Thursday, November 15, 2018 5:00PM / Press Release
In a bid to give customers the best, Thomson Reuters officially launched its new brand identity, renamed its financial and risk business unit, ‘Refinitiv’. This new name was adopted on October 1st, but was officially unveiled at the West Africa Excellence Awards recently organized in Lagos, Nigeria, to appreciate its existing customers who have in no small measure patronized and contributed to the success of the company.
This new brand identity became necessary after the completion of a partnership deal with a consortium of investors led by Blackstone, who now own 55percent of the new business. The standalone business which includes the largest multi-dealer forex platform, with a daily average of $400 billion traded on FXall, FX Trading and Matching-was the outcome of a deal whereby Thomson Reuters sold a 55 percent stake in its Financial and Risk business to private equity firm Blackstone, while Thomson Reuters retained 54 percent equity stake at an overall valuation of US$20 billion.
Tagged the ‘Excellence Awards’, this award, the first of its kind in West Africa, had six (6) categories through which the customers with remarkable imparts and outstanding performances were rewarded. Described as the ultimate form of recognition of the organization’s customer excellence, the annual Excellence Awards highlight the great work being done by financial markets participants. Of the six awards, the Peoples’ Choice Award was given priority because attendees had to vote at the venue of event. This award was carted by Mr Ini Ebong of First Bank Nigeria for his respected contributions to the industry. He also got an award of the longest serving customers. Others who emerged winners are Bola Onadele Koko, the MD/CEO FMDQ Securities Exchange who also received two (2) awards-The Best Partner Award and the Innovation awards for embracing disruption with new ideas; Mrs Ibukun Oyedeji of Ecobank who got the Most Impactful Business Award, and Mr Jacob Brobbey of the Barclays Bank of Ghana who clichéd the Embracing Technology award.
The awards were first held in Southern Africa in 2017 and their success has led to them now also being hosted for the first time in West Africa in 2018. The awards honoured financial markets participants from across West Africa, including Francophone countries, which help to drive growth and efficiency, transparency and deepening financial markets in their respective countries and the region.
Managing Director for Africa, Thomson Reuters’ Refinitiv, Sneha Shah, stated, “We are very excited to be bringing the Excellence Awards for the first time in West Africa. What is going to drive the success and growth of our economy is committed individuals and companies that are contributing to strong and stable financial systems and institutions. The inaugural 2018 West Africa Excellence Awards will recognize and highlight the great work of individuals and companies who amongst many outstanding nominees were selected, by the independent judges, as the ones producing the most impact for West Africa’s financial markets.”
Speaking at the event, the Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Okwu Joseph Nnanna, represented by Dr Alvan Ikoku x-rayed Refinitiv supportiveness to CBN, and to the Nigerian Capital Market. “Thomson Reuters Refinitiv has been a dependable partner of the Central Bank of Nigeria (CBN) and other financial institutions within West Africa sub-region in developing support for financial products and information. In 1999, when the CBN introduced inter-bank foreign exchange system of trading (FEM 2 Way Quote Trading System), Refinitiv rose to the challenge of installing trading terminals and training dealing room staff across, the banking industry to actualize the operation of the new system. This support to the industry is still been sustained till date, and even at a faster and more efficient level. Over the years, Refinitiv has developed various products under its information and trading platforms. They have evolved from fiber cables to internet web enabled systems with which users have effectively executed trades in foreign exchange instruments. Refinitiv in collaboration with CBN has developed a market surveillance system called Deal Tracker, a system which allows the CBN to monitor trades being executed on Refinitiv trading terminals in the Nigeria Foreign Exchange market. The CBN will always be an advocate for excellence and we strongly identify with this noble initiative of rewarding individuals and organizations that have excelled in their various areas of expertise”.
According to Refinitiv Head of Market Development, Candice Dott, the key factor for Refinitiv is its customers. “West African Excellence Awards is a maiden edition. This is the first time we are hosting the Refinitiv Excellence Awards in West Africa. The first one in sub-Sahara Africa was in Johannesburg, South-Africa, last year. Feedbacks from customers however propelled us to extend these awards to customers in other African countries, hence the second edition of the event held in East Africa (Nairobi, Kenya), West Africa (Lagos, Nigeria), and again in Southern Africa (South Africa). We feel it’s necessary to celebrate our customers who are doing tremendous things to enhance the capital market across the region, deepen financial market, create solution technologies, and are data and client driven. The award allows us to celebrate the success and achievements of our customers and share their peers”.
Elucidating more on what Refinitiv stands for, she reiterated that the company is keen about sustainability. “Sustainability is key to everything we do. The Refinitiv Company looks after about 160 countries in the world but our commitment to Africa is absolutely part of the Refinitiv Empowering Africa success story. We have so many opportunities in Africa. The part played working on SMEs are really the way people will drive change in the continent from Financial inclusion to Education perspectives. Because sustainability is key for us, we love to see foreign investors invest in our products and try to sustain the relationship by introducing sustainable solutions. We are the world’s famous information technology provider. We provide incredible data and contents that allows us to share developments”.
On his part, the MD/CEO FMDQ Securities Exchange, Bola Onadele Koko, who clinched two awards thanked Refinitiv for its immerse contributions to his company and economy.
The Refinitiv Excellence Award is an annual event that brings together industry professionals and businesses across the financial sector of the West Africa nations for the good of their regions.
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. www.refinitiv.com