Alternatives to bloomberg terminal
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To convince users that it is secure enough to communicate sensitive trading information.īloomberg has taken several steps to repair the damage done by the revelation that its journalists could view certain information, like the last time clients logged onto their Bloomberg terminals. Some asset managers are said to have been involved in the talks so far, but not at the same level as the banks. Platforms that support connectivity, communication and collaboration across the financial markets community and to continually improving our customers’ experience in these areas.”Īny new messaging service is likely to gain traction only if it attracts the biggest customers of the banks, asset managers like BlackRock and Fidelity. A spokesman for Reuters, Yvonne Diaz, declined to comment specifically on the project but said: “We are committed to providing open
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None of the firms involved responded to requests for comment on the project. Reuters, like Bloomberg, controls about a third of the data terminal business, but its services are available in a more piecemeal fashion. It would build on Reuters’ chat program, but add users from Deutsche Bank, Goldman and Markit,Ī data firm owned by many Wall Street banks. The new chat program will be available to anyone in the financial services industry, people involved in the deal said. Valuable to Bloomberg is that access is available only to people who have a terminal. There are already countless messaging services, but Bloomberg’s has been around for years and is considered essential because the Wall Street banks and their customers are all on it. “If they are unhappy about the pricing, if they are unhappy about the fact that they are locked in, any alternative would be better,” said Sang Lee, co-founder of the financial consulting firm Aite Group. Both developments underscore the frustration on Wall Street with the powerful place that Bloomberg occupies in the financial infrastructure,Īnd the lack of alternatives to its expensive terminals. The effort to create a new messaging network was in motion months before Bloomberg’s customers began to complain about the confidential information available to Bloomberg journalists. If that didn’t exist, we’d have a substantially lower need for One banker involved in the conversation said: “The chat application within the Bloomberg terminal has become a very powerful tool. Such chat systems are vital to everyday work on Wall Street, like communicating with competitors and clients to work out prices for trades. The program would allow bank employees to talk to business partners at other firms in the way that they do now on the closed Bloomberg Deutsche Bank and Goldman Sachs have been even more involved, agreeing to use the service when it is introduced.
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Reuters and Markit are said to be working in cooperation with banks including Barclays,Ĭitigroup and JPMorgan Chase, the people said. Two competitors to Bloomberg - Thomson Reuters and Markit - have already signed an agreement to develop the technology, according to people involved in the deal who requested anonymity because the negotiations were not complete. The terminals and lower their payments to Bloomberg. Banks have been looking for ways to lessen their reliance on The development predates the controversy over Bloomberg journalists being given access to sensitive customer information,īut it could spell trouble for Bloomberg, because the company’s chat program is one of the main selling points for its $20,000-a-year terminals. Most widely used programs, its chat messaging network, people briefed on the effort said. Nine Wall Street firms have been actively involved in creating an alternative to one of Bloomberg L.P.’s Brendan McDermid/Reuters A Bloomberg terminal on the floor of the New York Stock Exchange.