Reuters and CapCo are to shut down Synetix, the £32 million reference data management joint venture they established just over a year ago.
The retreat from the business comes nine months after Synetix launched its first product, Reuters Reference Data Manager, an ASP service for financial institutions designed to improve the consistency of their reference data and minimise the risk and high cost of failed trades.
Under the winding-up of the company, CapCo will retain responsibility for servicing Synetix clients committed to the ASP-based Reuters Reference Data Manager product.
Reuters says it intends to take the technology - which is owned by 50% by both parties - and apply it within its Data Management Solution suite as part of a more comprehensive set of deployed services for managing market data and STP in line with client feedback.
Reuters Data Management Solutions is a set of products created under a re-organisation of the company's business lines in July. Managed within Reuters' newly-established Integrated Trade Management Practice, it includes technology from Tibco for data loading and redistribution.
Reuters staff seconded to Synetix will be absorbed back into this unit, says a spokesperson for the company.