With its extensive data businesses across asset classes, Refinitiv gives LSEG a global reach and a multi-asset offering with newfound access to FX markets for the first time in its history. Research from consultancy Burton-Taylor in 2019 when the takeover was confirmed predicted the deal would re-value the $2.8 billion exchange to roughly $8.4 billion, nearly 68% bigger than its closest rival, US exchange group ICE, at the time.

“Technology and data have become much more tied in together. The way exchanges communicate to the market has also changed as each of them have developed their own proprietary network that they use to distribute their information,” says Robert Iati, managing director at Burton-Taylor International Consulting. “Exchanges have recognised that they need to expand their revenue streams a little more broadly than just listings and trading.”

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