The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Refinitiv and Tradeweb Renew Data Agreement, But Where Next for Tradeweb?

Refinitiv, formerly the Financial and Risk business of Thomson Reuters, has renewed an agreement with Tradeweb Markets to make Tradeweb market data, including additional datasets, available for exclusive redistribution.

The expanded, multi-year agreement enables financial professionals to access Tradeweb data across multiple Refinitiv platforms and solutions, based on the user’s individual preferences and workflow requirements. The options include Refinitiv’s flagship financial platform, Eikon, as well as Elektron, Datascope, Refinitiv cloud-based solutions, and Tick History.

The agreement also provides for the delivery of additional data sets across multiple fixed income instruments including credit, rates, money markets as well as cash and derivatives. The data is sourced from multiple platforms within Tradeweb for market participants in the institutional, wholesale (Dealerweb), and retail (Tradeweb Direct) markets.

Brian McElligott, head of data strategy at Tradeweb Markets, says: “Tradeweb provides access to market data that is essential for financial professionals to make informed trading decisions. Refinitiv represents a natural distribution channel for Tradeweb and the agreement expands on a long and successful partnership.”

While the Refinitiv and Tradeweb agreement is set to last several years, the future of Tradeweb is less certain. Refinitiv owns a 56% majority shareholding in the company, but recent speculation suggests Refinitiv might consider a partial sale or IPO of the trading asset, which transacts over $500 billion daily in bond, derivative and exchange traded funds and is estimated to be worth around $4 billion. In October 2018, Refinitiv CEO David Craig suggested in an interview with Financial News that: “The IPO discussion is an option. We haven’t committed to it but it certainly is an option.” He noted that an outright sale was less likely. An alternative outcome noted in October 2018 by Lee Olesky, Tradeweb founder and CEO, could be sector consolidation, which could potentially merge Tradeweb with its leading rival MarketAxess.

The agreement also continues an ongoing content partnership between Refinitiv and Tradeweb under RCM 19901, the longstanding Reuters Capital Markets pricing and data service for US dollar interest rate swaps. In August 2018, Refinitiv extended and expanded this data service through a collaboration with Tradeweb owned wholesale business Dealerweb to provide US Treasury and other datasets.

The move to add Treasury pricing represented the latest wrangle in the saga of page 19901 data. Originally offered by Telerate, which was later acquired by Reuters, the service used Treasury pricing from Cantor Fitzgerald via Market Data Corp and interest-rate swaps data from IDB Tullett & Tokyo. It has since been through a number of reincarnations and in July 2018 was challenged for the first time when US Treasury data source Brokertec teamed up with Bloomberg to create a competitor to 19901.

Related content

WEBINAR

Upcoming Webinar: Infrastructure monitoring: mapping technical performance to business performance

Date: 1 July 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes It’s a widely recognized truth that if you can’t measure something, you can’t improve its performance. As high-performance connectivity technologies have established themselves in the mainstream of financial firms’ trading architectures, the ability to monitor messaging and data infrastructures...

BLOG

First New York Deploys Eventus for Cloud-Based Trade Surveillance

First New York has implemented a cloud-based version of Eventus Systems’ Validus trade surveillance system to monitor its futures trading and investment activities, with a view to expanding the deployment to its equities and equity options trading business. According to Shawn Fischman, General Counsel & Chief Compliance Officer at First New York, “As a multi-asset,...

EVENT

Data Management Summit Virtual

The Data Management Summit Virtual will bring together the global data management community to share lessons learned, best practice guidance and latest innovations to emerge from the recent crisis. Join us online to hear from leading data practitioners and innovators from the UK, US and Europe who will share insights into how they are pushing the boundaries with data to deliver value with flexible but resilient data driven strategies.

GUIDE

What the Global Legal Entity Identifier (LEI) Will Mean for Your Firm

It’s hard to believe that as early as the 2009 Group of 20 summit in Pittsburgh the industry had recognised the need for greater transparency as part of a wider package of reforms aimed at mitigating the systemic risk posed by the OTC derivatives market. That realisation ultimately led to the Dodd Frank Act, and...