Given that backdrop, Bloomberg will do well to keep its 327,000 subscriptions flat this year, says Douglas B Taylor, Florida-based founder. According to his estimates, which are endorsed by the biggest players in the industry, the three functions of debt, equity trading and investment banking accounted for just under half of the $26.6bn financial-data market last year. “If [Bloomberg] went through the year with one terminal positive, they’d probably say it’s not a bad year,” he says. Then again, Bloomberg and Reuters have seen off plenty of challengers in the past. Even if staff are under orders to cut back, it can be tough to persuade a senior trader to surrender his status symbol.

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