TREP’s Tipping Point? An Examination of Refinitiv’s Market Data Platform

Refinitiv—and by extension, TREP—has experienced a fair amount of disruption over the last two years. Competitors are lining up to cut into the platform's market share.

Change is almost never without uncertainty. And major change—especially in the typically conservative world of investment banks—creates even greater uncertainty. So it should come as no surprise that Refinitiv’s plans for the next evolution of its TREP market data platform are being met with a mix of excitement and apprehension.

At its core, TREP is the ubiquitous platform—more than two decades old—that was created to solve the problem of getting market data from point A to point B. Think of

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