30 Oct 2019 Rise of machine trading forces data providers to pivot

FactSet chief says information sellers are focusing on companies rather than traders

Financial information suppliers are on the hunt for new markets such as wealth management and corporate audiences, according to the chief executive of Factset, as the decline of the traditional dealing floor makes it harder to sell data to traders.

Philip Snow, chief executive of the US data provider, said the days of depending on selling information on fixed workstations, or terminals to a core group of investment bankers and fund managers — the mainstay of the industry over decades — were quickly receding.

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