Thomson Reuters is pushing DataScope Select, its delivery platform for non-streaming pricing and reference data, into the front office with the offer of data sets dedicated to the operation of transaction systems including order management systems (OMS), execution management systems (EMS) and portfolio management systems (PMS). Initial content is available immediately for OMS solutions under a DataScope Workflow License that combines technical indicators, pricing and reference data, and aims to streamline workflow processes.
This is Thomson Reuters’ first foray into the front office with non-streaming data tailored to specific systems and will pitch it into head-to-head competition with Bloomberg and other market data vendors offering similar services.
Kate Toumazi, global head of front office, Enterprise Content at Thomson Reuters, says DataScope Workflow License is a response to clients asking for additional pricing and reference data to power front-office systems such as OMS solutions. She notes that customers taking content from other non-real time data feed providers are experiencing price rises and are looking for an alternative provider, which is where Thomson Reuters comes in.
Toumazi says: “We recognise the challenges faced by the trading and investment communities. We understand that people are seeking cost-effective pricing, reference as well as technical indicator data to power specific front and middle-office workflows and our new license is positioned to meet these needs.”
The content set for OMS solutions has been available as part of DataScope Select for the past couple of weeks. It includes technical indicators that capture data relevant to forecasting prices in securities markets and initially covers equities, futures and options. A second phase of delivery will extend coverage to include a range of fixed income assets. The company is also working on data sets for EMS and PMS solutions, which are expected to be ready by mid-year, and will then build out asset class coverage. Each data set is represented in DataScope Select in a new template with fields set up to allow users to select the data they require to support the operation of specific systems.
Toumazi says the service is “competitively priced” with new content being priced depending on volume and within the existing DataScope Select commercial structure. Additional data sets can be integrated easily into client workflow, with support from Thomson Reuters’ specialists where necessary, and clients using DataScope Select in back offices are expected to be able to direct the service to the front office with relative ease.
“We are moving from being a general data provider to focus on use cases that address clients’ particular challenges,” says Toumazi. “We are targeting DataScope Workflow License at both the buy side and sell side, and have received interest from global banks as well as much smaller accounts. Any firm with a data feed into front-office apps is in our range and we will then service all workflows, not just the back and middle office.”
To ensure Thomson Reuters’ front-office content reaches the widest possible audience, the company will also offer the data through established redistribution and market partners, and is inviting more to join its pricing and reference data community so that all relevant front-office systems, whether deployed, hosted or sold as complete solutions, will have access to content under the DataScope Workflow License.