21 Oct 2018 Battle lines shift as Refinitiv sets its sights on data giant Bloomberg
The wall backing on to David Craig’s office is like a battlemap covered with his skirmishes. The boss of Refinitiv, an 18-day-old financial data company carved out of Thomson Reuters, has scribbled on nearly every inch of the whiteboard wall with ideas to grab a greater slice of the global financial data market, worth nearly $30bn.
Craig says the “competitive landscape is changing completely” towards one of multiple players: “The new battleground is around data.”
The “B” word barely touches Craig’s lips but Refinitiv’s rivalry with Bloomberg looms large. The financial data giant, co-founded by former New York mayor Michael Bloomberg, has a stranglehold on global markets. Bloomberg took a third of the financial market data and analysis last year, while Thomson Reuters’s slice was 22.5pc, according to data from Burton-Taylor International Consulting.