A number of folks over the years have had a crack at creating a Bloomberg "lite". Can Mr. Downey succeed where others have failed? Well, according to several reporters, he already has 10,000 subscribers so lets see.
Downey, former global head of commodities at Bloomberg for four years, plans to take on his former firm’s ubiquitous trading-floor presence: the terminal. Downey is launching Money.net, his new trading platform, on Monday, and he’s guessing that being mobile is the way to outflank Bloomberg. It’s a trading platform anyone can use to watch or participate in the financial markets — in real time — on a desktop and on mobile devices, Downey says. Here’s the kicker: Money.net costs only $50 a month for individual investors — and a bit more for professional traders with accreditations. But the pro fees will be a far cry from the $24,000 a year some 321,000 traders and analysts’ employers pay for the Bloomberg terminal, giving that company nearly $9 billion in revenue for 2014. “The financial information on this tool allows anyone to have the same market access as a Wall Street trader, analyst or financial adviser,” said Downey, who spent 15 years running trading desks for banks, including Citibank, before joining Bloomberg. Downey said several banks are running trials on Money.net.