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Refinitiv

Refinitiv, now operating as , is a global provider of financial markets data and infrastructure, serving over 40,000 institutions in more than 190 countries. The company delivers comprehensive data, analytics, and technology solutions, including real-time pricing, estimates, company fundamentals, and trading infrastructure, primarily through platforms like (rebranded as Refinitiv Workspace) and . Originally carved out from ' financial and risk division, Refinitiv was sold in 2018 to a consortium led by Blackstone Group for approximately $20 billion, retaining ' 45% stake. In 2021, the () acquired Refinitiv in a landmark $27 billion all-share transaction, integrating it to form a leading financial data powerhouse and enhancing 's capabilities in data distribution and analytics. This acquisition positioned Refinitiv's assets at the core of 's data and analytics division, emphasizing scalable infrastructure for and , though it faced regulatory scrutiny over competition concerns in data services.

History

Origins in Thomson Reuters Financial & Risk Business

The Financial & Risk (F&R) business of originated from the merger of and plc on April 17, 2008, which formed and combined complementary financial data capabilities. contributed its Thomson Financial division, encompassing services like , , and trading tools acquired through expansions in the and , while brought its heritage in real-time financial news and data dissemination, tracing back to Paul Julius Reuter's establishment of the company in 1851 to transmit stock prices and commercial intelligence via telegraph and pigeons. This integration created a unified F&R unit serving banks, asset managers, and trading firms with end-to-end solutions for trading, , and . Post-merger, F&R focused on enhancing technology-driven products, launching the platform in 2010 as a successor to Thomson ONE, providing desktop access to integrated , , and for over 300,000 users globally. Concurrently, the Elektron real-time data infrastructure was introduced to support and scalable data delivery across . By 2013, F&R expanded collaboration tools with the Open Messaging Network and Messenger, enabling secure, compliant communications for financial professionals amid regulatory pressures like MiFID II. Under David Craig's leadership as president from 2011, F&R executed a strategic turnaround emphasizing cloud migration, API integrations, and customer feedback to address competitive challenges from fintech disruptors. This period saw investments exceeding $1 billion annually in R&D, bolstering F&R's position as Thomson Reuters' largest revenue generator, contributing approximately 45% of total revenues by 2017 through subscriptions and transaction-based fees. The business's scale included data on over 400 exchanges and coverage of 98% of investable global market capitalization, establishing it as a foundational provider in the financial information industry prior to external restructuring.

Rebranding and Blackstone Acquisition (2018)

In July 2018, announced that its business would be renamed Refinitiv upon completion of the planned divestiture, with the intended to establish a distinct identity focused on financial , , and technology services. The name "Refinitiv" was derived to evoke the refinement of vast data sets into actionable insights for global markets. On October 1, 2018, completed the sale of a 55% majority stake in the business—now operating as Refinitiv—to a led by , receiving approximately $17 billion in gross proceeds, net of transaction costs and related payments. retained a 45% ownership interest, with governance rights including board representation and certain veto powers over strategic decisions. The transaction valued the business at around $20.75 billion on a fully diluted basis, enabling to inject capital for technological investments and expansion while allowing to refocus on its core news, legal, and tax operations. The deal, initially agreed in principle earlier in 2018, faced no major regulatory hurdles and marked 's largest-ever investment in a technology-enabled services platform at the time. Post-acquisition, Refinitiv continued to leverage its and 3000 Xtra platforms, with emphasizing operational efficiencies and innovation in machine-readable data and AI-driven analytics.

LSEG Acquisition and Initial Integration (2021)

The London Stock Exchange Group (LSEG) completed its all-share acquisition of Refinitiv on 29 January 2021, following regulatory approvals including clearance from the under the Merger Regulation. The transaction, originally announced in 2019, involved LSEG issuing 204,225,968 new shares as consideration for the purchase, valued at £16,971 million ($23,253 million), with Refinitiv operating as a wholly owned thereafter. , which had retained a minority stake post its initial divestment to , received shares subject to a lock-up arrangement expiring on 29 January 2025. The deal significantly expanded LSEG's scale, increasing its employee base from approximately 5,500 to 23,000 and bolstering its data and analytics capabilities through Refinitiv's financial market data and technology assets. Initial integration efforts in emphasized and synergies, harmonization, and to leverage complementary strengths in exchange and data services. By the first half of , LSEG reported £77 million in run-rate synergies realized, surpassing initial projections and prompting an upward revision of the full-year target to £125 million; 27 new products were launched under the synergy program. Integration incurred £201 million in , alongside £99 million in acquisition-related expenses such as advisory fees and retention bonuses, contributing to non-underlying items of £1,226 million including amortization. By year-end, run-rate synergies reached £151 million—exceeding the original £88 million target—with synergies at £15 million run-rate, and a total of 48 synergy-related products introduced, positioning LSEG for enhanced multi-asset class coverage and in financial markets . These outcomes reflected a unified operational focus, though self-reported by LSEG, aligned with pro-forma financial growth including 6.1% total income expansion to £6.8 billion on a like-for-like basis.

Ongoing Developments and Partnerships (2022–2025)

Following the 2021 acquisition of Refinitiv by the London Stock Exchange Group (LSEG), integration efforts advanced significantly from 2022 onward, with LSEG reporting accelerated revenue synergies exceeding initial projections. By November 2023, LSEG raised its revenue synergy guidance for the Refinitiv integration to £350–£400 million annually by 2025, up from an earlier £225 million target, driven by cost efficiencies, workforce insourcing, and expanded data workflows. In its 2024 preliminary results, LSEG noted further strong progress on these synergies, including organic cost growth moderation to 6.4% partly attributable to Refinitiv-related efficiencies, marking the final periodic update on the targets as integration matured into a post-consolidation phase focused on innovation and growth. A key development enhancing Refinitiv's low-latency offerings occurred on May 18, 2022, when LSEG acquired MayStreet, a U.S.-based provider of execution software and high-frequency data solutions, for an undisclosed sum estimated around £400 million. The deal, completed in the first half of 2022, integrated MayStreet's packet capture () technology into Refinitiv's Tick History platform, enabling sub-20-microsecond data feeds and improved analytics for trading and , rebranded under LSEG's Low Latency Group. Refinitiv also expanded through strategic partnerships emphasizing data , , and cloud infrastructure. On November 8, 2022, Refinitiv signed an agreement with Capital.com, a trading platform, to supply real-time ESG data, AI-driven , and financial feeds, aiming to enhance sustainable investing tools for users. Similarly, on December 20, 2022, Refinitiv partnered with Clarity AI to develop a Sustainable Finance Disclosure Regulation (SFDR) reporting tool, integrating Refinitiv's ESG datasets with Clarity's metrics to aid investors in compliance and portfolio analysis. A broader LSEG-Refinitiv initiative launched on December 12, 2022, via a 10-year partnership with , leveraging cloud for next-generation data workflows, AI model training on Refinitiv datasets, and co-developed platforms; by 2025, this reached key milestones with initial AI-enhanced products entering the market, supporting LSEG's raised 2025 income growth forecast of 6.5%–7.5%. These efforts contributed to Refinitiv's role in LSEG's broader performance, including product innovations in and amid a 6.1% total income rise, positioning the combined entity for sustained expansion in financial markets through 2025.

Business Model and Operations

Core Products and Data Services

LSEG Data & Analytics, formerly known as Refinitiv, delivers core products centered on data, , and tools tailored for institutional investors, traders, and managers. Its primary platform, LSEG Workspace, integrates real-time news, pricing , advanced , and AI-driven insights to streamline professional across equities, , and derivatives markets, serving as the successor to the discontinued Refinitiv terminal, which was phased out on June 30, 2025. Workspace supports with third-party applications and emphasizes customizable dashboards for tasks like portfolio analysis and trade execution. The Refinitiv Data Platform provides API-based access to granular datasets, including (ESG) metrics, reference data for over 10 million instruments, historical trade records, analyst estimates, regulatory filings, and holdings, enabling programmatic integration for quantitative trading and compliance monitoring. This platform aggregates content from hundreds of global sources, delivering normalized data feeds that cover more than 400 exchanges and support high-frequency applications. Pricing and services form a foundational offering, encompassing and historical quotes for equities (with coverage of 99% of global market cap), securities, rates, and commodities, augmented by proprietary analytics for forecasting and assessment. These services, distributed via direct feeds or cloud-based solutions, cater to over 40,000 institutional clients across 190 countries, facilitating alpha generation through tools like reconstruction and derived from news and social signals. Specialized data modules include Datastream, which supplies time-series financial data spanning equities, indices, futures, and back to the 1950s, and risk intelligence solutions under LSEG Risk Intelligence for screening against sanctions, politically exposed persons, and adverse media. Overall, these products emphasize scalable infrastructure for handling petabyte-scale datasets, with a focus on accuracy verified through daily reconciliations against primary exchange sources.

Technology Infrastructure and Platforms

Refinitiv's technology infrastructure centers on the Refinitiv Data Platform (RDP), a cloud-enabled system providing RESTful APIs for accessing real-time, historical, and financial data across over 138 markets, including estimates for more than 60,000 companies dating back to 1976 and over 40 million regulatory filings. The platform supports delivery for intraday updates and bulk files, enabling integration into client applications for , , and tasks such as RFET . Complementing RDP is LSEG Workspace, a cross-platform solution (supporting PC, Mac, mobile, and tablet) that integrates market-leading data with productivity tools for , , and trading. This desktop and web-based interface streamlines operations by combining real-time feeds, analytics, and customizable dashboards, succeeding earlier tools like . In terms of cloud infrastructure, Refinitiv has migrated its core data platform and key systems to Microsoft Azure under a 10-year strategic partnership announced on December 12, 2022, which includes Microsoft acquiring a 4% stake in LSEG and investing up to $5 billion in joint development. This shift enables scalable, AI-ready solutions, including real-time full tick data distribution launched in 2023 and elastic computing for instrument pricing via RDP APIs. Supplementary cloud access, such as AWS for real-time data in Asia since August 2019, supports regional flexibility. Data processing incorporates for tasks like explaining extreme price movements through the project, which analyzes news sentiment alongside open-source models, and broader orchestration for transforming live feeds into insights. The Distribution System further enhances infrastructure by streamlining feeds with low-latency delivery and monitoring capabilities, often integrated with tools like ITRS for oversight. libraries in languages such as , .NET, and others facilitate usage, supporting hybrid on-premises and cloud deployments.

Global Reach and Revenue Streams

Refinitiv operates as the core of LSEG's Data & Analytics division, with a presence in over 70 countries and serving more than 40,000 financial institutions across 190 countries. Its infrastructure supports clients in major financial hubs including London, New York, Tokyo, Hong Kong, Singapore, Bengaluru, Hyderabad, Manila, and Mumbai, where LSEG maintains key offices focused on data processing, analytics, and client support. LSEG's global workforce totals 26,279 employees as of 2024, with over half located in Asia-Pacific to handle high-volume data operations and regional market demands; Refinitiv-specific headcount, integrated post-acquisition, aligns with this structure, emphasizing engineering and product development teams expanded by approximately 800 roles in 2024. Revenue streams derive primarily from subscription-based access to financial , analytics tools, and services, categorized under LSEG's Data & Analytics lines: Workflows (e.g., LSEG Workspace for real-time trading and research), Content & Technology (news feeds, indices like , and benchmarks), and Enterprise Data (custom datasets for and ). These generate recurring income through tiered licensing models, with Data & Analytics accounting for over 70% of LSEG's total group , which reached £8.858 billion in 2024 amid 8.4% overall growth. The segment saw 4.5% organic growth in 2024, driven by increased adoption of analytics platforms and data tools like Yield Book. Additional streams include transaction-based fees from redistribution and partnerships for access, though with LSEG has shifted emphasis toward bundled offerings combining Refinitiv's legacy with exchange-traded products.

Controversies

Compliance with Chinese Data Regulations

In June 2019, Refinitiv removed news stories related to the 30th anniversary of the crackdown from its financial terminals accessible to users in , citing compliance with local content regulations enforced by Chinese authorities. The action involved blocking distribution of specific articles, though Refinitiv intended the restrictions to apply only within ; however, some global users reported temporary inaccessibility. This move drew criticism from media observers for prioritizing over unrestricted , as 's Cybersecurity Law and related measures require internet service providers to prevent dissemination of content deemed to threaten or social stability. During the 2019 Hong Kong protests, Refinitiv installed an automated filtering system on its platforms, blocking over 200 stories on the demonstrations and other topics potentially critical of the Chinese government, such as reports on or . Internal documents reviewed by journalists indicated the filters targeted keywords and phrases to facilitate , aligning with 's "Great Firewall" requirements that mandate companies operating in the country to monitor and restrict sensitive political content. Refinitiv, as a major distributor of content to financial professionals, defended these measures as necessary to maintain service continuity in , where non-compliance could result in platform blocking or operational bans under the 2017 Cybersecurity Law. These incidents highlight broader tensions for foreign data providers in , where data and content regulations— including the 2021 Data Security and Personal Information Protection —impose localization, security review, and content control obligations on cross-border information flows. LSEG, Refinitiv's parent since 2021, maintains a dedicated Privacy Notice affirming adherence to these laws for processing, including rigorous safeguards for sensitive information and restrictions on transfers without regulatory approval. Critics, including advocates, contend such compliance enables state and erodes global access to factual reporting, though Refinitiv has not faced formal penalties from Chinese regulators for these actions and continues to expand partnerships, such as with Media in 2019 for enhanced market insights. No verified instances of Refinitiv violating Chinese data export or localization rules have been publicly documented, with operations focused on lawful adaptation to avoid disruptions in a key revenue market.

Criticisms of ESG Data Methodologies

Critics have highlighted several methodological shortcomings in Refinitiv's scoring system, including persistent size biases that favor larger companies despite the provider's claims of mitigation efforts. A study analyzing Refinitiv's data found that firm size continues to influence ESG scores under the existing , with larger firms receiving disproportionately higher ratings due to better data availability and for reporting, potentially distorting comparisons across company scales. Refinitiv's frequent revisions to historical ESG scores have undermined the reliability and predictability of its ratings, as providers retroactively adjust past data to align with evolving methodologies. Research from 2020 documented widespread changes in Refinitiv's historical ratings, attributing deviations to scoring adjustments that alter previously reported values, which complicates longitudinal and investor reliance on time-series data for assessing ESG performance trends. The aggregation methods for percentile rankings in Refinitiv's ESG scores have been questioned for lacking validity, particularly in how they combine pillar-level data into overall metrics without sufficient on and processes. A 2023 analysis critiqued these aggregations for introducing inconsistencies that fail to robustly reflect underlying factors, potentially leading to misleading investor signals. Refinitiv's ESG scores exhibit weak explanatory power in predicting or correlating with actual ESG controversies, such as environmental violations or governance scandals. A 2025 study comparing ratings from multiple providers, including Refinitiv, found its scores showed inconsistent and sometimes counterintuitive associations with controversy events, unlike competitors like , suggesting methodological gaps in controversy weighting and data integration. Broader divergences in ESG ratings across providers, including Refinitiv, stem from differences in measurement approaches, with low correlations (often below 0.6) between scores highlighting subjective criteria and opaque pillar weightings that prioritize certain metrics over others without empirical justification for causal impact. Refinitiv's also leans heavily on forward-looking, aspirational commitments—comprising about 60% of score components—over verifiable past performance, which critics argue inflates ratings for firms making unproven pledges while underpenalizing non-reporting on material issues.

Antitrust and Acquisition-Related Scrutiny

The proposed acquisition of Refinitiv by the London Stock Exchange Group (LSEG), announced on August 1, 2019, as an all-share transaction valued at approximately $27 billion, attracted significant antitrust scrutiny from regulators in multiple jurisdictions due to concerns over between LSEG's trading venues and Refinitiv's and analytics services. Analysts anticipated rigorous review, particularly in the , where the transaction entered a Phase II investigation to assess potential anticompetitive effects in financial markets. In the United States, the Department of Justice (DOJ) Antitrust Division conducted a review under its vertical merger guidelines, focusing on whether the combination could harm competition in data provision or trading services. On July 31, 2020, the DOJ closed its investigation without requiring remedies, concluding that the merger was unlikely to reduce competition or harm American consumers, as alternative data providers existed and LSEG lacked sufficient incentives or ability to foreclose rivals. This outcome contrasted with broader U.S. trends toward heightened merger scrutiny but aligned with the DOJ's assessment of limited horizontal overlaps. The imposed more stringent conditions following its in-depth probe, which identified risks of foreclosure in post-trade data reporting and (FX) benchmarks, where LSEG's ownership of trading venues combined with Refinitiv's capabilities could restrict access for competing vendors. On January 13, 2021, the Commission conditionally approved the deal, mandating structural remedies such as divesting Refinitiv's FXall and Matching , alongside behavioral commitments ensuring non-discriminatory data access for five years, including for rival post-trade reporters and benchmarks. These remedies addressed prior LSEG antitrust issues, such as partial foreclosure of venue data to competitors. The transaction closed on March 29, 2021, after satisfying these and other global approvals. Earlier, the 2018 Blackstone-led acquisition of a 55% stake in Thomson Reuters' Financial & Risk business—which formed Refinitiv—faced no notable antitrust challenges and completed on October 1, 2018, with regulatory clearances obtained routinely. No subsequent standalone investigations into Refinitiv's practices have been publicly reported beyond merger-related reviews.

Market Impact and Evaluation

Achievements in Financial Data Provision

Refinitiv has established itself as a leading provider of financial markets data, offering comprehensive coverage across equities, , , commodities, and derivatives, with data on over 100,000 companies traded on more than 170 exchanges worldwide, encompassing 99% of global . Its platform processes from approximately 150,000 sources, delivering 40 billion messages daily and supporting 9 million price updates per second. This extensive infrastructure serves over 40,000 institutions and 400,000 end users in around 190 countries, enabling efficient access to standardized, cleaned datasets for trading, , and . Key innovations include the launch of Full Tick Data, which captures every trade, quote, and tick across and became available on public platforms in 2023, reducing and enhancing for high-frequency applications. Refinitiv also advanced data delivery through –Optimized, a -based feed designed for optimized and cost efficiency, recognized as the most innovative project at the 2023 IMD & IRD Awards. These developments integrate for and partner with providers like Google Cloud to unlock value from vast datasets, maturing applications in quantitative . In terms of , Refinitiv received the Best Market Data Provider (Vendor) award at the 2023 IMD & IRD Awards for its market and historical solutions, underscoring reliability in supporting global trading workflows. It was also named Best Islamic Data Provider in 2021 by The Asset, highlighting specialized coverage in , Islamic indices, and Sharia-compliant instruments critical for emerging markets. These accolades reflect Refinitiv's emphasis on depth, timeliness, and integration, positioning it as a foundational layer for financial despite competitive pressures in commoditized feeds.

Competitive Position and Criticisms

Refinitiv holds a significant but secondary position in the financial data and market, with an estimated 20% share, trailing 's dominant 33% as of 2024 analyses. Primary competitors include , Workstation, and S&P IQ, each differentiating through capabilities, customizable workflows, and sector-specific , respectively. Refinitiv's platform emphasizes cost-effectiveness and visual tools for global market data, bolstered by integration with (LSEG) post-2021 acquisition, enabling strengths in exchange-traded data and infrastructure services. However, it lags in mobile accessibility and execution compared to , with users noting Eikon's edge in mobility scoring 8.5 versus 's 6.9 on comparative reviews. LSEG's ownership has supported Refinitiv's competitive stance through 2024 investments in and partnerships, contributing to group-wide total income growth of 6.1% and equity of £2.2 billion. Despite this, Refinitiv faces erosion in its TREP from emerging low-cost alternatives, prompting disruptions since 2020 as rivals target legacy . In head-to-head evaluations, offers superior API cleanliness for quantitative users, while Capital IQ excels in M&A due diligence, positioning Refinitiv as a mid-tier option for broad coverage rather than specialized depth. Criticisms center on data reliability and service delivery, with users reporting inaccuracies in tools like World-Check risk intelligence, including irrelevant search results and persistent download failures that impede workflows. Aggregate customer feedback reflects dissatisfaction, evidenced by a 1.8 out of 5 rating from 14 reviews citing unresponsive support and operational glitches. Pre-acquisition underinvestment reportedly hampered platform agility, though 2023-2024 expenditures addressed gaps amid competition from nimbler entrants. These issues contrast with peers' reputations for robustness, underscoring Refinitiv's challenges in maintaining trust amid high-stakes financial reliance.

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