A start-up is targeting Bloomberg Terminal users with a rival product which is free to use.
Level Trading Field – launched in April 2016 – was founded by a group of former traders who say costs for using Bloomberg and Thomson Reuters services are unreasonably high.
It offers a platform with web-based communication channels, research tools and quantitative analysis applications. The platform replicates everything Bloomberg and Thomson Reuters offers, but is free to access.
While the service is free and a number of applications on the platform are free, other functions like the job board are sponsored.
Speaking to The TRADE, chief executive officer at Level Trading Field, Lanre Sarumi explained: “Our product is more like an operating system, it doesn’t force things into categories and works the same way as a computer with icon and applications on the desktop.”
He added the firm’s aim is “to let market participants know there is a platform out there that can do everything Bloomberg Terminal can do, but with little or no cost.”
A recent report found user numbers for Bloomberg Terminals declined for the second time in the company’s history in 2016. Despite this, it held a strong 33% market share with Thomson Reuters holding 23% market share.
“Bloomberg Terminal users are declining, but it’s much bigger than that. Firms are cutting back on subscriptions to save costs and they have access to the data already without realising it,” Sarumi added.
Speaking at the time of the launch of the platform, Sarumi explained the firm is working to ‘level the trading field’ in the futures, options and equities markets, “to provide traders with fast access to market data, professional-grade technology and applications that lead to better trading decisions.”