How an ex-Goldman Sachs partner and long-suffering Mets fan found himself at the helm of the London Stock Exchange making a huge bet on the future of financial data
This story requires our BI Prime membership. To read the full article,As CEO of the London Stock Exchange, David Schwimmer has agreed to pay $27 billion for Refinitiv, the financial data company behind Eikon terminals that's owned by Blackstone and Thomson Reuters.
Fourteen years later, Schwimmer is still focused on trading's shift into the digital world, this time as CEO of the London Stock Exchange. The chief executive, who's been in the job for less than a year,, the financial data company behind Eikon terminals that's owned by Blackstone and Thomson Reuters.
Schwimmer was a little known Goldman Sachs partner when he joined the LSE in August 2018, a replacement for Xavier Rolet after the CEO failed to convince regulators to approve a bid to buy his continental competitor, Deutsche Borse. During the course of his 20-year banking career, Schwimmer had advised clients including the Intercontinental Exchange, Chicago Board Options Exchange, and KCG Holdings.
Schwimmer will have to win over some of the same regulators who nixed his predecessor's deal. European Commission officials, for example, are likely to question whether the deal gives LSE more market power to raise prices on the financial data it sells to investment banks and investors. The commission is under considerable pressure from investment banks to take a closer look at the cost of financial data, according to Morenzi.
When the CBOE was thinking about going public, William Brodsky, the CEO and chairman at the time, decided that of all the bankers he could choose, he wanted Schwimmer. He'd heard the banker talk on how to value exchanges not as mutual organizations but public companies and was impressed by his articulate explanation, Brodsky said in an interview.
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