Schwimmer is betting on Refinitiv and financial data revolution to unseat incumbent
David Schwimmer’s grand vision of financial data has received the enthusiastic backing of the London Stock Exchange‘s shareholders. Since news of the LSE’s impending $27bn acquisition of data provider Refintiv broke three weeks ago, the exchange’s shares have risen 20 per cent as chief executive Mr Schwimmer acted on his belief that “data capabilities will define the success of financial market infrastructure business”.
But making a success of the deal will require squeezing more out of Refinitiv, a company with a record of underperformance. And it requires betting against Bloomberg, a longstanding and formidable foe. For the past decade, Refinitiv has lost ground to Bloomberg, with a 22 per cent share of the global market for financial data compared with its bigger rival’s 32 per cent, according to Burton-Taylor International Consulting, a division of TP ICAP.
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