Thomson Reuters Now Competes with Bloomberg EMSX After REDI Acquisition

REDI was majority owned by Goldman Sachs Group from 2001 to 2013.

Thomson Reuters Corp (TRI:New York) today announced that it has finally purchased the trading technology firm Redi Global Technologies LLC (REDI Holdings) for an undisclosed sum, according to a Thomson Reuters report.

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The acquisition provides Thomson Reuters’ clients with an alternative to Bloomberg’s widely used EMSX, and it will also find itself competing with the likes of Fidessa, FlexTrade, Tradair and others.

Terms of the agreement were not disclosed but Reuters expects to close the deal before the end of 2016, pending customary closing conditions including regulatory approvals.

Redi describes its flagship REDIPlus execution management system as a “modular, end-to-end trade management platform” which provides advanced cross-asset class trading capabilities to the buy-side.

The acquisition of REDI strengthens the big data vendor’s desktop transactions capability, provided through its flagship Thomson Reuters Eikon, and is a significant step forward in its strategy to deliver an integrated workflow solution to the buy-side trading community.

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“Extremely complementary” to Thomson Reuters

Thomson Reuters institutional customers will now have the ability to move seamlessly from pre-trade activities to trade execution across asset classes on an integrated platform.

According to REDI website, the firm offers its community, which includes more than 5,000 active users, access to nearly 175 execution brokers with the ability to route equities, futures or options orders globally, “as well as dozens of integrated prime and clearing brokers through our expanding suite of middle office tools.”

Michael Chin, Managing Director and Global Head of Equities at Thomson Reuters, commented: “Integrating REDI into Thomson Reuters solutions will enable us to transform Eikon into a world-class trading solution for the buy-side and further expand the breadth and depth of market data available to them via Elektron — helping our customers participate in the market with greater intelligence and efficiency.”

“Like Thomson Reuters, REDI has a long commitment to innovation through its open technology platform that seamlessly integrates third-party data, applications and capabilities — a core tenet of Thomson Reuters own strategy,” he added.

Redi was founded by Leeds & Kellogg in 1992. From 2001 to 2013, it was majority owned by Goldman Sachs Group Inc., which at that time was considering options including a sale. While the bank kept a minority stake, the technology provider’s ownership was transferred in 2013 to an industry-backed consortium including Bank of America Corp., Barclays Plc, BNP Paribas SA, Citadel and Lightyear Capital.

Rishi Nangalia, CEO of REDI, added in the press release: “The buy-side continues to need truly open, broker-neutral trading systems. We made the decision to become part of the Thomson Reuters family so that our team could realize our ambitious product goals with access to the deep resources and technological infrastructure of a global leader in financial services. Our capabilities are extremely complementary to Thomson Reuters and will allow us to bring together an independent, end-to-end trading solution to market that is unique in the industry.”

 

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