Reuters acquires REDI to create end-to-end multi-asset trade management platform
Thompson Reuters has agreed to acquire trading technology pioneer, REDI Holdings subject to regulatory approval. The REDIPlus advanced cross-asset execution management system will be integrated into Eikon, Thompson Reuters' next-generation financial markets desktop, and Elektron, its suite of data and trading propositions, to create an integrated workflow solution for the buy-side community that will compete with firms such as Fidessa, FlexTrade, Tradair and Bloomberg.

2016-09-22 13:07 ET - News Release

Mr. Michael Chin reports

THOMSON REUTERS STRENGTHENS BUY-SIDE TRADING CAPABILITIES WITH REDI ACQUISITION; ACQUISITION ALLOWS THOMSON REUTERS TO OFFER ADVANCED, BROKER-NEUTRAL, CROSS-ASSET TRADE EXECUTION CAPABILITIES FOR THE BUY-SIDE TRADING COMMUNITY

Thomson Reuters Corp. has signed a definitive agreement to acquire REDI Holdings, a trading technology pioneer whose flagship REDIPlus execution management system (EMS) provides advanced cross-asset class trading capabilities to the buy side. The acquisition is expected to close by the end of the fourth quarter, subject to customary closing conditions including regulatory approvals.

The REDI acquisition is intended to help Thomson Reuters deliver an integrated workflow solution to the buy-side trading community. By incorporating REDI's trading capabilities into Eikon, Thomson Reuters next-generation financial markets desktop, and Elektron, its suite of data and trading propositions, Thomson Reuters will enable institutional traders to move seamlessly from pretrade activities to trade execution across asset classes on an integrated platform.

"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," said Michael Chin, managing director of global head of equities at Thomson Reuters. "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's own strategy."

Founded in 1992 by market-maker and New York Stock Exchange specialist Spear, Leeds & Kellogg, REDI has a strong record of delivering EMS capabilities to the buy side. From 2001 to 2013, REDI was owned and operated by Goldman Sachs. In 2013, Goldman Sachs spun out the REDI business into a collaborative, industry-backed consortium including Bank of America Merrill Lynch, Barclays, BNP Paribas, Citadel and investment funds affiliated with Lightyear Capital LLC, as well as Goldman Sachs. Bank of America Merrill Lynch also transferred its InstaQuote EMS to REDI as part of its investment.

"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," said Rishi Nangalia, chief executive officer of REDI.

Thomson Reuters provides powerful and intuitive next-generation workflow solutions for consuming real-time and historical data, enabling end-to-end transaction processing and connecting the financial markets community. Eikon is an open system, customizable to the individual needs of a financial professional or institution. Its award-winning news, analytics and data visualization tools help its users make more efficient trading and investment decisions across asset classes. Elektron is a suite of data and trading propositions that include low-latency feeds along with the analytics, enterprise platform and transactional connectivity to support any workflow application.