The market for financial data has been in a state of upheaval since the turmoil of the financial crisis in 2008 and subsequent job and spending cuts at bank clients.

In a business dominated by Thomson Reuters and Bloomberg, Markit was a relative newcomer in 2008 with its product that relies on deriving prices and valuations for difficult to obtain financial data as well as processing and risk management of over-the-counter derivatives.

Markit generated about $128.8m in worldwide financial market revenues in 2008 – a small amount compared with the $7.9bn captured by Thomson Reuters and the $6.2bn at Bloomberg, according to Burton-Taylor International Consulting.

Markit has steadily grown its revenues as industry heavyweights such as Thomson Reuters and News Corp’s Dow Jones have faltered. In addition to broader market turmoil, Thomson Reuters has faced challenges after Thomson’s $17bn purchase of Reuters in 2008. The group has lost market share during the past five years and slashed thousands of jobs.

Jim Smith, chief executive of Thomson Reuters, recently told the Financial Times that after years of sinking revenues in its Financial & Risk group that it was beginning to hold its own with the success of its new Eikon platform. “I think we’re turning the tide now.”

Dow Jones is also in the midst of a shake-up following a disappointing performance in its financial news and data group. Lex Fenwick in January left his post as chief executive after releasing a new DJX product that pushed customers to pay for a single product that analysts said did not meet their needs. The company is in the middle of launching new offerings with more flexibility.

But as rivals have attempted to upset Bloomberg’s dominance with new chat functions and other offerings, the company continues to reign. Bloomberg has surpassed Thomson Reuters to become the industry leader. Its worldwide financial markets revenues increased 4.3 per cent in 2013 to $8.2bn while the broader market grew 0.5 per cent, according to Burton-Taylor.

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