The 2015 Tech 50: David Craig

< The 2015 Tech 50: Racers to the Edge

11
David Craig
President, Financial & Risk
Thomson Reuters
Last year: 7

Amid sluggish economic and market conditions, revenue was flat across Thomson Reuters in 2014 as the financial data giant continued to reach for returns from Thomson Corp.’s $17 billion acquisition of Reuters Group in 2008. But the company said its Financial & Risk group, which accounted for more than half of its $12.6 billion in total revenue, had its “first year of positive net sales” since that crisis year, with earnings before interest, taxes, depreciation and amortization rising 9 percent and operating profit 17 percent. “We’re finally turning back into a growth business,” proclaims David Craig, the London-based president of Financial & Risk since the end of 2011. The group has been focused for three years on streamlining 800 legacy products and consolidating its data and content offerings on three flagship platforms: the Eikon desktop, Elektron for data and trading applications and Accelus for governance, risk and compliance. With the integration nearing completion and the sales outlook brightening, “it gives you confidence to invest,” says Craig. The 45-year-old Reuters veteran and former McKinsey & Co. consultant envisions exchanges, banks, brokerages and content providers using Thomson Reuters’ platforms for their own innovation and product distribution. Craig points to an app built last year in Beijing for Thomson Reuters, now open to customers and third-party developers, showing all qualified instruments that can trade over Shanghai–Hong Kong Stock Connect (see Charles Li, No. 15) as an example of the type of agile development that will be the way of the future. With an eye on the fintech start-up explosion, Craig says Thomson Reuters is ready to take minority stakes in promising ventures. “A couple of years ago, I think the industry was in denial about fintech,” he says. “Now it has finally realized it’s a major shift.”

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The 2015 Tech 50