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Refinitiv

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LSEG Data & Analytics
FormerlyThomson Reuters Financial & Risk
Company typeSubsidiary
IndustryFinancial technology
Founded2018; 6 years ago (2018)
HeadquartersNew York City, US (operational);
London, England, UK (corporate)
Key people
David Craig (CEO)
ProductsEikon
RevenueUS$6.1 bn[1] (2017)
Number of employees
18,500 (2018)[2]
ParentLondon Stock Exchange Group
Websitewww.refinitiv.com

LSEG Data & Analytics, formerly Refinitiv, is an American-British global provider of financial market data and infrastructure.

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

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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

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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

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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.[citation needed]

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 is the provider of World-Check, a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations.[19] It is also a member of the Global Coalition to Fight Financial Crime.[20]

See also

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Other notable financial data providers include:

References

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  1. ^ "Annual Report 2017". Thomson Reuters. Retrieved 2018-10-19.
  2. ^ a b "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. ^ a b 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. ^ "Refinitiv Adds Greek Firms Working in Russia to World-Check Base". The National Herald. 2022-09-11.
  20. ^ 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.


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