Thomson Reuters

Industry-leading assets

Content

At the heart of what we deliver to our customers is the broadest and deepest global financial market content. Globally we source, manage and deliver real-time pricing data from over 250 equity and derivatives exchanges and 7,500 non-exchange sources. Our content crosses every geography, every traded instrument and almost every piece of data used in trading or investment decisions. The 8 million instruments in our database cover everything from company fundamentals, to CDS, to carbon prices and our historical data stretches back to the 1960s.

Reuters News

The trusted news source that moves markets. The speed of our response puts our customers ahead and our global scale means we are on the ground everywhere from Abu Dhabi to Zimbabwe, bringing you insight no one else can. We report on every financial market, in depth and without bias, ensuring our customers make accurately informed decisions, every time.

Liquidity and market access

Our foreign exchange, fixed income, equities and derivatives trading services are at the heart of the financial markets. Each day our customers transact over $350 billion in foreign exchange and trade more than 800 million equity shares through our equity trading networks. Through Tradeweb, our customers transact over $330 billion of Fixed Income securities, daily.

Technology

From enterprise infrastructure and data management applications to individual desktops and web-based portals, we provide scalable solutions for every segment of the financial community: from sales and trading to investment management, investment banking, wealth management and corporations. Our technology delivers content, analytics, collaboration and workflow tools in context to drive better decision making, manage risk and drive greater efficiency.

Infrastructure

Our real-time market data collection and distribution is unrivalled. Providing hundreds of thousands of messages per second at peak times, details of thousands of market events collected daily and data warehouses covering more than 20 years of historical data. Thomson Reuters has the most comprehensive financial services technology infrastructure in the world with data and distribution centers in all the major global hubs.

People

Our business is led by former traders, analysts and investment professionals. Inside our business we organize ourselves into customer-facing segments so that we develop our products and services from a deep understanding of our customers’ businesses. Our people are deployed on the ground in 93 countries, which means that our vast global scale has sharp local focus.

Bringing it all together

These assets come together in the new company in a highly complementary fashion. Reuters brings real- time market data, news, and a sell-side trading community. Thomson brings depth in historical and referential data, powerful analytics and a buy-side community. Our focus now is to bring these assets together in a way that delivers significant benefits for our customers; richer and more comprehensive product offerings, flexible delivery platforms, and streamlined supporting infrastructure; and more powerful decision support and trading systems.

Since the creation of our new company 90 days ago, we have worked on a plan to deliver those benefits. A summary is set out below. More details are contained in the segment summaries accompanying this document.

Content

We are moving swiftly to bring together our combined content assets to deliver an unparalleled suite of rich content to our customers. In many areas our jointly owned content sets are complementary but where there is duplication we have identified which ones are best placed to meet the needs of all of our customers. These best of breed solutions will combine the features of both but feed all strategic products. In addition:

• We are bringing together our two data models and symbologies. This will allow our customers to enjoy our richer content as it is made available in our strategic products. We will map all of our content to one master list of entities, be it companies, instruments or people, allowing customers to navigate seamlessly across all content types. 
• Over the coming months we will deliver waves of content enhancements including longer histories, more timely updates and broader coverage from the emerging markets. The combination of Thomson Reuters is able to deliver an even more comprehensive suite of content enabling customers to integrate the information they need throughout their workflow and across the whole enterprise.

Reuters News

Our strategic news service. It is already available to many Thomson ONE users and later this year, Reuters News will be made available to all Thomson’s customers and we will withdraw Thomson Financial News from service. Reuters News is currently being enhanced with elements of content that are unique to Thomson Financial News to ensure that customers truly experience the best of both news services.

Liquidity and market access

For our equities and derivatives customers we will create the world’s largest order routing network by integrating Thomson’s Tradeweb Routing Network with the Reuters Order Routing network. We will extend the distribution of Indications of Interest (IOI) by integrating Tradeweb’s AutEx with Reuters IOI network. Through Tradeweb, our fixed income customers already have access to liquidity in US Treasuries, Agencies, Interest Rate Swaps, and more.

Technology at the desktop

We will offer a simple, end-user-segmented product line-up. The products will be targeted and relevant for different geographies and job functions. Over time, all desktop products will leverage two core platforms:

• A new Thomson Reuters desktop platform, which will support a range of propositions, including our premium desktops
• Thomson ONE (both deployed and browser-based versions) which was purpose-built to support heavy-duty single security and portfolio-level analytics for investment bankers, investment managers, wealth managers and corporations. This platform is being enhanced through the inclusion of new assets brought through the merger. 
  

Our strategy is to upgrade all customers to these two core strategic platforms. Through these upgrades, customers will gain improved functionality and features and increased content. This will drive greater productivity for end-users as well as lowering their total cost of ownership through reducing the complexity of their technology infrastructure.

Over time, as we continue to support and develop the core strategic platforms, the best of breed features and functionality from each platform will be ‘cross pollinated’. Ultimately our desktop delivery will converge onto the new Thomson Reuters platform. 

Technology for the enterprise

Our goal is to enable customers to achieve business differentiation and efficiency by delivering industry- leading enterprise software products that work seamlessly together as end to end business solutions. Our products are open and extensible to support highly bespoke solutions that customers can use to drive mission-critical business applications. In the main, our future Enterprise suite is based on the successful Reuters offerings, for example RMDS and JRisk. The following three areas where a combination of assets will allow us to extend our capabilities:  

• PORTIA - Thomson’s standalone portfolio accounting application for asset managers will be brought together with Reuters DataScope Select and Reuters Hosting Services to present customers the choice of a comprehensive solution directly from Thomson Reuters.
• News  - Thomson’s ultra-low latency TQN news distribution platform will come together with Reuters News, Reuters NewsScope, Reuters News Sentiment Engine  and DataScope Tick History to provide an integrated content and analytic solution. These new capabilities and content will enable quantitative and event-driven trading customers to more effectively develop and back-test event-based investment strategies and seamlessly deploy such strategies in a real-time environment.
• Real-time Datafeeds - We will converge on the existing Reuters real time datafeed suite and data model in order to provide the most complete, robust suite of real time datafeed services that meet the full range of customer requirements

Supporting Infrastructure

Our goal is to dramatically simplify the supporting infrastructure so that all of our content and technology assets are available via one underlying infrastructure. This strategy provides a lower total cost of ownership to our customers as well as flexibility of delivering our content and analytics to desktops, portals and applications.

When completed we will have moved from five real-time data delivery networks to just one global network, removing infrastructure complexity and duplication. This will further enhance our goals to:

• Provide solutions that support low latency and algorithmic trading
• Allow customers to choose the level of data they need so they can cost effectively manage market data costs
• Increase security, quality of service and reliability of the network
• Deliver standardized data and concordance across multiple data sets

The Upgrade Process

For many of our customers, the benefit of our efforts to bring our assets together will flow through seamlessly, in the form of improved content, connectivity and functionality. In some cases however, we will be working with customers to plan upgrades to our strategic platforms so that every customer can profit from our 'best of breed' approach to products and services in the future. Our account managers are ready to work with all of our customers to deliver these upgrades in the most timely and least disruptive manner.

Thomson Reuters is confident that taken together, the strategies we have developed across our business have a common theme; by choosing the best of breed from the assets we have inherited and adding the innovation you expect of us, we will deliver a result for our customers which is greater than the sum of its parts. These principles will, over time, allow us to offer a greatly simplified portfolio of content, desktop and enterprise solutions, so our customers will benefit from lower total cost of ownership and enhanced performance.