Bloomberg FX Chat vs Open Federated Chat
After many years of seeing various flavours of chat in Single Dealer Platforms, most of which are “borrowed” from the normal social chat world, are we now seeing Bloomberg move the goal post and offer a FX Chat application with some punch – the punch in the form of meeting Citi’s monitoring and compliance guidelines around price negotiation.
The only downside to this is that Bloomberg have recently been stung with the who big brother issue around its platform (see previous posting). It’s also curious to read:
“JPMorgan, Deutsche Bank and Goldman Sachs are a few of the banks that are exploring alternatives to Instant Bloomberg”
Given the above (further details over on the New York Post article), it clears that Bloomberg issues in recent weeks might given the banks the direction needed to consider other alternatives to the full tie-in to the Bloomberg platform. Clearly with the need to reduce costs in financial services, an “Open” style initiative would I imagine make a lot of people happy – Open Federated Chat.