Bloomberg and Reuters lose data share to smaller rivals

The two dominant providers grew more slowly than the overall market in 2017, survey finds

Bloomberg and Reuters lost market share to smaller financial data providers in 2017, underlining the global finance industry’s gradual shift away from the costly desktop terminals that have long enjoyed a grip on the market.

Overall, spending on financial market data, analysis and news rose 3.6 per cent to a record $28.5bn in 2017, according to a report on Thursday from Burton-Taylor International Consulting, the business consultancy now owned by TP ICAP.

While this was the fastest pace of growth since 2011, Bloomberg and Reuters, which provide dedicated data terminals for bankers, traders and money managers, both lost market share to challengers that offer services via cheaper web browsers or software.

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