The TRADE 53 | Page 86

[ S U R V E Y | E X E C U T I O N M A N A G E M E N T S Y S T E M S ] Thomson Reuters REDI One of the more interesting developments within the EMS industry in the last year was the acquisition of Reliability and Availability REDI by Thomson Reuters in early 2017. REDI started Latency life as the proprietary EMS for Goldman Sachs and then sought to develop into an independent multi-bro- Client Service Personnel ker platform with mixed success. For Thomson Reu- Ease-of-Use ters, the acquisition offered the potential to integrate Handling of New Versions/Releases with the Eikon and Elektron platforms to “enable in- stitutional traders to move seamlessly from pre-trade Breadth of Broker Algorithms activities to trade execution across asset classes on an Timeliness of Updates for Broker Changes integrated platform” according to the original press FIX Capabilities release. With almost 4,000 users on the REDI system, the combination clearly offers considerable scope for Breadth of Asset Class Coverage both product development and client growth in the Breadth of Direct Connections to Venues emerging regulatory and business environment. Product Development The Survey came too early to gauge the effects of the acquisition from a client perspective. The number Ease of Integration to Internal Systems of respondents increased quite dramatically, propel- Overall Cost of Operation ling REDI firmly into the ranks of major providers measured by type, size and location of respondents. Roughly two-thirds of responses came from US clients, Thomson Reuters REDI with a handful 2016 of others from 2017 both Europe and Asia. A very low proportion came from long-only managers, 4.84 5.49 with hedge funds providing the majority of returns. 5.57 the position 5.61 was solid but not In terms of scores, spectacular. The average score was up by 0.28 points 4.97 5.78 from 2016, but the latter was based on a relatively 5.53 5.72 small number of responses. The overall position for 5.08 REDI was very 5.12 much in the mainstream among the profiled providers. its principal compet- 5.11 Relative to 5.68 itors the strongest showing was in Client Service 5.44 5.56 and Ease-of-Use. These are important to clients and REDI beat the 5.76 Survey average 6.04 by nearly 0.30 points in each case. Perhaps reflecting the changes taking 4.08 5.66 place, scores were weakest in Product Development, 5.37 5.81 where the REDI score was below the default 5.0 4.77 4.86 level. Seeing how the acquisition works 5.36 5.35 in the context of Thomson Reuters broader battle with Bloomberg will 5.44 5.02 be interesting for clients and competitors alike. Cer- tainly it already appears to have invigorated the REDI business and added to the competitive landscape. 4.84 Reliability and Availability 5.49 5.57 5.61 Latency 4.97 Client Service Personnel 5.78 5.53 5.72 Ease-of-Use Handling of New Versions/Releases 5.12 5.08 Breadth of Broker Algorithms 5.11 5.68 5.44 5.56 Timeliness of Updates for Broker Changes 5.76 FIX Capabilities 4.08 Breadth of Asset Class Coverage 5.66 5.37 Breadth of Direct Connections to Venues 5.36 5.35 Ease of Integration to Internal Systems Overall Cost of Operation 5.02 0.00 1.00 2.00 2016 TheTrade 5.81 4.77 4.86 Product Development 86 6.04 Autumn 2017 3.00 2017 4.00 5.00 5.44 6.00 7.00