Thomson Reuters to expand new data system

The group hopes the addition can provide a bright spot in its markets division, which accounts for the majority of group revenues but has been performing below expectations, the Financial Times reported. Tom Glocer, chief executive, took over direct management of markets last month in a shake-up that involved the departure of the division’s chief executive, Devin Wenig, and other senior managers.

“Banks need to find ways to cut costs but can’t ignore the technology infrastructure,” Jon Robson, president, enterprise solutions, told the FT. He added that Elektron would look to do more cross-asset class trading. “It’s primarily equities services at the moment, but it will do over-the-counter trading too,” he said. ■