Top banks launch integrated messenger service

Oct 07, 2013
Analysts say the new messaging service could provide a direct challenge to Bloomberg

Leading banks have teamed up with financial data provider Thomson Reuters to launch a shared messenger service to facilitate communication between traders, British information services company Markit announced on Monday.

Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank Goldman Sachs, JPMorgan Chase, Morgan Stanley and Thomson Reuters have joined forces to connect their instant messaging platforms using a new network from Markit.

The Financial Times (FT) said the messaging service would provide a direct challenge to Bloomberg, the US financial data provider which has a grip on such daily communications.

The new network, Markit Collaboration Services, will allow users to send instant messages, video and to enter chat rooms. It is available to all participants in the financial industry.

"We're excited to launch this new collaboration network which is the first of its kind," Markit chief executive Lance Uggla said in a statement.

"Our aim is to help financial market participants become more efficient in the way they communicate and share information."

Zar Amrolia, joint-head of Fixed Income & Currencies at Deutsche Bank added: "We welcome any initiative that improves access and communication across markets and with our clients."

According to the FT, on private networks is the main way in which financial market staff exchange information that is driving trading.

The business daily added that the move to join various systems to form a single comes amid efforts by the financial sector to share rising IT costs.

Explore further: Report: Bloomberg private messages leaked online

add to favorites email to friend print save as pdf

Related Stories

Report: Bloomberg private messages leaked online

May 13, 2013

(AP)—A published report says financial data and news service Bloomberg accidently leaked online more than 10,000 private messages containing sensitive pricing data exchanged by users of Bloomberg's financial information ...

Thomson Reuters posts loss on $3 bn writedown

Feb 09, 2012

Thomson Reuters posted a fourth-quarter loss on Thursday as the financial news and information provider took a $3 billion writedown on its financial services business.

AOL revamps AIM in hopes of stanching user exodus

Nov 16, 2011

AOL is giving its AIM instant-messaging software a new look and new features in hopes of stanching an ongoing exodus of users who have turned to texting and other online messaging services.

Recommended for you

Net neutrality balancing act

3 hours ago

Researchers in Italy, writing in the International Journal of Technology, Policy and Management have demonstrated that net neutrality benefits content creator and consumers without compromising provider innovation nor pr ...

Twitter rules out Turkey office amid tax row

Apr 16, 2014

Social networking company Twitter on Wednesday rejected demands from the Turkish government to open an office there, following accusations of tax evasion and a two-week ban on the service.

How does false information spread online?

Apr 16, 2014

Last summer the World Economic Forum (WEF) invited its 1,500 council members to identify top trends facing the world, including what should be done about them. The WEF consists of 80 councils covering a wide range of issues including social media. Members come ...

User comments : 0

More news stories

Tiny power plants hold promise for nuclear energy

Small underground nuclear power plants that could be cheaper to build than their behemoth counterparts may herald the future for an energy industry under intense scrutiny since the Fukushima disaster, the ...

Hand out money with my mobile? I think I'm ready

A service is soon to launch in the UK that will enable us to transfer money to other people using just their name and mobile number. Paym is being hailed as a revolution in banking because you can pay peopl ...