Bloomberg has launched an App Portal that gives its 315,000 desktop terminal subscribers access to applications created by third party developers.
The Portal has been launched with 45 applications across a variety of categories including, data analysis, news and research, portfolio management and risk analysis, valuation and pricing, data visualization and technical analysis.
The notoriously propreitary Bloomberg opened up its market data API to third party developers in February. The launch of the Portal is an attempt to emulate the success of Apple's iTunes store in providing a shop window for third parties to sell their applications to professional investors. Like Apple, Bloomberg will take a 30% cut of all sales through the portal.
"Software developers with a great idea, but limited global reach, can work with Bloomberg to get in front of financial professionals around the world virtually overnight," says Stanley Young, chief executive officer of Bloomberg's enterprise products and solutions business. "Our intention is to complement Bloomberg's existing functionality with third-party applications that enable our clients to achieve success."
The Bloomberg App Portal team, led by Claudio Storelli, follows a formal application review and selection protocol. Once selected, application developers receive technical and business support from the Bloomberg team as part of an on-boarding and software quality assurance process. Storelli says the firm is currently working with up to 300 third party developers.
Finextra TV caught up with Storelli at the launch in London, where he discusses the development and benefits of the App Portal.