I can't imagine this ending well for Bloomberg. But who is the alternative?
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The reason they can charge so much is the amount of information they store. You can find out tons of stuff quickly. Say you hear of an oil tanker exploding in a port, you can find out what ships were there, and who owned them and try to guess whose stock to short.
They even keep track of how many people looked up your profile in a day and publish a list of the hottest profiles.
The market makers mostly just use the chat function for socailizing actually. The big trades and price discovery is all done on direct phone lines, in fact they are hyper-concerned about privacy, that's why they use the IDB's in the first place. As for buy side firms, not sure how much sensitive information would be transmitted on bloomberg chat, I rekon not that much....