Large players in the ecosystem

Bloomberg, or rather the 325,000 paying users of the Bloomberg Terminal, probably is the exemplar of the ecosystem that Trounceflow inhabits. People in the ecosystem will also focus on the output of large quantitatively-focused (e.g. data) providers like Refinitiv; on large qualitatively-focused (e.g. news) providers like Thomson Reuters or on large multipurpose providers like S&P Global (once it has completed the acquisition of IHS Markit).

The last one is a part of the Big 3 rating agencies - a specific type of provider helping clients from the sovereign and corporate debt universe make their decisions towards credit investments.

Some of these people want news and data. Others want intelligence and insight. The common factor is that they work in the investment industry, and find it cost-effective to pay for a first-class understanding of the changing situations in financial markets, companies, industries and economies that affect asset prices, rather than to only consume a free, second-rate version.

Data manufacturers and aggregators

One of the things we do at Trounceflow is manufacture data: our Fund Flows and Fund Allocations datasets are manufactured data. We take in a large amount of time-series data and we process it to output a small amount of time-series that would otherwise not exist. There are other organisations in the ecosystem that manufacture 'fund' data, including Morningstar, EPFR and the Investment Company Institute.

Another of the things we do at Trounceflow is aggregate data: our Markets & Macro datasets are aggregated data. We take in data and curate it without any processing. Clients benefit by not having to spend time collecting and organising it themselves. Most of the companies in the ecosystem that are thought of as data providers, including large well-known names like CEIC, Haver Analytics and Macrobond, are aggregators, passing through millions of time-series, taking in as inputs the outputs of both other data aggregators (e.g. data aggregated by the IMF) and the premium datasets of data manufacturers (e.g. 'fund flow' data from EPFR). Cbonds operates in a similar way, but they are deidcated to a specific market data only, aggregating bond and equity price and other metrics data, with full global bond market coverage. Apart from them, there are data and data manipulation service providers like FactSet, enabling the users to wrangle the data on-platform

Companies like Rose naturally continue the process from “data to insight”, by offering data manipulation service, while the data itself could derive from multiple other sources.

Human and systematic judgement

There are organisations like the research teams of the sell-side investment banks; of industry bodies like the IIF (the Institute for International Finance) and the traditional independent research providers, as well as newer players like Tellimer, Quant Insight, TS Lombard and Exante Data, that are not so much thought of as data providers (even though they may act out these roles too) but as insight providers: of providers of judgement through discretionary (human) and systematic (rules-driven or programmatic) judgement.


There are organisations which help the ecosystem in other ways. These include the likes of trading platforms like Tradeweb, Liquidnet, MarketAxes, and the related Neptune Networks; communication platforms like Symphony, and bond index and ESG data providers.

A specific sort of networks are Neudata and Datarade – services helping their clients to discover providers of the most relevant alternative data that match their strategies and goals, as they connect thousands of data vendors and are in a position to advice their audience.

Activity and evolution in the ecosystem

Early Stage Investment
Exante Data helped seed Trounceflow
Brevan Howard helped seed Quant Insight

Private Equity
Nordic Capital acquired Macrobond in 2018
Warburg Pincus acquired Reorg Research in 2018
Blackstone acquired a majority interest in Refinitiv in 2018

Mergers & Acquisitions
Informa acquired EPFR Global in 2010
Euromoney acquired CEIC Data in 2005
BGC acquired EMBonds in 2018
S&P Global announced acquisition of IHS Markit in 2021
Bloomberg acquired Second Measure in 2020
Liquidnet acquired Prattle in 2019
Fitch Group acquired CreditSights in 2021
S&P Global acquired Kensho in 2018
London Stock Exchange Group acquired Refinitiv in 2021

Evolutions and Offshoots
Tellimer evolved from Exotix