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The 2016 Tech 50: David Craig

The president of financial and risk at Thomson Reuters moves to No. 12 from No. 11 on the Tech 50 ranking.

< The 2016 Tech 5012David CraigPresident, Financial & RiskThomson ReutersLast Year: 11

At the World Economic Forum meeting in Davos, Switzerland, in January, David Craig’s business card was a conversation piece: Printed on it is a bar code that when scanned displays his Thomson Reuters Permanent Identifier, or PermID. The New York–based media and information company has created some 200 million such codes for people, legal entities and securities in a drive to automate and secure identification processes in an increasingly digital marketplace. One area where strong identification is currently lacking is the blockchain, which was designed to protect anonymity. “We believe that transactions cannot be anonymous in a trusted world,” says Craig, 46, president of Thomson Reuters Financial & Risk, which accounts for half of the corporation’s $12.2 billion in annual revenue. “While you might not want the market to know who your counterparty is, you need to know.” PermID is being offered to various blockchain and federated-identity initiatives, and is being rolled out on World-Check, Thomson Reuters’ anti-money-laundering and know-your-customer compliance service. Financial & Risk, the unit Craig has headed since 2011 — three years after Thomson Corp.’s $17 billion acquisition of Reuters Group — has consolidated more than 850 products into some 150 offerings on three flagship platforms: the Eikon desktop, Elektron for data and trading applications, and Accelus for governance, risk and compliance. “We’ve moved from product to platform, which for us is about a business model, not just a technology play,” Craig explains. Under the open platform model, third-party developers and clients can create applications and integrate them into their Eikon terminals. The App Studio, launched in October, is generating a regular flow of new programs from independent software developers in what amounts to an expanding ecosystem for innovation. “I really admire these fintech companies that I spend a lot of time with,” Craig says. “Five men and women in a garage can do a lot at the moment.”

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 The 2016 Tech 50 Click below to view profiles
1. Catherine
Bank of America Corp.2. Jeffrey SprecherIntercontinental Exchange3. Lance UgglaMarkit4. Phupinder GillCME Group5. Shawn Edwards and Vlad KliatchkoBloomberg6. R. Martin ChavezGoldman Sachs Group
7. Robert GoldsteinBlackRock8. Adena FriedmanNasdaq9. Deborah HopkinsCiti Ventures10. Daniel ColemanKCG Holdings11. Stephen NeffFidelity Investments12. David CraigThomson Reuters
13. Michael SpencerICAP14. Michael BodsonDepository Trust & Clearing Corp. 15. Charles LiHong Kong Exchanges and Clearing16. Chris ConcannonBATS Global Markets17. Blythe MastersDigital Asset Holdings18. David RutterR3CEV
19. Neil KatzD.E. Shaw & Co.20. Lee OleskyTradeweb Markets21. Richard McVeyMarketAxess Holdings22. Seth MerrinLiquidnet Holdings23. Robert AlexanderCapital One Financial Corp.24. Brad KatsuyamaIEX Group
25. Antoine ShagouryState Street Corp.26. David GledhillDBS Bank27. Lou EcclestonTMX Group28. Andreas PreussDeutsche BÖrse29. Dan SchulmanPayPal Holdings30. Scott DillonWells Fargo & Co.
31. Mike ChinnS&P Global Market Intelligence32. Craig DonohueOptions Clearing Corp.33. Gary NorcrossFidelity National Information Services34. Steven O'HanlonNumerix35. Sebastián CeriaAxioma36. Michael CooperBT Radianz
37. Tyler KimMaplesFS38. Neal PawarAQR Capital Management39. David HardingWinton Capital Management40. Chris CorradoLondon Stock Exchange Group41. Brian ConlonFirst Derivatives42. Jim MinnickeVestment
43. Stephane DuboisXignite44. Mazy DarOpenFin45. Yasuki OkaiNRI Holdings America46. Kim FournaisSaxo Bank47. Jock PercyPerseus48. Robert SchifelliteBroadridge Financial Solutions
49. Brian SentanceXenomorph Software50. Pieter van der DoesAdyen

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