Goldman group set to buy message system as alternative to Bloomberg - News and Current Events | futures io social day trading
futures io futures trading


Goldman group set to buy message system as alternative to Bloomberg
Updated: Views / Replies:192 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Goldman group set to buy message system as alternative to Bloomberg

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Goldman group set to buy message system as alternative to Bloomberg

Wall Street firms led by Goldman Sachs Group Inc are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman's plans said.

Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.

Several banks and asset managers are considering an investment in Perzo, including Morgan Stanley, JPMorgan Chase & Co, Bank of America Corp, Deutsche Bank AG, HSBC Holdings PLC, BlackRock Inc and the hedge fund Maverick Capital Ltd, said two sources briefed on the matter who declined to comment publicly.

The companies, which have received term sheets for the deal and signed non-disclosure agreements in recent days, either declined to comment or did not respond to requests for comment in time for publication.

Goldman Sachs spokespeople declined to comment on its Perzo investment, its plans to develop a chat program or its use of Bloomberg terminals. Bloomberg declined to comment for this story.

Perzo is a Palo Alto, California-based startup founded by David Gurle, who declined a request for comment. Perzo’s application differs from Bloomberg's in that it is "open-source," meaning customers can plug it into their systems and alter it as they see fit, whereas Bloomberg customers have to buy the entire terminal, and can't just buy the messaging system and adapt it.

Banks have been looking for messaging alternatives to Bloomberg's closed system for years and have had limited success because the Bloomberg system is used by so many on Wall Street. One source compared Bloomberg to Blackberry, whose product dominated the smart phone market until Apple came out with its iPhone.

Thomson Reuters, which competes with Bloomberg in news, data and analytics, has a chat system with more than 200,000 users in its directory, compared with Bloomberg's 320,000.

Thomson Reuters has also collaborated with price data provider Markit and banks including Goldman Sachs to create an open messaging network.

Goldman Sachs spokespeople declined to comment on its use of Thomson Reuters terminals. Reuters spokespeople declined to comment.

It's unclear what effect a successful new messaging system might have on Goldman's orders for Bloomberg terminals, or whether Goldman would use Bloomberg’s messaging system alongside the new application.

"Bloomberg is a very tough ecosystem to break," said Jefferies analyst Dan Dolev. "People say it is the most expensive social network system in the world." Bloomberg's rise began in the 1980s when it became a prime source for data and analytics about bonds.

Messaging applications play a critical role in the daily functioning of Wall Street. An underwriter will use messaging programs to tell investors where a bond has priced. Hedge fund managers use messaging applications to talk about trading ideas, and traders use them to talk to sales staff.

To succeed, a bank messaging system must be secure, because of the sensitive information transmitted through the application. It must allow for central monitoring, so compliance staff and other officials can monitor conversations to make sure the bank is following securities trading regulations.

PROJECT BABEL

Goldman Sachs has been looking at alternatives to Bloomberg's messaging program for years, and launched a project internally called "Babel" in early 2013 to develop a competitor, according to two sources.

As that project was underway, the bank learned that reporters in Bloomberg's news division had access to information about bank professionals that it assumed had been private, such as when an employee had last logged into his or her terminal, the sources said.

The discovery strained relationships between Bloomberg and Goldman, as well as other large financial clients. Bloomberg publicly apologized and changed its policy to bar reporters from accessing client data.

The Babel project has been led by Goldman’s Chief Information Officer R. Martin Chavez, who has spent much of his career building technology for the Wall Street bank, the sources said. Darren Cohen, who heads Goldman's principal strategic investments group, got involved when it was decided that it might be easier to simply buy a startup that already had technology that could help meet Babel's goals.

Goldman recently reached out to other banks to get them involved, the sources said.

Exclusive: Goldman group set to buy message system as alternative to Bloomberg - sources | Reuters

Reply With Quote

Reply



futures io > > > > Goldman group set to buy message system as alternative to Bloomberg

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
buy next bar... and set stop immediately and not for the bar after Nicolas11 EasyLanguage Programming 12 September 18th, 2017 05:43 AM
CME Group: Current system must be re-evaluated ThatManFromTexas News and Current Events 0 July 14th, 2012 04:57 PM
Backtest buy at the ask or buy at the bid with queue position ? bidask201 AmiBroker 0 July 4th, 2012 06:30 PM
New Guy Question => Difference between Buy Ask and Buy Bid? Cisco NinjaTrader 8 March 20th, 2012 11:42 PM
Goldman Now Selling Groupon To Clients Whom It Tells To "Buy" With A $29 Limit Quick Summary News and Current Events 0 December 14th, 2011 08:50 AM


All times are GMT -4. The time now is 11:43 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.08 seconds with 19 queries on phoenix via your IP 54.90.92.204