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Extel

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The Exchange Telegraph Co. Ltd. (also known as EXTEL) was created in March 1872 specifically to distribute financial and business information from the Stock Exchange and other commercial markets direct to subscribers. The company established ticker tape telegraph machines in offices, gentlemen's clubs, banks etc. and provided a continuous stream of commercial information to them. It introduced a parliamentary service in 1876, a general news service in 1879 and a legal service in 1891. The business was so successful that by 1906 they had opened ten other branches outside London. The company continued to grow and improve, becoming increasingly more efficient. It added a faster financial service in 1907 and began operating a worldwide news service in 1913, with a separate sports service included in the 1930s. Over the course of its history, Extel (the name coming into common use for the company in the 1950s) grew into one of the leading news agencies, provider of financial information and associated businesses. Among the many notable achievement were 'Extel Cards'[1], the very first corporate snapshots/tear-sheets with brief data on profit and loss, employees, business activities and executive management. Extel Cards, naturally in hard copy, were first produced in 1922.

Recent history

Extel was acquired by United Newspapers in 1987 [2]. In 1991, Extel set up a joint venture with Agence France Presse to create a financial news service, AFX News.[3] Pearson PLC acquired Extel in 1993[4] and merged it as Financial Times Information into its Financial Times Division. Financial Times reorganised the company into two divisions: Market Data and Research. The research division retained the Extel branding. Primark acquired the Extel brand from Pearson in 1999[5] and it became part of Thomson Financial in 2000. AFP's share in AFX News was sold in 2006 to Thomson Financial.[6] Thomson Financial and Extel itself was then merged into Thomson Reuters in 2007 [7]

Extel survey

The Extel survey itself began in 1974, with some 53 asset management firms giving their views on the services and advice they were getting from research analysts at stockbroking houses. It examined the UK investment market only.

On the acquisition of the Extel survey in 1999, Steve Kelly took it over and developed it from a small, respected survey with 104 almost exclusively UK buyside participants to the flagship enterprise it is today.

The survey has become the standard by which excellence and performance are measured in the cash equities investment industry across Europe.

In Extel 2015, there were 12,484 distinct verified voters, plus over 5,000 buyside professionals represented by the central participation of many leading asset management firms. As well as the Pan-European Survey, Extel currently produces specialist research on the Middle East and Malaysia and has been producing an annual SRI report for UKSIF (the UK Sustainable Investment and Finance Association) since 2003. Additionally, bespoke reports & rankings from the Extel investor relations results are provided for many IR associations across Europe, including Russia, Germany, France, The Netherlands and Italy.

The massive participation in Extel provides a wealth of data giving unique insights into trends and thinking as well as the way the industry is working and changing. In addition, Steve Kelly and the team are collecting detailed opinions from clients and senior contacts in all three industry sectors year-round. Steve is a leading authority on investment industry opinion and a valued source of independent advice to corporates and professional bodies throughout Europe.

There have been a range of enhancements.

In brief -

Website for voting and results, with associated online analytical services

Global expansion - in participation in the Survey, and encompassing other market studies in Asia and North America

Rankings of Corporates and Fund Managers alongside the fundamental rankings of brokers

Introduction of Extel IBR - an internal broker voting tool for individual fund management firms

All of these have contributed to the success of the Extel Survey as a trusted and respected force in the industry - helping all three sides of the investment community to identify excellence and inform investment decisions

References

  1. ^ http://eserv.thomsonib.com/dga_register/mktpages/whatsnew.htm
  2. ^ http://www.fundinguniverse.com/company-histories/united-business-media-plc-history/
  3. ^ AFP and Financial Wires Encroach on Original Market : Reuters News: Clients Defect By Erik Ipsen Published: February 13, 1992 http://www.nytimes.com/1992/02/13/business/worldbusiness/13iht-reut.html
  4. ^ http://www.telecompaper.com/news/pearson-to-acquire-extel-financial--12679
  5. ^ "Retail-Trade". All Business. Retrieved 22 June 2012.
  6. ^ Thomson Financial acquires AFX. Publication:Information World Review Publish date:July 10, 2006 http://www.highbeam.com/doc/1G1-147936027.html
  7. ^ https://www.theguardian.com/media/2007/may/15/reuters.pressandpublishing
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