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Some firms consider alternatives to Bloomberg

May 17, 2013 at 12:26 PM   |   Comments

NEW YORK, May 17 (UPI) -- At least three major Wall Street banks said they were working on replacing some of the features offered by Bloomberg LP.

It was recently revealed reporters in Bloomberg's news division have for years been looking at client subscription data for the company's data distribution business.

Although the two divisions are run by the same company, reporters looking at subscription data for the firm's $20,000 per year terminal renting business was seen by many as a breach of privacy.

The information reporters could see has been labeled "mundane" but Wall Street's highly competitive and secretive culture can be shaken by hints that trust has been violated.

The New York Post reported Friday officials at Citigroup, Barclays, Goldman Sachs and a fourth major bank that requested anonymity are considering replacing Bloomberg's messaging and chat functions with in-house systems that would be regarded as more secure.

A Citigroup spokesman said the bank had been working on an in-house news and messaging system for two years and it was not connected to the recent revelations about Bloomberg reporters.

Citigroup, which appears to be considering a more drastic shift than the others, is also working on an in-house news service called CitiFX Wire.

That would be available for foreign exchange traders and clients, the Post said.

There was no immediate indication the banks were considering turning in their terminals. Citi, however, was considering offering new staff members and those without Bloomberg terminals the new in-house service instead of Bloomberg's.

Barclays is considering replacing Bloomberg's instant messaging system with one of its own and Goldman Sachs is considering a similar move, the Post reported.

"We always thought that traders couldn't live without Bloomberg, but maybe that's not true," a Goldman Sachs official said.

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