UBS is looking to rationalise further its market data spending. On 22 July, the bank a long-term partnership deal with London Stock Exchange Group would allow it to adopt LSEG’s revamped offering, particularly Eikon successor Workspace, across all asset classes and business lines. It aims to consolidate data infrastructure, enhance data cataloguing, and streamline data governance and access across the bank.
UBS CEO, Sergio Ermotti, described the contract as one further lever of the Credit Suisse integration program. He emphasised the potential to unlock further “cost synergies and operational efficiencies” as legacy systems are retired.
The bank’s 2024 annual report shows that “market data services” costs reached US$749 million, up from US$419 million in 2022 as duplicate feeds and associated fees inherited from Credit Suisse hit their P&L.
By the end of tQ1 2025, UBS had already booked US$8.4 billion of gross cost savings ,or 65% of its Credit Suisse merger related US$13 billion 2026 target. In its latest earnings call presentation, the bank said: “We expect that most of the remaining US$4.5 billion in gross saves required to achieve our US$13 billion target will come from reductions in technology, staffing and vendor costs.”
According to LSEG, Workspace supplies real-time, multi-asset prices, Reuters news and low-latency data feeds, together with a full programmatic access. Its partnership with Microsoft means those data streams and analytics can be embedded directly in Teams and other 365 applications, with the aim of allowing a single, cloud-based desktop to replace separate market terminals and chat systems across UBS’s worldwide operations.
Industry sources quote a headline cost of about US$22,000 a year for a full Workspace license and US$3,600 for a pared back tier, whereas Bloomberg has notified clients that a single seat Terminal will rise to US$31,980 in 2025, with multi-seat contracts at US$28,320. On list prices alone, UBS therefore would stand to cut 25% to 30% from each screen it replaces before factoring in exchange fees or Bloomberg’s dedicated hardware.
At LSEG, the data and analytics division generated £4.01 billion in 2024 and £1.04 billion in the first quarter of 2025, representing 46% of group income. Organic growth in the segment accelerated to 5.1 % in Q1 and management guided for 6.5% to 7.5% for the full year, or £4.3 billion.
With Eikon sunset on 30 June, Workspace is LSEG’s sole flagship desktop.
