Bloomberg has data on more than 5 million bonds, equities, commodities currencies, and funds. He has agreed to let New York’s Department of Financial Services, which was unnerved by the degree of encryption promised to clients, access chat logs in suspected cases of wrongdoing.Bloomberg is a powerful and flexible platform for financial professionals that brings together real-time data on all market, news and research, analytics, and communication tools to make smarter, faster, more informed business decisions.
“If there’s an information policy violation, the firm can automatically cut off communication." “Symphony has sophisticated, real-time surveillance tools," Gurle said. Unlike earlier messaging systems such as FIX, AOL IM or Wickr, which moved into the financial world with mixed results, Symphony is arriving as major banks are cutting costs and keeping a closer eye on traders after the Libor exchange and interest rate manipulation scandals.
While Bloomberg is a closed ecosystem, Symphony by contrast integrates outside services-and with annual subscriptions at just $180.īut Spencer Mindlin of the business research firm Aite Group notes that “Bloomberg has been the incumbent for a very, very long time."īloomberg is still the favoured channel between clients and traders, according to one Wall Street broker who spoke on condition of anonymity, adding that his firm prohibited traders from using Symphony for outside communications.Įven so, most major banks are using Symphony for internal communications and for employees with administrative and marketing roles, Mindlin said. While Symphony is not really a head-to-head competitor with Bloomberg it is gaining ground on the dominant player on Wall Street.īloomberg, which has existed since 1983, offers a vast panoply of services, including research, analysis, trading, data and news, in addition to messaging, at an average annual cost of $22,000 per terminal. He said he hopes to diversify Symphony beginning in 2018, moving into sectors such as insurance, health, defence and aviation, building a secured network for businesses.
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