Thomson Reuters is set to launch a major overhaul of its markets division that will see the creation of a simplified product set based upon Web-based technology standards.
The giant news and information group is planning a series of product launches over the coming year that will culminate in the establishment of two distinct platforms for large banks and smaller user groups.
The web-based platforms, which replace traditional terminal commands with online search, will cater to "the 23-year-old at Goldman Sachs who grew up with Google", said Devin Wenig, chief executive of Thomson Reuters Markets in an interview with the Financial Times.
The shift in emphasis will mark a radical departure for Thomson Reuters and distinguish it from its chief rival Bloomberg, which has invested heavily in proprietary terminals.
The enterprise platform will launch next week and will make use of client-side server co-location to reduce latency delays in data delivery.
A desktop platform, Eikon, will launch in the autumn and offer a wider range of data, greater personalisation, and improved risk management, collaboration and emerging markets features, Wenig told the FT.
"The industry is in a hugely different place from where it was in April 2008, and we think a lot of the changes are permanent and structural," Wenig said. "Big banks are disappearing but we've created 1,000 new accounts in . . six months."