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A-Team Insight Blogs

SIX Telekurs’ 2009 Results Confirm Reference Data Biz Remains Bright Spot

Following on from the relatively robust performance of rival Thomson Reuters’ Enterprise division and Interactive Data’s overall performance last year, SIX Telekurs has added to the optimism in the reference data market with the announcement of a 2009 revenue increase of 1.8% on previous year’s figures for the reference data and valuations part of its Financial Information business. Although SIX Telekurs’ overall figures for the year were in keeping with the dismal state of the market overall – operating income decreased by 7% to CHF1,252.9 million and the group’s net income fell by 28% to CHF220.3 million – the growth of its reference data business mirrors the experiences of its rivals.

Urs Rüegsegger, CEO of SIX Group, notes that it was a turbulent year overall: “Given the difficult market conditions, we achieved a good operating result in 2009. All in all, the diversification of income due to the diversified business portfolio worked to our benefit.”

However, the Financial Information business’ revenues for the year declined overall due to the relatively poor performance of its display and market data segments. The business declined to CHF415.8 million from the previous year’s level of CHF418.8 million due to the revenue shortfall of 3.5% for its display segment and 20.1% for its market data segment. Much like rival Thomson Reuters, SIX Telekurs’ reference data and valuations segment was the main bright spot for the division overall with its 1.8% increase.

When measured against Thomson Reuters’ Enterprise Information business line, which grew 9% on continued demand for pricing and reference data, SIX Telekurs’ figures seem to be rather modest. Moreover, Interactive Data also experienced a 6% revenue growth in its Pricing and Reference Data business. It is likely therefore that SIX Telekurs will beef up its push in the reference data space over the course of 2010 in order to improve its relative performance, given the strength of this particular corner of the market.

In the meantime, the vendor indicates that “decisive progress” was also made last year in integrating French data vendor Fininfo Group, which was acquired in 2007, into the Financial Information business. Cost synergies and positive sales figures for SIX Telekurs products in the former Fininfo markets are becoming effective, it notes. Fininfo was a provider of both market and reference data on securities for investment advisory services, fund administration, portfolio management, financial analysis and securities administration and had subsidiaries in Spain, the Netherlands, Belgium, Sweden, Morocco and Monaco.

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