Wall St firms challenge Bloomberg

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The largest banks on Wall Street are teaming up to join a network that could challenge an important part of Bloomberg’s terminal business.

The New York Times reports that the banks have all signed up for a messaging service that will be introduced on Monday and will allow finance industry employees to find and chat with one another quickly.

Many traders and bankers now rely on the chat application that comes with a Bloomberg terminal, which is valuable in the networked world of Wall Street because of the number of people who have the terminals. Instant Bloomberg, as it is known, is generally available only to people who pay for the terminals, which cost about $20,000 a year each.

Bloomberg’s dominance in the messaging realm - and its hold on the information that runs through the chats - has grated on some banks that are unhappy about the fees that Bloomberg is able to charge. Banks have complained that they sometimes have to pay for a terminal just so an employee can use the chat service.

The new, more open and less expensive service, which will be operated by the industry-owned firm Markit, could loosen Bloomberg’s dominance on Wall Street.

To access the complete New York Times article hit the link below

Chat service Aims to Challenge Bloomberg 

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