Thomas Dinneny has been tasked with driving strategy and new business in the region as demand for voice surveillance systems in the industry grows amid regulatory developments.

He has significant experience in trade surveillance, having worked as head of compliance, surveillance and derivatives solutions at Thomson Reuters. Prior to that, Dinneney was global head of trade surveillance and corporate compliance technology at JP Morgan.

“With regulation continuing to fuel demand for voice surveillance systems, there has never been a better time to join a forward-thinking company like Fonetic. It is great to be working closely with such an innovative team to support the next stage of business growth across the Americas,” Dinneny commented.

Fonetic has also appointed Tony Foreman as head of global sales to lead the firm’s sales efforts. Foreman has previously worked in senior sales positions at FIS, Apama and market surveillance firm Ancoa.  

“Where previously voice surveillance was seen as an area which was too complex for the technology to get right, financial institutions are starting to realise that there are systems available which can cater to all of their needs,” Foreman said. “As banks seek out new surveillance solutions, there is a fantastic opportunity for Fonetic to broaden its customer reach internationally.”

Fonetic added that the new appointments come at a time when firms are more accountable for the behaviour of their traders and employees due to regulations such as MiFID II and the Senior Managers Regime.

The company said last year that banks are upping efforts in surveillance of voice and chat communications, after receiving 20% more requests from major institutions about how to monitor calls and chats between traders.

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The agreement will see E. Öhman J: or Fonder (Öhman) implement Refinitiv’s desktop, trading, data and analytics, and will cover everything from pre- to post-trade workflow across the firm.

Öhman, which currently manages around $10 billion in assets, is also partnering with buy-side straight through processing software specialist AlphaDesk to deploy its order and portfolio management systems (OMS/PMS).

“Changing our systems and system provider is part of our strategic work to sustainably establish us in the technological forefront, building an infrastructure allowing us to grow our business organically and through acquisition,” Öhman’s head of business technology and transformation, Agneta Jakas Rosengren, commented.

“In our competitive market where it is crucial to optimise the balance between cost and effect we have decided to team up with Refinitiv, and AlphaDesk, and we are looking forward to a fruitful partnership.”

Debra Walton, chief customer proposition officer at Refinitv, added that the partnership demonstrates the confidence that financial firms place in Refinitiv’s products and services.

“Delivering a truly global, cross-asset buy-side offering requires tailoring our capabilities across all regions and financial segments. We are excited for the opportunities this deal offers us both in the Nordic region and globally, and look forward to working with Öhman.”

Refinitiv was recently established after Thomson Reuters sold a 55% stake in its Financial & Risk business in October to Blackstone. Following the completion of the deal, the Thomson Reuters Financial & Risk unit was renamed Refinitiv.

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The deal will see Refinitiv’s data become available to customers who use Microsoft applications and services, including Excel, MSN Money and Bing, by the end of this year.

Microsoft News will also publish financial data from Refinitiv alongside market news from more than 1,000 publishers and 3,000 brands via MSN.com, the MSN Money app and other Microsoft products.

“In a complex and fast-moving world, more people than ever need accurate, comprehensive data they can trust at their fingertips to work smarter, make better decisions and succeed,” said Debra Walton, chief customer proposition officer for Refinitiv.

“This agreement harnesses the ubiquity of Microsoft’s software and apps to bring the power of our trusted financial data to consumers and business users in all corners of the world.”

Refinitiv currently provides financial data and information covering 181 markets, including pricing, with up to seven million updates per second across 70 financial instruments. Users of Microsoft products will have access to company information and price data.

Earlier this month Thomson Reuters rebranded its Financial & Risk business to become Refinitiv, after closing the sale of a 55% stake in the company to private equity firm Blackstone.

“This agreement is an exciting expansion of our relationship with the Thomson Reuters Financial and Risk business as it becomes Refinitiv,” added Jean-Philippe Courtois, executive vice president and president of global sales, marketing and operations at Microsoft.

“It empowers our customers with access to high quality, trusted financial data directly in Microsoft apps and services helping them be more productive and make fast, informed decisions.”

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As part of the deal, Thomson Reuters said that it received approximately $17 billion in gross cash proceeds, $10 billion of which will be returned to shareholders through a substantial issuer bid/tender (SIB) offer process. 

Of the remaining $7 billion, Thomson Reuters added that $4 billion will be redeemed as debt, $2 billion will be kept as cash on its balance sheet to fund acquisitions, and $1 billion will cover transaction-related costs.

Now the deal has been completed, Thomson Reuters Financial & Risk has been renamed Refinitiv, with the firm’s flagship Eikon and Elektron desktop services expected to continue to be a pivotal part of the business.

“This is a unique moment in our 160-year history as the Financial & Risk business of Thomson Reuters now steps forward as Refinitiv,” said David Craig, CEO of Refinitiv.

“We firmly believe that efficient, transparent and trusted markets are good for all and that Refinitiv’s role is at the heart of this, providing access to clean and consistent data on a global scale… Refinitiv will continue to deliver the critical data, insights and open technology infrastructure that the market has come to expect.”

The consortium of investors, led by Blackstone and including the Canadian Pension Plan Investment Board, also said that the new Refinitiv business will invest in a number of areas, including content coverage, artificial intelligence and analytics across the Eikon and Elektron platforms for buy-side trading, wealth and banking clients.

“We are pleased to close this landmark partnership transaction with Thomson Reuters,” added Martin Brand, senior managing director, Blackstone. “Blackstone is excited to invest in Refinitiv to pursue a business plan focused on accelerating growth through innovation, in partnership with Refinitiv’s customers.”

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The reporting service, branded RTS 27 Now, allows firms that are considered SIs to submit reports on execution quality covering price, cost, size and speed of transactions that will be required under MiFID II rules at the end of the year.

The service will incorporate the Thomson Reuters Velocity analytics platform, which is powered by Kx’s markets technology, to provide high-speed processing of cross-asset historical data.

Thomson Reuters said that the platform will help firms analyse large datasets including best execution reporting, transaction cost analysis, quantitative and systematic trading, including real-time SI determination, to manage trading against reporting thresholds.

“The MiFID II reporting regime is complex and many banks now face a short window to conduct an urgent data retrieval and analysis exercise to compile their first report, which is why we have created a simple service with all the data, analytics and support they need,” Brennan Carley, global head of enterprise for the Financial & Risk business at Thomson Reuters, commented.

Under the MiFID II SI regime, banks have to register as SIs based on trading activity that exceeds thresholds covering different instruments. They are then required to submit an RTS 27 report on execution quality by 31 December this year.

“This service is designed to help clients with a specific reporting requirement and means they have the flexibility and choice to decide whether to use this service module or to unleash the full power of Velocity Analytics across their business,” Carley added.

Thomson Reuters recently announced it will provide Trax with market data for its MiFID II reporting tools, including its approved publication arrangement (APA) and its approved reporting mechanism (ARM), as well as the Trax SI determination service.

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The deal will see Thomson Reuters receive $17 billion in gross proceeds when the transaction closes, with plans to return an aggregate of $10 billion of proceeds to its shareholders.

A statement from the company said that up to $9 billion will be returned to shareholders through a substantial issuer bid/tender (SIB) offer process which will be begin today. The SIB will close on 2 October following the completion of the deal with Blackstone.

“We are committed to returning a significant portion of the Financial & Risk Transaction proceeds to our shareholders, in line with our original announcement when we signed the deal with Blackstone in January,” said Jim Smith, CEO of Thomson Reuters.

“After the Financial & Risk transaction closes, the new Thomson Reuters plans to pursue organic and inorganic opportunities to enhance growth and to support our market-leading positions providing news, information and tools to legal, regulatory and tax professionals.”

The remaining proceeds will not be returned to shareholders, but $4 billion will be redeemed as debt, $2 billion will be kept as cash on its balance sheet to fund acquisitions, and $1 billion will cover transaction-related costs.

Upon completion of the deal with Blackstone, Thomson Reuters is set to rebrand its Financial & Risk business to Refinitiv. The firm’s flagship Eikon and Elektron desktop services will continue to play a pivotal part of the business following the rebrand, according to the firm.

Commenting on the rebrand, David Craig, president of Thomson Reuters Financial & Risk, said that with a rich history and reputation, it was important that the rebrand reflected pride in the company’s legacy.  

“We see a future defined by an accelerating speed of change, where technology-led automation will not only continue to see the rise of smarter machines but also the rise of more productive and smarter humans,” Craig said.

“As we innovate with our customers and partners at the intersection of data, technology and financial services, we firmly believe in a trusted financial system that empowers smart and sustainable investment and financing.”

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Both firms have entered into an agreement which will see the data used for Trax’s trade and transaction reporting via its approved publication arrangement (APA) and its approved reporting mechanism (ARM), as well as its SI determination tool.

The Trax SI determination tool performs quarterly assessments by calculating a firm’s market share and daily indicators of a firm’s potential to become an SI per instrument ahead of the required assessment period.

“Although MiFID II implementation took place on 3rd January 2018, the industry is still confronted with impending regulatory obligations, including the start of the SI regime,” said Chris Smith, head of Trax.

“As one of the leading providers of both trade and transaction reporting services through a centralised platform and also SI determination services, working with a reputable partner like Thomson Reuters is paramount.”

Brennan Carley, global head of enterprise for the financial and risk business at Thomson Reuters, added that the firm’s market and reference data has recently been upgraded for MiFID II to help firms benefit from the market transparency data that has become available as a result of the rules.

“As the industry grapples with the SI regime, our mission is to make it easy for firms to access the trusted data they need to comply, including assessing in real time whether they may breach the SI thresholds for different instruments so they can adjust their trading strategies accordingly,” Carley commented.

EU authorities decided to delay the implementation of the SI regime under MiFID II due to a lack of comprehensive data, meaning firms are now excepted to carry out the first SI assessments by 1 September this year.

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The deal will see the Reuters Capital Markets 19901 (RCM19901) benchmark add US Treasury data from Tradeweb’s business Dealerweb, alongside continued USD interest rate swap and multi-currency information from ICAP.

Bloomberg recently confirmed plans to use NEX BrokerTec and swap execution facility Tradition for its own Capital Markets Package benchmark service, with NEX having formerly provided its data to Thomson Reuters.

“All US Treasury order books carry the same level of pricing regardless of volumes in US Treasury Actives, however it is the US Treasury pricing combined with the swap spreads that are most critical for the industry to determine fair value in the rates market,” said Jamie Grant, global head of fixed income and enterprise market data at Thomson Reuters.

“We are committed to offering our customers the broadest range of data solutions to drive their business performance. Our clients will continue to have access to the same level of service and high quality data with leading US Dollar swaps data from ICAP and now exclusive Dealerweb US Treasury data.”

RCM19901 provides access to up-to-date pricing, reference, valuation and data for USD interest rate swaps and US Treasuries. Thomson Reuters said that a combined set of data from Tradeweb and ICAP alongside its existing OTC sources offers a more comprehensive source for inter-bank data in the market.

“We are pleased to be renewing and extending our relationship with Thomson Reuters to assist in providing high quality, independent financial information to our collective customer base,” commented Eric Sinclair, CEO of data and analytics at TP ICAP.

“ICAP Information is a major source of data for the global OTC markets. This is an important relationship as it continues the long-standing presence of ICAP’s swap data on 19901, which is a pivotal page in US fixed income markets.”

The RCM19901 product can also be licensed for use in various formats for different functions including real-time desktop use through Thomson Reuters’ Eikon service, as well as intraday snap shots.

“We look forward to providing on-the-run US Treasury data from our Dealerweb US Treasury marketplace to the Thomson Reuters RCM 19901 pricing service, a longstanding source of pricing information to the industry,” Brian McElligott, head of data strategy at Tradeweb Markets, concluded.

“Dealerweb leverages advanced Tradeweb Markets technology to serve as an accurate source for real-time price intelligence for the leading participants in the wholesale US Treasury market.”

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The Thomson Reuters Financial & Risk segment will be renamed Refinitiv once the transaction with Blackstone is completed during the second half of this year. Tthe company said the new name was created based on feedback from clients and industry influencers.

David Craig, president at Thomson Reuters Financial & Risk and future CEO of Refinitiv, commented that the business has a rich history and reputation and it was important that the new name celebrated the pride in its legacy.

“We see a future defined by an accelerating speed of change, where technology-led automation will not only continue to see the rise of smarter machines but also the rise of more productive and smarter humans,” Craig said.

“As we innovate with our customers and partners at the intersection of data, technology and financial services, we firmly believe in a trusted financial system that empowers smart and sustainable investment and financing.”

Thomson Reuters added that its flagship Eikon and Elektron desktop platforms will continue to be a pivotal part of the business.

Blackstone announced its decision to take a majority stake in Thomson Reuters Financial & Risk in January this year, which will see Thomson Reuters sell a 55% interest in the business and retain a 45% stake.

“The F&R division has tremendous assets, including a world-leading data business, essential risk and compliance solutions, OTC trading venues, wealth management software, and a strong desktop business,” Martin Brand, senior managing director at Blackstone said at the time.

“The partnership with Blackstone provides an opportunity to increase efficiency and accelerate revenue growth through innovation and focus on creating uniquely compelling products for F&R’s customers.”

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FINBOURNE’s LUSID platform is an event-based ledger that allows in-house and third party services to interface with portfolios, holdings and transactions. The deal with Thomson Reuters aims to provide its clients with improved cost efficiency and better management of data used for regulatory compliance.

Thomson Reuters’ clients will be able to use the LUSID platform to manage portfolios and transactions data, alongside the firm’s portfolio construction, trade execution and risk management services. 

“Our customers depend on us to provide the insights, data, and advanced technological solutions needed to gain a competitive advantage,” said Pradeep Menon, global head of investing and advisory at Thomson Reuters. 

“Our partnership with FINBOURNE will enable our customers to manage currently disparate capabilities giving them a cloud-based ‘single source of truth’ for all portfolio and transaction data so that any change or update that occurs will be reflected in all products or applications in real-time.”

Dermot Shortt, co-founder of FINBOURNE, added that the partnership with Thomson Reuters heralds a new era for the FinTech company’s clients.

“Thomson Reuters is a superb partner for FINBOURNE. We share a common vision for the future state of investment management infrastructure, based on interoperability and open platforms,” he said. 

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