26 April 2017
Visit EBAday.com

Wall Street banks turn to messaging startup as Bloomberg alternative

04 August 2014  |  14683 views  |  0 Stock exchange numbers

A group of Wall Street banks, led by Goldman Sachs, are on the verge of buying a stake in instant messaging firm Perzo as they prepare to break free of their reliance on Bloomberg, according to Reuters.

The Instant Bloomberg chat system has long dominated Wall Street but it comes as part of a $20,000-a-year terminal package in an age when banks are bidding to slash costs.

Goldman, Morgan Stanley, JPMorgan Chase & Co, Bank of America, Deutsche Bank, HSBC and BlackRock are all now pondering investing in Perzo, which has developed free messaging apps, as an alternative, says Reuters, citing sources.

Last year relationships between Bloomberg and the banks took a hit when it emerged that the the firm's journalists had snooped on clients by monitoring page views and log-ins by traders using its desktop data terminals.

A deal for Perzo would not be the first time that banks have tried to loosen Bloomberg's grip on the instant messaging market. Several have signed up for a new open messaging network being set up by Markit and backed by Thomson Reuters.

Instant messaging and chat rooms have been in the spotlight recently, with banks banning traders from using them after they became fruitful hunting ground for regulators sniffing out market manipulation.

Logs of chats between traders on Bloomberg terminals and Thomson Reuters desktops have formed a central plank of investigations into the Libor fixing scandal and allegations of foreign exchange rates manipulation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bloomberg adds bitcoin pricing to Professional terminal

Bloomberg adds bitcoin pricing to Professional terminal

30 April 2014  |  5803 views  |  0 comments | 6 tweets | 4 linkedin
Bloomberg bids to ease clients' chat room concerns

Bloomberg bids to ease clients' chat room concerns

18 December 2013  |  3854 views  |  0 comments | 4 tweets | 7 linkedin
Deutsche Bank bans chat rooms as Europe takes banks to task over rate rigging

Deutsche Bank bans chat rooms as Europe takes banks to task over rate rigging

04 December 2013  |  5331 views  |  0 comments | 1 tweets | 2 linkedin
Barclays, RBS and Citi ban traders from chat rooms - FT

Barclays, RBS and Citi ban traders from chat rooms - FT

22 November 2013  |  5185 views  |  1 comments | 2 tweets | 2 linkedin
Banks and Thomson Reuters join Markit messaging network

Banks and Thomson Reuters join Markit messaging network

07 October 2013  |  6272 views  |  0 comments | 3 tweets | 3 linkedin
Bloomberg vows to increase oversight in wake of client data privacy probe

Bloomberg vows to increase oversight in wake of client data privacy probe

22 August 2013  |  5093 views  |  1 comments | 2 tweets
JPMorgan Chase demands access to Bloomberg logs

JPMorgan Chase demands access to Bloomberg logs

16 May 2013  |  6871 views  |  0 comments | 6 tweets
Bloomberg admits reporters used terminals to snoop on clients

Bloomberg admits reporters used terminals to snoop on clients

13 May 2013  |  5644 views  |  1 comments | 9 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit dh.comFind out more

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
15868 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11606 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
10600 views 0 | 7 tweets | 7 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9806 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
8886 views comments | 14 tweets | 15 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job