The firm’s Refinitiv Workspace software, used across Square Mile dealing rooms and trading floors, has been renamed LSEG Workspace. Its Eikon data platform will be scrapped and users migrated to Workspace by the end of 2024.
In a statement on its website, LSEG said: “We are retiring the Refinitiv brand and in the coming months you will see this change reflected across our product interfaces, website, marketing materials and social media channels.
“This brand change will give you an enhanced and simplified experience.â¯â¯There will be no actions for customers, everything will remain the same aside from branding changes.”
Refinitiv Workspace was previously known as Reuters and belonged to the eponymous news agency before being spun off in 2018 in a joint venture with US asset manager Blackstone. As part of the deal, Reuters signed a 30-year agreement to continue to supply markets news coverage to the Refinitiv suite of financial products.
LSEG first announced its proposed acquision of Refinitiv in 2019 before the deal was approved by competition regulators in 2021.
The rebrand comes after LSEG struck a 10-year deal in December last year to migrate its data platform into the Microsoft cloud. Microsoft took a 4% equity stake in the company as part of the deal, which LSEG said was a “long term partnership” and a nod to its technology capabilities.
Traders long-accustomed to the Reuters name for one of the main trading and data platforms used in professional finance did not warm to the Refinitiv name, which struggled to gain traction. Before it was introduced, Reuters unvield the Eikon to a similar response.
LSEG said its new-look brand “will bring together all our products and services in this area into a consolidated visual identity...consolidating the number of brands and strengthening the natural linkages across the LSEG portfolio.”
At the time of Refinitv’s introduction in 2018, Thomson Reuters said the name followed “feedback from customers and industry influencers on the intrinsic value” of its Financial & Risk business to the industry.
They also claimed: “It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial technology.”