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The 2017 Tech 40: David Craig

7. David Craig
President,
Financial & Risk
Thomson Reuters
Last year: 12

The first-quarter revenue of Financial & Risk, the unit of Thomson Reuters headed by David Craig, rose 1 percent year-over-year, to $1.5 billion. Modest, yes, but to Craig it is a breakout from a flat 2016 and a cause for optimism. Organic growth was 2 percent, and the transactions segment, which includes Tradeweb Markets, jumped 4 percent. "It has taken four or five years for us to get to this place," Craig says, referring to an overhaul of his group's product lines and the early adoption of a platform-oriented strategy, which required investments in information technology and time to educate the marketplace. "There is now more confidence around the results and our ability to reinvest," the 47-year-old says. A former McKinsey & Co. partner, Craig joined the news and information company in London in 2007 as chief strategy officer; founded and became president of its governance, risk, and compliance business in 2010; and rose to president of Financial & Risk in 2012. Although platform strategies, which often engage customers or partners in developing innovations, have become commonplace, Thomson Reuters was ahead of the curve when it launched the Eikon desktop network and the Elektron trading infrastructure in 2010. A third major platform, Accelus, came out of Craig's GRC business in 2011 and was later renamed Risk Management Solutions. Meanwhile, the group eliminated about 600 of its 850 products in what Craig calls a "streamline and simplify" campaign. A regulatory technology play, Risk Management Solutions includes Org ID, "the market leader in KYC," or Know Your Customer, compliance services, Craig notes. With the acquisition this year of Avox and Clarient Global from Depository Trust & Clearing Corp., Org ID is managing more than 350,000 KYC records and data on 1.25 million legal entities worldwide. Another example of what Craig calls a "more selective" acquisition strategy is the January 2017 purchase of the REDI Holdings buy side–facing execution management system from a consortium of banks. On June 13, Thomson Reuters said it is working to integrate Eikon with the Symphony Communication Services messaging and collaboration platform, which has 200,000 licensed users in 170 companies, including 40 top asset managers and 25 of the largest global banks.


The 2017 Tech 40
1. Adena Friedman
NASDAQ
2. Catherine Bessant
Bank of
America Corp.
3. Robert Goldstein
BlackRock
4. Jeffrey Sprecher
Intercontinental Exchange
5. Lance Uggla
IHS Markit
6. Shawn Edwards & Vlad Kliatchko
Bloomberg
7. David Craig
Thomson Reuters
8. Michael Spencer
NEX Group
9. Don Callahan
Citigroup
10. Elisha Wiesel
Goldman Sachs Group
11. Michael Bodson
Depository Trust & Clearing Corp.
12. Terrence Duffy
CME Group
13. Charles Li
Hong Kong Exchanges and Clearing
14. Sean Belka
Fidelity Investments
15. Chris Concannon
CBOE Holdings
16. Guy Chiarello
First Data Corp.
17. Steven Lieblich
Citadel
18. David Rutter
R3CEV
19. Blythe Masters
Digital Asset Holdings
20. Alfred Spector
Two Sigma Investments
21. Neil Katz
D.E. Shaw Group
22. Lee Olesky
Tradeweb Markets
23. Richard McVey
MarketAxess Holdings
24. David Gledhill
DBS Bank
25. Seth Merrin
Liquidnet Holdings
26. Antoine Shagoury
State Street Corp.
27. Peter Brown &
Robert Mercer
Renaissance Technologies
28. Lou Eccleston
TMX Group
29. Peter Cherecwich
Northern Trust Corp.
30. Mike Chinn
S&P Global Market Intelligence
31. Chris Corrado
London Stock Exchange Group
32. Neal Pawar
AQR Capital Management
33. Gary Norcross
Fidelity National Information Services
34. Steven O'Hanlon
Numerix
35. Sebastián Ceria
Axioma
36. Brian Conlon
First Derivatives and Kx Systems
37. Tyler Kim
MaplesFS
38. Michael Cooper
BT Radianz
39. Robert Schifellite
Broadridge Financial Solutions
40. Jim Minnick
eVestment

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