Are Symphony trying to create the next Multex or, perhaps more accurately, the next Markets.com? As pointed out in this article there are clear pro's and cons to this sell side driven initiative.
Symphony's latest idea is not new: it echoes the business model of Thomson Reuters and Bloomberg, which dominate the financial news and data market. Other startups have tried to upend or improve upon that model before, with little success. "It's really hard to change habits," said Kevin McPartland, head of market structure and technology research at Greenwich Associates, a consulting firm to the financial industry. Even if large banks like Goldman Sachs adopt the technology, they will still have to continue with older ways of distributing information to accommodate clients who have not yet switched. And at least some customers will likely be suspicious of a product that comes from a group of banks, said Peter Appert, a senior equity research analyst with investment bank Piper Jaffray. "You want the data and analytics coming from independent third parties," he said.