Following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Thomson Reuters Financial & Risk business will be known as Refinitiv.
Closing of the transaction is expected to occur in the second half of 2018 and until then the business will continue to be known as Thomson Reuters Financial & Risk.
The firm says, “The new name was created based on feedback from customers and industry influencers on the intrinsic value of the Financial & Risk business to the industry. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial technology.”
The Financial & Risk business of Thomson Reuters is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 150 countries. As a standalone company, it says it will continue to focus on providing leading data and insights, trading platforms, market data infrastructure and open technology platforms that support and connect a thriving global financial markets community – driving progress in areas such as trading, investment, wealth management, regulatory and market data management, enterprise risk and tackling financial crime.
“Thomson Reuters Financial & Risk has a rich history and reputation and it was important to us that our new name celebrated both our pride in our legacy and also the defining role we will continue to play as an integral and innovative part of the financial markets community,” says David Craig, president, Thomson Reuters Financial & Risk and future CEO of Refinitiv. “We see a future defined by an accelerating speed of change, where technology-led automation will not only continue to see the rise of smarter machines but also the rise of more productive and smarter humans.
“As we innovate with our customers and partners at the intersection of data, technology and financial services, we firmly believe in a trusted financial system that empowers smart and sustainable investment and financing,” he continues. “We believe in fair and efficient markets. We believe that we can find better ways for our customers to prevent financial crime. And we believe that cloud technology will drive speed and agility in the analysis of data and the unearthing of new opportunities. We are excited about the role we, as Refinitiv, will play in this future to the benefit of our customers, financial markets and the wider world.”
In the release the firm reiterates that its flagship platforms, Eikon and Elektron Data Platform, will continue to be central to Refinitiv’s open platform strategy, however it does not include the trading platforms in that paragraph, something that may fuel speculation the new majority owners are open to a sales of those resources.