Following a shaky start to life, Thomson Reuters' Eikon trading data platform is steadily growing in popularity. Now that the teething problems have apparently been solved the financial and risk department is focusing on smoothing out the user experience through extensive user testing and a more open approach to third party development.
© Thomson Reuters
App development suite
Albert Lojko, global head of desktop platform (Eikon) financial and risk at Thomson Reuters told ComputerworldUK that companies have been building apps on top of Thomson Reuters' APIs for years, but only now are firms starting to really see the benefit in doing so.
"When you think about the financial technology overall it's been kind of very closed and proprietary bundled," he explained, "and that at some level stifles innovation." Lojko's solution was to create "an ecosystem for the financial markets where we could bring a lot of our intellectual property to bear".
The software development kit is simply a case of Thomson Reuters opening up its internal tools and APIs to clients and third parties like fintech firms, who can develop apps that display as native on the Eikon screen, either publicly or to specified employees or departments.
"There's this explosion of data, regulation, more of an appetite to do higher level analytics and machine learning. Those were all things we are investing in quite heavily and the idea of externalising that to help our customers get better insights into the marketplace we thought was really valuable," says Lojko.
Lojko explained how one customer has utilised the app development capabilities: "One particular client was generating all of their internal research and they had built an independent portal for users to access that. Then they had a different desktop for day to day trading and traditional market data activities and what was difficult was that there was no contextual linking between that internal research and benchmarking data externally. So what they were able to do very quickly was build and integrate their own proprietary research and forecast data with Eikon in a seamless way."
As you would expect from a customer that Lojko wouldn't even name, there was a concern that this proprietary data becomes less secure if it was to be integrated in this way, but the hybrid nature of the development suite means data never leaves the client's data centre.
OTAS Technologies is one of the first firms to publicly utilise the app studio. Vanraj Dav, head of development operations at OTAS Technologies said: "Developing using App Studio in Eikon was painless and has resulted in seamless access to OTAS data and analytics for our customers - all without having to leave their Eikon workflow."
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