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Thomson Reuters Creates Marketplaces Group

Thomson Reuters is creating a new group called Marketplaces as part of a move to combine its Sales and Trading and Investment and Advisory businesses.

The two businesses operate within Thomson Reuters’ Markets division which the company plans to disband early next year, along with its other division, Professional. Thomson Reuters says it will transition to a set of focused business units in a restructuring intended to accelerate growth.

Marketplaces is one of those business units and will be headed by Jas Singh, currently global head of treasury in the Markets Division, according to people familiar with the restructuring.

Under the new Marketplaces group, Thomson Reuters will bring together its global financial markets communities, trading venues and post-trade capabilities into one division where it will focus on the content, infrastructure, distribution and end-to-end workflow needed to simplify how customers can access and transact across multiple communities.

Marketplaces is a global group and Singh will have 10 senior managers reporting directly to him. They include Matt O’Hara, head of foreign exchange and money markets, Americas, who will lead the group in the Americas.

Other regional heads include Paul Allmark, global head of electronic trading, who will become head of the group for Europe, and Jacob Dajani, who will lead the group in the Middle East, Africa, Commonwealth of Independent States and Central and Eastern Europe. Anthony Northam, sales director, Asia Treasury Transaction Services, will become head of the group for Asia.

The four managers will be tasked with overseeing sales, strategic development and business management across all trading venues, including Thomson Reuters Dealing, Matching, RTFX, Reuters Electronic Trading (RET) and the Thomson Reuters Dealing Aggregator.

Paul Clarke will continue in his role as global head of product management and Sarah Hayes, global head of strategy, Sales and Trading, will retain a similar role as head of strategy and business execution.

Robin Poynder, head of FX and money markets, EMEA, will assume the role of head of regulation. The appointment comes at a time when platform providers are preparing for final OTC regulation that will require most derivatives to be electronically traded, centrally cleared and reported to a repository. Poynder has become increasingly involved with regulatory matters and has regularly spoken at industry conferences about the impact of the Dodd-Frank Act in the US and similar proposals in Europe.

Phil Wellard, global head of the transaction platform group, will become head of development and support services, while Chris Barrett, sales director, Treasury Transaction Services, will take on the new role of head of liquidity sales, Europe. Jack Linker, sales director, Treasury Transaction Services, Americas, will become head of liquidity sales, Americas.

The company has not listed Mark Kiley, who was global head of Treasury Transaction Services, in its re-organisation table, according to the sources. It is understood that he is exploring other opportunities within the company.

The changes will likely come into effect early next year. Singh, who joined Reuters in 2002 after it acquired his technology startup AVT Technologies, will continue to report to Shanker Ramamurthy, president of Financial Professionals and Marketplaces.

According to one Thomson Reuters source: “Marketplaces is about connecting financial markets professionals across the globe and empowering trade in a changing regulatory environment.”

The moves come a short time after Thomson Reuters announced plans to disband its Markets and Professional divisions following the abrupt departures of Devin Wenig, the Markets division’s chief, and five senior staff. Wenig had managed Thomson Reuters’ $7.5 billion Markets division, which serves banks, brokerages and other firms, since Thomson Corp’s 2008 takeover of Reuters. During that time he oversaw the integration of the two companies’ financial markets businesses and the consolidation of Markets’ product lines into a two-platform strategy – Eikon and Elektron.

The departures were seen as a sign that the board and Woodbridge, the Thomson family’s holding company, were exerting tighter control over the company after a year in which its shares had fallen by 20% after a slower than expected uptake of the new product lines.
Speaking at the time, Thomson Reuters’ CEO, Tom Glocer said that having Markets and Professional divisions had made sense when Thomson Corp. bought Reuters and needed to concentrate on merging its financial data businesses without distracting its professional units.

He said the latest restructuring would streamline the organisation and enable it to work better across business units to achieve growth and capture operating efficiencies from scale.

“The professional markets in which we operate are marked by increasing collaboration among specialists and Thomson Reuters must operate with the speed and agility needed to serve these demanding professionals,” he said.

Separately, Robert Daleo, chief financial officer, will be retiring in July 2012 when he turns 63 years old. Daleo has served as CFO since 1998. Stephane Bello, currently chief financial officer of the Professional division, will succeed him as chief financial officer of Thomson Reuters, effective January 1, 2012, and Daleo will then serve as vice chairman of the company until his retirement.

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