09 May 2019 Bloomberg Exits KYC and the Market Moves On
Bloomberg Entity Exchange is closing up shop soon, but there are plenty of players out there.
Bloomberg confirmed in early April that it plans to shut down Entity Exchange, a know-your-customer (KYC) solution that was supported by Citibank and adopted by multinational corporations including Coca-Cola.
Industry insiders say an internal management change led to a review of Bloomberg’s product portfolio, with Entity Exchange and the company’s sell-side execution and order management solutions businesses getting cut. Bloomberg, they say, was looking to focus on its core offerings. A Bloomberg spokesperson would only say that “the company’s intention is to exit its KYC business.”
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