The physical landscape of trading will alter today with the release of Thomson Reuters' new desktop for financial professionals. Around four years in development, Eikon claims to offer the “most comprehensive” financial information service, including market data, news, analytics and trading tools, in a more user-friendly and intuitive format. Eikon replaces the long-established Reuters 3000 front-end and is the third product to be launched this year as part of Thomson Reuters' ”New Era, New Tools' initiative, an estimated investment of US$1 billion. The business and financial information provider unveiled its high-speed Elektron global trading and data distribution network in April and then released Insider – a video-driven news and analysis platform that combines content from more than 80 sources – in May. Insider content is also now available via Eikon.
All of Thomson Reuters trading and data applications are automatically downloadable with Eikon, which the firm claims can be installed from a web link in a matter of minutes. “We've reduced our delivery options to three from 44,” said Allan McNichol, global head of the desktop platform group for Thomson Reuters. “In a faster world, clients no longer wanted the same old tools. They want an actionable desktop and one that gives them an internet-style experience.”
For trading clients, Eikon links automatically into Thomson Reuters' trading applications, such as its RTEx trade execution platform and its asset-specific RTFX foreign exchange and TradeWeb fixed income and derivatives trading capabilities. A new blended order book capability that combines two existing services will be available in December. The trading and connectivity tools acquired as part of Thomson Reuters' purchase of US software house Aegisoft in February 2010 will also be integrated into Eikon at a later stage.
While offering easier navigation, richer functionality and more collaborative tools than Reuters 3000 xtra, Eikon is light enough to be used on handheld devices. Thomson Reuters says Eikon updates will be automatically rolled out to users on a monthly basis and will be supported by staff specialising in the asset class or product area of the individual end-user. Existing Reuters 3000 xtra users will be able to import their favourite ”flex screens' directly into Eikon.
The firm expects Eikon to serve as its platform for future products. “Today’s generation of financial professionals demand tools that are intuitive, rich in data and analytics, and highly connected, to give them an edge. Eikon is a fundamental shift for our company and our industry. It will constantly adapt to help customers thrive in this new era,” said Devin Wenig, CEO, Thomson Reuters Markets.
A notable difference from its predecessors is Eikon's ability for users to exchange information, data and analytics in real time, similar to their experience of internet-based social networking tools.
“Eikon has a lot of potential, especially considering its ability to integrate the breadth of Thomson Reuters offerings into a one-stop shop,” said Harry Moseley, senior managing director and chief information officer of investment firm Blackstone. “Eikon is innovative in that it also targets ‘Generation Y’ users who expect intuitive, web-based social platforms.”