Refinitiv competes against Bloomberg selling an array of financial-data to the finance industry. Yet, Refinitiv’s share of the market against its rival has been declining for years. That underscores the LSE’s challenge, particularly given that some users say Bloomberg’s ubiquitous data terminal that is found on institutional trading desks around the world is more expensive than the equivalent from Refinitiv.

The company’s slice of the global market data pie as measured by revenue fell from a market-leading 32% in 2010 to 21% in 2019, according to data from Burton-Taylor, the research and advisory arm of London-based brokerage TP ICAP. Over the same period, Bloomberg’s share climbed from 29% to 33%.

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