NEW YORK and LONDON, July 27, 2018 /PRNewswire/ -- Thomson Reuters Financial & Risk business today announced that following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the 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 new name, Refinitiv, 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 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," commented 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," Craig continued. "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. 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."
Thomson Reuters Financial & Risk's flagship platforms, Eikon and Elektron Data Platform, will continue to be central to Refinitiv's open platform strategy, with over 20,000 developers using its open APIs to create an ecosystem of over 50,000 customer and partner applications.
Thomson Reuters Financial & Risk provides access to over 300,000 financial professionals via its Eikon Messenger community; its data feeds currently deliver up to 6.3 million updates per second for over 65 million instruments; it provides one of the world's largest FIX order routing networks handling order flow of over 40 billion shares a day; and over 300,000 derivatives contracts are traded daily via its buy-side trading platform. Thomson Reuters Financial & Risk has one of the world's largest entity databases covering three million corporations and operates the largest KYC utility with 390,000 built, published and maintained KYC records. Its FX trading platforms support an average of $400 billion in daily FX volumes and it supports over $350 billion in bond trading via its electronic fixed income platform Tradeweb. In addition, over 180,000 wealth management professionals use Thomson Reuters Financial & Risk desktop products.
Thomson Reuters and Blackstone announced their strategic partnership on 30 January 2018. As part of the transaction, Thomson Reuters will sell a 55% interest in the Financial & Risk business and will retain a 45% interest in the business. Canada Pension Plan Investment Board and an affiliate of GIC will invest alongside Blackstone.
About Thomson Reuters
Thomson Reuters is the world's leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking, including the company's expectations regarding the timing for closing of the proposed Financial & Risk transaction and Mr. Craig's comments and statements regarding the future Financial & Risk business. These forward-looking statements are based on certain assumptions and reflect our company's current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. There is no assurance that a transaction involving all or part of the Financial & Risk business will be completed or that other events described in any forward-looking statement will materialize. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
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SOURCE Thomson Reuters Financial & Risk