Thomson Reuters and CME Group have announced plans to integrate their two instant messaging networks to create a communication group of 300,000 market participants.
The combined network – formed by joining Thomson Reuters’ Eikon Messenger and CME Pivot – will bring together some 300,000 market participants across financial and commodities markets from the end of the third quarter of 2016.
The move follows an announcement by Yahoo that it intends to discontinue support for legacy versions of its instant messaging service from August 2016. A spokesperson for Yahoo could not be reached for further comment at the time of writing.
Shaun Sibley, managing director, supply chain and commodities at Thomson Reuters, said: “Instant messaging platforms have become a popular tool for communication in financial markets. However, many of these platforms operate in silos and increased regulatory scrutiny has forced market participants to examine their ability to avoid exposure to unnecessary risk in using these platforms.
“Our work with CME Group highlights Thomson Reuters long-standing commitment to provide an open messaging platform that breaks down the barriers to communication in financial markets and helps our users to address regulatory requirements.”
Sibley added that the deal is significant because it further increases the number of people in commodities and financial markets that are now able to communicate with each other.
Together, we are enriching these communities without disrupting workflow, increasing costs, or compromising the robust compliance and security standards that need to be addressed in order to participate in today’s marketplace.”
Thomson Reuters Eikon Messenger is available through the Thomson Reuters Eikon system and as a standalone, free-of-charge application.