Financial News: Financial-data providers face a 2009 revenue dip

Providers of financial information are facing a significant drop in revenue as the financial crisis punishes their clients.

Global spending by the securities industry on data, largely through leasing desktop terminals, is forecast to shrink by about 3%, or $700 million this year, according to a report to be published this week by data specialist Burton-Taylor International Consulting.  Thomson Reuters and Bloomberg, which between them share half of the U.S. market and two thirds of the business in Europe, will bear the brunt of the cuts. Terminals are mostly leased by banks and fund managers, who have been cutting back on costs and laying off staff who use the terminals.

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