Thomson Reuters is set to launch a price data feed for virtual currencies. The data feed will be referred to as “Cryptocurrency real-time rates”. It will get its data from a suite of crypto exchanges. The new service can be accessed via a customized API on its flagship platform Eikon. The launch of this platform could be an indication that Reuters is set to embrace the digital currency class as part of its trading platform.
The product will give its users real-time information and institutional grade resources by use of a spot price index and standardized reference rate at a time when interest in cryptocurrency trading has increased. According to a survey conducted by Thomson Reuters, 20% of 400 finance firms that were part of the survey have plans to get into cryptocurrency trade within the next year.
The pricing data will be for six coins and will be from major exchanges. The platform plans to add data from other exchanges with time. Some of the exchanges that will provide this data include BITPoint and bitFlyer.
The platform comes after a recent announcement by CME Group that the firm intends to launch a daily price benchmark for Ethereum. CME Group is set to launch the benchmark in collaboration with Crypto Facilities, which is a cryptocurrency exchange.
The continued growth in the cryptocurrency market has led to increased interest in the blockchain technology and in the tradable crypto assets. Thomas Reuter’s cryptocurrency real-time rates will lead to transparency and creation of an efficient global marketplace that will ensure the stability of cryptocurrency trading and better returns for crypto investors.
Reuters currently provides foreign exchange rates that are used as standard rates for portfolio valuation and as a measure of performance. In a world that is awash with information, it can be very difficult for users to extract the information they need and use this information to make the right decisions. Thomson Reuter’s major services are based on this challenge.
Users of the Thomson Reuters platform are able to derive critical information on financial, accounting, legal, intellectual and science, property, and media markets. The multinational firm sells electronic content to professionals on a subscription basis.
The financial and risk segment offers information, news, and analytics and enables transactions that bring together communities for trade, investment, financial, and corporate connections. This segment also provides regulatory and operational risk management solutions. The firm also has a legal section, the tax, and accounting segment and the intellectual property and science segment. The firm also operates Reuters that provide real-time multimedia news and information. The company has been in existence since 1977 and its headquarters are in New York in the US.
In January this year, there emerged speculation that the company was in talks with US private equity firm Blackstone Group LP. The private equity firm sought to buy a 55% stake in Thomas Reuters financial and risk business. The sale was priced at $17bn. The F&R unit supplies news, data, and analytics to investment houses and banks globally. The unit provides more than half of Thomson Reuter’s annual revenues.