It costs $24,000 a year, but yet no market data vendor has managed to worm itself quite so utterly into the fabric of finance as Bloomberg has. is that about to change this FT artcile takes a look.
Goldman Sachs has spearheaded Wall Street’s development of a new chat system known as Symphony, which it and other banks and asset managers hope will lessen Bloomberg’s grip. Most of all, however, it is the terminal’s expense that is increasingly problematic, at a time when the financial industry is still pruning costs as far as possible. “They were the first and it’s very sticky, but Bloomberg’s rivals are putting together impressive alternatives, and Bloomberg’s monthly price tag is quite high,” notes John Brady, a salesman at RJ O’Brien, a Chicago brokerage. Whether a rival is able to vanquish the Bloomberg terminal’s grip remains to be seen, however. “We’ve been hoping and waiting for a good competitor for years, but there just aren’t any,” says Kevin Giddis, head of fixed income at Raymond James.