology
Founded2018;5 years ago (2018)
Headquarters New York City, US (operational);
London, England, UK (corporate)
Key people
David Craig (CEO)
Products Eikon
RevenueUS$6.1 bn [1]  (2017)
Number of employees
18,500 (2018) [2]
Parent London Stock Exchange Group
Website www.refinitiv.com

Refinitiv is an American-British global provider of financial market data and infrastructure.

Contents

The company was founded in 2018 as a subsidiary of Thomson Reuters, which then sold a 55% stake to Blackstone Group LP in August 2018. In October 2019, Blackstone and Thomson Reuters announced the sale of the company to London Stock Exchange Group. LSEG completed the US$27 billion purchase from the two previous owners in late January 2021, and Refinitiv is now a subsidiary of LSEG.

The company has an annual turnover of $6 billion with more than 40,000 client companies [3] in 190 countries. [2] [4]

History

Refinitiv's predecessors include Thomson Financial.

Thomson Reuters sold a 55% majority stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group LP on October 1, 2018, in a deal which valued the total F&R business at about $20 billion. This business was formed into Refinitiv. [5]

Under the deal, Thomson Reuters transferred its complete financial and risk product portfolio to Refinitiv, with the exception of Regulatory Intelligence, Risk Compliance Learning and Data Privacy Advisory Services. Company CEO David Craig presided over the transfer from Thomson Reuters, which he joined as Group Strategy Director in 2007. [6] British-born Craig's previous role was a partner at US-based global management consulting firm McKinsey & Company.

In August 2019, London Stock Exchange Group (LSEG) agreed to buy Refinitiv in an all-share transaction valuing the company at $27 billion. [7] LSEG expected to receive regulatory approval to close the transaction in the first quarter of 2021. [8] It was finally awarded such approval by EU regulators in January 2021. [9]

In 2019, Refinitiv spun off Tradeweb in an IPO, while maintaining a controlling interest. [10] [11]

In March 2020, Refintiv announced the purchase of software-as-services firm Scivantage for an undisclosed amount. [12]

Refinitiv acquired Advisor software in July 2020 and Red Flag Group in October 2020. [13] [14]

On May 18, 2022, LSEG announced its acquisition of MayStreet, a low latency execution software and market data provider. [15]

At the end of August 2023, the Refinitiv brand was retired in favour of LSEG brand. [16]

Censorship in China

Under pressure from the government of China, Refinitiv censored over 200 stories by Reuters covering the 2019–20 Hong Kong protests, removing them from its Eikon platform for consumers in Mainland China. [17] The company developed a "Strategic China filter" to block politically-sensitive stories from readers in Mainland China. [17]

Operations

Refinitiv runs more than 130 [18] fintech data, analytics, trading, and risk assessment tools including World-Check, a risk intelligence database for financial crime legislation compliance, FXall, Eikon, the execution management system REDI, Datastream for macro-economic analysis, Quantitative Analytics on the Cloud, AutoAudit and the Elektron Data Platform, creating 32,000 risk intelligence records every month from internal and third-party sources. Another, the World-Check Risk Intelligence database, compiles information from international financial watch lists, government records, and media searches to tackle money laundering. Refinitiv also maintains a database featuring more than a million mergers and acquisitions (M&A) deals spanning over 40 years, covering corporate finance transactions and investment banking league tables across equity markets, debt, loans, bonds, project finance, initial public offerings (IPOs), joint ventures, repurchases, private equity and municipal bonds.

Although Thomson Reuters used to be a minority shareholder in Refinitiv, it supplies Reuters news and content to the company's 400,000 plus customers in more than 40,000 businesses around the world, supported by a network of at least 13,000 registered developers.

The company's innovation group, branded as Refinitiv Labs is tasked with taking the lead in exploring new directions and creating new capabilities, derived from part of Thomson Reuters Labs, initially with sites in London, New York, Singapore, San Francisco and Cape Town (later the Cape Town site was closed and the San Francisco site moved to another part of the organization). It consists of engineering, user experience (UX)/design thinking, research, data science and management functions.

Refinitiv's Developer Portal [19] includes data feeds, SDKs and APIs, documentation, sample code, learning materials and community Q & A forums. These run alongside "developer days" in regional centers on topics including machine learning, cloud services and relevant legislation such as GDPR.[ citation needed ]

Refinitiv is the provider of World-Check, a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations. [20] It is also a member of the Global Coalition to Fight Financial Crime. [21]

See also

Other notable financial data providers include:

Related Research Articles

<span class="mw-page-title-main">Thomson Corporation</span> Information company

The Thomson Corporation was one of the world's largest information companies. It was established in 1989 following a merger between International Thomson Organization and Thomson Newspapers. In 2008, it purchased Reuters Group to form Thomson Reuters. The Thomson Corporation was active in financial services, healthcare sectors, law, science and technology research, as well as tax and accounting sectors. The company operated through five segments : Thomson Financial, Thomson Healthcare, Thomson Legal, Thomson Scientific and Thomson Tax & Accounting.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.

Reuters Group plc was a British multinational media and financial information company headquartered in London, United Kingdom. It was acquired by the Thomson Corporation in 2008, forming Thomson Reuters, and moved its head office to Toronto.

FXall is a foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network with headquarters in New York. The company provides electronic trading in the foreign exchange market to institutional clients using straight through processing. Clients include active traders, asset managers, corporate treasurers, market makers, broker-dealers and prime brokers. The company has been a subsidiary of Refinitiv since 2018.

<span class="mw-page-title-main">Finastra</span> Software companies of the United Kingdom

Finastra is a financial software company headquartered in London, England. The company offers a portfolio of products and solutions to the retail banking, transaction banking, lending, and treasury capital markets. Finastra was formed in 2017 by the combination of London-based Misys, a provider of financial operations software, and global payments and lending technology provider D+H. At the time of its formation, Finastra was considered the third-largest financial services company in the world.

World-Check is a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations, used around the world to help to identify and manage financial, regulatory and reputational risk. World Check formed part of the Thomson Reuters Risk Management Solutions suite before being transferred to Refinitiv after a merger deal with The Blackstone Group in October 2018.

<span class="mw-page-title-main">Thomson Reuters</span> Canadian multinational information conglomerate

Thomson Reuters Corporation is a Canadian multinational information conglomerate. The company was founded in Toronto, Ontario, Canada and maintains its headquarters in that city's Bay Adelaide Centre.

Thomson Reuters Lipper is an American financial services firm. Founded in 1973 as Lipper Analytical Services, it was acquired by Reuters in 1998.

<span class="mw-page-title-main">London Stock Exchange Group</span> British financial services company

London Stock Exchange Group plc (LSEG) is a United Kingdom-based stock exchange and financial information company headquartered in the City of London, England. It owns the London Stock Exchange, Refinitiv, LSEG Technology, FTSE Russell, and majority stakes in LCH and Tradeweb.

<span class="mw-page-title-main">BC Partners</span> Private equity firm

BC Partners is a British international investment firm with over $40 billion of assets under management across private equity, credit and real estate in Europe and North America. Its global headquarters are in London. The firm invests across all industries. BC Partners was founded in 1986 and has offices in New York, Paris and Hamburg. Since inception, BC Partners has completed 113 private equity investments in companies with a total enterprise value of €145 billion.

IHS Markit Ltd was an information services provider that completed a merger with S&P Global in 2022. Headquartered in London, it was formed in 2016 with the merger of IHS Inc. and Markit Ltd.

<span class="mw-page-title-main">Verisk Analytics</span> American data analytics and risk assessment firm

Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.

Centerview Partners is an American independent investment banking firm. Centerview operates primarily as an investment banking advisory firm. Centerview has 60 partners and 400 professionals with expertise across a wide range of industries, geographies, transaction structures and sizes.

Cvent Holding Corp. is a software-as-a-service (SaaS) company based in Tysons Corner, Virginia, that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement. Cvent also offers software for hotels and venues to manage group and corporate travel business, and attract group business through its sourcing platforms. Previously public, Cvent was taken private by investment firm Blackstone Inc. for $4.6 billion in June 2023.

<span class="mw-page-title-main">Tradeweb</span> American financial services company

Tradeweb Markets Inc. (Tradeweb) is an international financial technology company that builds and operates electronic over-the-counter (OTC) marketplaces for trading fixed income products, ETFs, and derivatives. Its customers include banks, asset managers, central banks, pension funds and insurance companies. Tradeweb's headquarters are in New York City.

Eikon is a set of software products provided by Refinitiv for financial professionals to monitor and analyze financial information. It provides access to real time market data, news, fundamental data, analytics, trading and messaging tools. It provides data on asset classes including foreign exchange, money markets, fixed income, equities, commodities, funds, and real estate.

<span class="mw-page-title-main">Clarivate</span> American analytics company

Clarivate Plc is a British-American publicly traded analytics company that operates a collection of subscription-based services, in the areas of bibliometrics and scientometrics; business / market intelligence, and competitive profiling for pharmacy and biotech, patents, and regulatory compliance; trademark protection, and domain and brand protection. In the academy and the scientific community, Clarivate is known for being the company which calculates the impact factor, using data from its Web of Science product family, that also includes services/applications such as Publons, EndNote, EndNote Click, and ScholarOne. Its other product families are Cortellis, DRG, CPA Global, Derwent, MarkMonitor, CompuMark, and Darts-ip, and also the various ProQuest products and services.

<span class="mw-page-title-main">GLP (company)</span> Singapore based global real estate logistics provider and investment manager

GLP is a global real estate logistics provider and investment manager based in Singapore. The company’s warehouses serve logistics service providers, manufacturers, retailers and e-commerce companies such as Amazon and JD.com.

The International Financing Review, also known as International Financing Review Magazine, is a London-based financial magazine and was established in 1974. It contains stories and data on international investment banking companies and international securities markets. Its ISSN number is ISSN 0953-0223.

Lee Olesky is an American financial executive and entrepreneur. He is co-founder of Tradeweb and formerly served as the company's Chairman and Chief Executive Officer. Tradeweb is an international financial technology company that builds and operates electronic over-the-counter marketplaces for trading fixed income products, ETFs, and derivatives.

References

  1. ↑ "Annual Report 2017". Thomson Reuters. Retrieved 2018-10-19.
  2. 1 2 "Refinitiv aims to spend to take on Bloomberg". Financial Times. 2 October 2018. Retrieved 2018-10-18.
  3. ↑ "Meet Refininitv". October 2018. Retrieved 2018-10-01.
  4. ↑ "Refinitiv CEO aims to kick-start faster growth for '$6-billion startup' born out of Thomson Reuters-Blackstone deal" . Retrieved 2018-10-19.
  5. ↑ "Thomson Reuters closes deal with Blackstone". NASDAQ.com. 2018-10-01. Retrieved 2018-10-18.
  6. ↑ "Executive Team". Refinitiv.
  7. ↑ Massoudi, Arash (August 2019). "London Stock Exchange clinches acquisition of Refinitiv for $27bn". Financial Times.
  8. ↑ "London Stock Exchange expects regulatory nod to Refinitiv deal". Reuters. 2020-12-09. Retrieved 2020-12-09.
  9. ↑ "Press corner". European Commission - European Commission. Retrieved 2021-01-14.
  10. ↑ Devasabai, Kris (2019-12-02). "Tradeweb's IPO shows how OTC markets are changing". Risk .
  11. ↑ Harty, Declan (2019-03-07). "Refinitiv's Tradeweb Markets files for IPO". S&P Global.
  12. ↑ "Why data provider Refinitiv is buying software services firm Scivantage". Financial Planning. 2020-03-02. Retrieved 2020-03-03.
  13. ↑ "Refinitiv acquires Advisor Software Inc". www.wealthadviser.co. wealth adviser. 29 July 2020. Retrieved 14 November 2021.
  14. ↑ Carrick, Angharad (5 October 2020). "Refinitiv buys the Red Flag Group as it expands due diligence offering". www.cityam.com. CityAM. Retrieved 14 November 2021.
  15. ↑ "LSEG to acquire MayStreet".
  16. ↑ "Simplifying our brand". www.lseg.com. lseg. Retrieved 25 August 2023.
  17. 1 2 Stecklow, Steve; Barbaglia, Pamela; Harney, Alexandra (December 12, 2019). Williams, Michael; Hirschberg, Peter (eds.). "Refinitiv deployed filter to block Reuters reports as Hong Kong protests raged". Reuters.
  18. ↑ "Products". Refinitiv.
  19. ↑ "Developer portal on refinitiv.com". 18 September 2018.
  20. ↑ "Refinitiv Adds Greek Firms Working in Russia to World-Check Base". The National Herald . 2022-09-11.
  21. ↑ Monroe, Brian (2021-09-21). "For Refinitiv's Phil Cotter, jump from distilling information to divining fincrime risk, protecting the vulnerable, the 'highlight of my career'". Association of Certified Financial Crime Specialists.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.