Thomson Financial is adding AOL's instant messsaging (IM) application to its Thomson One desktop product in a bid to compete with messaging services offered by both Reuters and Bloomberg.
Thomson Financial is using Boston-based IMlogic's IM Manager technology to integrate the AOL Instant Messenger service with its AutEx network. Thomson says the system streamlines and improves the price discovery process by enabling the direct negotiation of price and quantity between buy-side trader and broker.
AutEx sell-side traders are able to set up IM contact details from within Thomson One so that buy-side partners can respond to indications of interest (IOI) details using the embedded AOL screen name. In addition, the buy-side trader is able to configure AutEx by associating the coverage team's AOL screen names with specific IOIs.
Francis de Souza, CEO of IMlogic, says IM has become the standard communication medium for traders and creates competitive advantage when integrated with applications such as Thomson One.
IM integration is part of Thomson Connect, the vendor's communication and collaboration strategy comprising a series of tools embedded throughout product suite. Jeremy Condie, senior vice president, Thomson Connect, institutional equities, says the service is generating positive feedback from early adopters.
Reuters teamed with Microsoft to launch its IM service, called Reuters Messaging, back in October 2002 in a bid to steal back market share lost to rival Bloomberg. At the time Bloomberg's e-mail-based service, Bloomberg Mail, was seen as a major factor in the success of its desktop terminal. Bloomberg later launched its own IM-based service, Instant Bloomberg.
Reuters - which hooked up to AOL IM in September 2003 - claims its IM service now has over 50,000 active users at more than 2000 companies and in 120 countries.