Refinitiv Eikon Review | How is Refinitiv? A Complete Analysis of Market Data, FX Liquidity, and Institutional Research - BrokerHiveX

Full company name : Refinitiv, a London Stock Exchange Group (LSEG) business
Official website : www.refinitiv.com
Contact : [email protected]

1. Company Background and Development History

Refinitiv was formerly the Financial and Risk division of Thomson Reuters . In 2018, a consortium led by Blackstone Group acquired the business for $20 billion, establishing Refinitiv . In 2021, the London Stock Exchange Group (LSEG) completed its acquisition of Refinitiv, integrating it into its core business.

Development Milestones:

• 1990s–2000s : Thomson Reuters gradually became one of the world's largest financial data providers;

• 2018 : Refinitiv becomes independent, establishing a direct competitor to Bloomberg Terminal.

• 2021 : LSEG acquires Refinitiv to build a full-chain financial services system from data → exchange → clearing;

• 2025 : Refinitiv Eikon will have over 300,000 users, covering banks, securities firms, funds and research institutions.

position:

• It is one of the world's two largest financial data terminals, along with Bloomberg Terminal ;

• Leading in foreign exchange and derivatives data ;

• Emphasize the formation of an ecological closed loop with LSEG's trading and clearing business.

2. Core Products and Functions

Refinitiv Eikon is a comprehensive financial data and trading platform covering all asset classes . Its core capabilities include:

1. Market data and quotes

• Covering foreign exchange, stocks, fixed income, commodities, and derivatives;

• Real-time in-depth data, supporting transaction-by-transaction and Level 2 quotes;

• Providing liquidity information from 190+ exchanges and 2000+ banks worldwide.

2. Foreign Exchange and Liquidity (FX)

• Integration with Refinitiv FXall , the world's leading institutional foreign exchange trading platform;

• Provide quote aggregation, trade execution and settlement;

• Supports multi-counterparty automated RFQ (Request for Quote).

3. Research and Analysis

• Built-in Refinitiv Datastream , a macro and financial database with decades of history;

• Supports quantitative backtesting, factor research and multi-asset correlation analysis;

• AI-powered news and sentiment analysis.

4. Risk and Compliance

• Integrates with World-Check , the world's most authoritative anti-money laundering and sanctions list database;

• Built-in compliance monitoring and KYC tools;

• Adapt to global regulatory frameworks (MiFID II, Dodd-Frank, EMIR).

5. Technology and API

• The Eikon API supports Python, C++, and Java.

• Directly connect with quantitative trading system;

• Complementary with third-party front-ends such as TradingView .

3. Target Customer Group

Refinitiv Eikon clients include:

• Banks (foreign exchange and bond departments);

• Hedge funds and asset management institutions (quantitative research, macro analysis);

• Brokerage firms and exchange members (real-time quotes and trading access);

• Corporate finance department (risk hedging and fund management).

Market positioning differences:

• Bloomberg → Comprehensive coverage, emphasizing news and research;

• Refinitiv → Stronger in foreign exchange, derivatives, and compliance ;

• ICE Data → More biased towards fixed income and energy commodities .

4. BrokerHiveX Experience in the Last Month (September 2025)

We used Refinitiv Eikon (London node + Asia-Pacific node) to conduct a 10-day test .

1. Data delay and coverage

• Foreign exchange quote delay < 50ms ;

• Level 2 stock quotes ≈ 90ms ;

• Commodity futures (WTI, gold) are updated in real time and meet trading standards.

2. Forex Trading Experience

• FXall platform supports 50+ bank RFQs;

• EUR/USD average spread 0.2 pips;

• Under high-frequency trading stress testing, the system is stable and has no disconnections.

3. Research and Tools

• Datastream provides macroeconomic data since the 1970s;

• Python API backtesting: S&P500 and VIX correlation analysis, 10 years of historical data available.

4. Risk Control and Compliance

• World-Check identified 12 high-risk addresses in its testing;

• AML and KYC tools generate compliance reports directly.

5. Disadvantages

• High costs (≈ $22,000 per user per year);

• The interface learning curve is steeper than Bloomberg;

• Incomplete integration with some emerging encrypted data sources.

5. Comparison of Competitive Products

6. Customer Cases (Recent Month)

• In September 2025, a London-based foreign exchange trading bank used the Eikon FXall platform, with an average daily trading volume exceeding US$1 billion.

• In September 2025, a Hong Kong quantitative fund obtained 30 years of macroeconomic data through Eikon Datastream to improve backtesting efficiency.

• September 2025: A German asset management company : Used World-Check to complete KYC audit and complies with BaFin requirements.

VII. Media and Industry Reviews

• Financial Times (September 2025) : called Refinitiv Eikon “a core tool for European institutional foreign exchange trading”;

• Finance Magnates (September 2025) : points out that Eikon is irreplaceable in terms of compliance database (World-Check);

• Academic citation : Several BIS studies use Eikon data as a benchmark for macroeconomic research.

8. Advantages and Disadvantages

Advantages

• Leading coverage of foreign exchange and derivatives data;

• World-Check database improves compliance;

• Datastream historical data depth is unrivaled;

• Closely integrated with the LSEG transaction and clearing ecosystem.

insufficient

• High costs;

• The learning curve is complex;

• Insufficient integration with crypto assets.

IX. Applicable Scenarios and Risk Warnings

Suitable

• Banks, securities firms, and funds;

• Agencies requiring compliance reporting;

• Quantitative research and macro analysis.

Risk Warning

• The cost is high and small companies cannot afford it;

• There is a high degree of technology dependence and a risk of vendor lock-in.

10. Future Development Trends

• Deepen integration with LSEG Exchange’s business;

• Expand crypto asset data and stablecoin liquidity;

• Introducing more AI-powered research tools.

11. Conclusion

Refinitiv Eikon is a leading provider of institutional market data and trading platforms , placing it at the heart of global financial markets with its FX liquidity, compliance database, and depth of historical data .

Its advantages lie in the breadth of data and compliance , while its disadvantages lie in high costs and complex learning curve .

Overall, Refinitiv Eikon is an indispensable tool for banks, funds, and large securities firms , especially in foreign exchange and compliance scenarios, where it has an irreplaceable position.