Inside Refinitiv’s high-stakes FX revamp

Fintech firm, flush with cash from new owner, preps much-needed makeover of Matching and FXall

For years Refinitiv, the former financial and risk business of Thomson Reuters, had to stand and watch as parts of the now $6.6 trillion daily foreign exchange market evolved without it.

The company’s flagship Matching platform, once established as the go-to place for trading currencies, has endured several years of declining volume as fragmentation split liquidity across dozens of venues. Growing internalisation within dealer banks continues to pull even more trades away from the platform.


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