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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