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

A-Team Insight Blogs

Talking Reference Data with Andrew Delaney: Eikon – A Window to Enterprise Data

At the risk of sounding contrarian, could it be that an earlier generation of Thomson Reuters management was onto something when it put a whole lot of the Thomson family’s eggs in the Eikon basket?

While the initial vision may have been of a modern premium trader desktop, the latest incarnation is more of a window into Thomson Reuters’ data and capability set – and potentially a vehicle for accessing enterprise data both within the firm and hosted in the cloud.

This week’s unveiling of Eikon 4 – together with a bunch of sentiment analysis capabilities – illustrates the strides Thomson Reuters has made in terms of improving the user experience and utility of a desktop/mobile data and analytics service.

Eikon 3 may have given an inkling of what was to come. But this latest version truly has the feel of what a modern financial information source should look like. You’ll laugh, but it reminded me of the time I first set eyes on BridgeChannel: streaming data and analytics through the public Internet – a modern market data service.

We were lucky enough to get a briefing on the new Eikon capabilities from Peter Moss and his team in London. From a functionality standpoint, highlights for us included:

  • Sentiment analysis – drawing on algorithms developed by Thomson Reuters’ Machine Readable News group, and including analysis of Twitter to identify positive/negative and noise (volume) signals.
  • Eikon Answers – uses proprietary algorithms to parse text, identify entities, and then map entities to assets for rapid access to relevant data and analytics.
  • Maps – Currently provides 20 indicators per country accessible from a map of the world. From here, it can perform a range of macroeconomic analysis. We’d love to use this to map the financial enterprise, identify the business activity, and provide access to supporting data sets and applications.
  • Excel Function Builder – Introduces the Eikon Answers function into an Excel plug-in, and raises the prospect of the same for Thomson Reuters data feeds. Integrates with MS Office suite to pull updated data into Word, PowerPoint and other reporting tools.
  • Application Library – Smart menu, with Apple AppStore/iTunes look and feel, where Thomson Reuters/third-party/proprietary applications reside. Ability to call up apps by asset class, categories, etc.
  • Mobile/Table support – Eikon Now is a kind of Bloomberg Anywhere that runs in Mac OS and Android environments. We particularly liked the Snap Search ability to photograph a document on the road and then run it through Eikon Answers.

But it was the whole, rather than the sum of the parts, that left an impression; a coherent, intuitive and well thought-out offering that draws upon a pretty full complement of Thomson Reuters data and analytics capabilities. Key to this is the AutoSuggest search capability, which caters to those among us young enough to expect computers to ‘speak’ to us, rather than demand strings of unintelligible coding. RIC access is still available for the dinosaurs….

Eikon 3 offered Autosuggest and its single command line search for some 10 million instruments. Eikon 4 boosts availability of this to some 55 million instruments. You can now type in a company name and the terms research, charts, whatever, and it’ll find it for you. You can save searches in cascading tabs, to access different data types, different asset classes, and so on.

What made it even more interesting was the obviously high-powered, possibly Big Data-based technology that underpins many of the new stuff and makes navigation between activities so seamless.

Moreover, Thomson Reuters’ positioning of Eikon as a window into a single platform with the Elektron hosting and distribution environment at its heart, could raise some tantalising possibilities. Why not use Eikon as an access point to a managed Thomson Reuters Quantitative Analytics capability running on Eikon? Why not use Eikon as the base platform to deliver your particular suite of client algorithms, drawing upon both proprietary and Thomson Reuters data sets? Why not use it as the access point to all data across the enterprise, with the ability to commingle and seamlessly manage internal and external data?

Why not, indeed?

Moss reckons Eikon’s new ‘data discoverability’ will allow Thomson Reuters to take market share. From whom, he didn’t mention. But clearly he didn’t need to. Certainly, this latest Eikon release represents a new round in the Desktop Wars that have been ongoing for as long as most of us can remember.

The next big battleground may be chat. There are industry moves afoot – some public and some very private at this point – to federate the unfederated and break Bloomberg’s lock on this key functionality. How this will pan out is anybody’s guess. But whatever the outcome, chat continues to present challenges with respect to control and compliance, which is why this is a topic we’ll be exploring at our Data Management Summit in London on March 6.

As usual, get in touch if you’d like to get involved.

Related content

WEBINAR

Recorded Webinar: Brexit: Reviewing the regulatory landscape and the data management response

With Brexit behind us and the UK establishing its own regulatory regime having failed to reach equivalence with the EU, financial firms face challenges of double reporting, uncertainty about UK regulation, and a potential exodus of top talent. The data management response is not easy and could stretch some firms to the limit as they...

BLOG

China Merchants Bank Selects Appway for Onboarding and KYC Compliance Checks

China Merchants Bank – Singapore branch (CMB SG) has selected Appway to provide client lifecycle management solutions and domain expertise to accelerate the branch’s compliance agility and efficiencies. Appway’s Singapore office will lead the implementation of its Onboarding for Wealth and KYC Review solutions, as well as its Digital Binder product for front to back...

EVENT

RegTech Summit New York City

Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...