NEWS UPDATE
TRADING VENUES
LSEG completes $ 27 billion Refinitiv acquisition
After confirming the deal would complete on 29 January , LSEG has completed its blockbuster acquisition of Refinitiv .
The London Stock Exchange Group ( LSEG ) has completed its transformational acquisition of data and analytics giant Refinitiv for $ 27 billion .
LSEG has been working towards closing the deal for almost a year and a half , after confirming plans to acquire Refinitiv in August 2019 .
The transaction was initially expected to be completed in the second half of 2020 , but the European Commission launched an investigation into the deal after raising concerns that the combination could stifle competition in bond trading and market data .
Following months of standstill , the deal reached a turning point in January when the EU regulator finally
approved the acquisition , on condition that LSEG sell off its Borsa Italiana business and MTS bond trading platform . Pan-European exchange Euronext agreed to acquire Borsa Italiana , including MTS , for € 4.3 billion in October .
David Schwimmer , CEO of LSEG , said at an industry event in 2019 that the deal was driven by continuing changes across the industry , including the increasing importance of data and analytics , and the shift towards electronic and multi-asset trading .
Refinitiv will also offer LSEG a route into FX markets for the first time and broaden the exchange ’ s global footprint in terms of coverage in emerging and growth markets .
ETFs
State Street opens ETF trading platform to asset managers and broker-dealers
Firms that are not custody clients of State Street will now be able to access the Fund Connect ETF platform for trading .
State Street has opened its exchange traded fund ( ETF ) trading platform to all asset managers and broker-dealers , even those that are not a custody client of the organisation .
The investment bank said the Fund Connect ETF platform , which was previously only available to clients receiving securities services , will now be open to support all ETF issuers regardless of their service provider .
State Street ’ s platform currently serves 37 asset managers and 77 authorised participants ( APs ) – otherwise known as market makers such as broker-dealers .
The development builds on State Street ’ s recent expansion of its ETF servicing capabilities , with the platform now able to support all ETF trading jurisdictions across the globe including the US , Canada , Europe and Asia-Pacific .
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