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jerryking : bloomberg   17

London Stock Exchange lays $27bn bet that data are the future
July 28, 2019 | | Financial Times | by Arash Massoudi, Richard Henderson and Richard Blackden.

The London Stock Exchange Group more than 300 years old, is trying to get back on the front foot with a plan for its most ambitious acquisition, one that will shape the direction of the group for years to come. It is the most striking demonstration yet of the charge among exchange operators into the business of supplying the data that is at the heart of markets....The LSE on Friday confirmed a Financial Times report that it was in talks to buy data and trading venue group Refinitiv for $27bn including debt, from a consortium led by private equity group Blackstone. If an agreement is reached for a company best-known for its Eikon desktop terminals, it would transform the LSE into a provider of financial market infrastructure and data with the scale to take on US exchange industry heavyweights Intercontinental Exchange and CME Group as well as Michael Bloomberg’s financial information empire.

“This would be a bold move in the shift among exchanges away from the matching of buyers and sellers and into the business of selling information,” said Kevin McPartland, head of market structure research at consultancy Greenwich Associates. “Data are so valuable and so is having the network of traders and investors to access that data — that’s all at play here.”......The deal would also be a defining moment for the LSE’s chief executive, David Schwimmer, just a year after the relatively unknown former Goldman Sachs banker was parachuted in to steady the ship. Its scale will bring considerable risk in execution alongside the need to convince LSE shareholders that taking on Refinitiv’s $12bn of debt will prove worth it.

Industry analysts see the strategic logic of the deal for the LSE, best known for its UK stock exchange and derivatives clearing house LCH. While revenue from initial public offerings can be more volatile, spending by everyone from asset managers to hedge funds on financial data and the analytical tools to make use of it has been going in one direction. It hit a record $30.5bn last year
.......“What’s happened is exchanges have found it more difficult to find ways of generating revenue in their traditional businesses,” “You can deliver data so easily now, there is voracious appetite from anyone making investment decisions so they can get an edge.”.....As well as winning over LSE shareholders, any deal is likely to face a lengthy period of antitrust approvals.

“There is a wider market concern about exchanges and data vendors combining,” said Niki Beattie, founder of Market Structure Partners. “The global world of data distribution is presided over by a small number of players who have a lot of power.”
asset_management  Blackstone  Bloomberg  bourses  data  financial_data  hedge_funds  inflection_points  IntercontinentalExchange  investors  LSE  mergers_&_acquisitions  M&A  Refinitiv  stockmarkets  Thomson_Reuters  tools  trading_platforms  turning_points  defining_moments 
7 weeks ago by jerryking
Thomson Reuters unit to be renamed Refinitiv after Blackstone deal - The Globe and Mail
LONDON
REUTERS
PUBLISHED 2 DAYS AGO

Thomson Reuters Corp’s Financial and Risk unit, in which U.S. private equity firm Blackstone Group is buying a majority stake, will be renamed Refinitiv once the deal closes, the company said in a statement on Friday.

Blackstone is making its biggest bet since the financial crisis with the $20-billion deal, which pits co-founder Stephen Schwarzman against fellow billionaire and former New York Mayor Michael Bloomberg in the financial information industry.

The Thomson Reuters unit provides information and related services to financial services professionals. David Craig, current head of Financial and Risk, will be CEO of Refinitiv, Thomson Reuters said in the statement.

The deal is expected to close in 2018,
Bloomberg  financial_data  Thomson_Reuters  Blackstone  Refinitiv 
july 2018 by jerryking
BlackRock to Push Wall Street Chat Tool - WSJ
By JUSTIN BAER and SARAH KROUSE
June 23, 2016

At Goldman Sachs Group Inc., a Symphony investor that contributed its own messaging developments to the platform, the service is now used by most of the firm’s employees across all of its businesses, according to a person familiar with the situation. Goldman traders, for instance, use Symphony to communicate with back-office employees charged with settling trades.

Elsewhere, though, Symphony remains little used or, in some cases, virtually unknown.

Of about a dozen employees reached at financial firms that have invested in the service, some were only aware of small-scale pilot programs in specific corners of their trading floors.

The lack of broader takeup has sown doubts that Symphony would become an alternative to Bloomberg’s multipronged service that costs financial firms $22,000 to $25,000 per employee a year. After attracting bankers and investors to its chat service, Symphony aims to pipe in data, news and other tools, coming closer to the array of functions Bloomberg provides. Symphony charges companies $15 a month per user for the chat service.
BlackRock  messaging  Symphony  Bloomberg  Goldman_Sachs  pilot_programs  traders  back-office  small-scale  chat  Communicating_&_Connecting 
june 2016 by jerryking
Back to business
October 17/18, 2015 | FT| By Matthew Garrahan and Ben McLannahan
The party to celebrate Bloomberg Businessweek magazine's 85th anniversary took place under a 21,000lb fibreglass model of a blue whale...
Michael_Bloomberg  New_York_City  BusinessWeek  entrepreneur  financial_data  moguls  mayoral  Bloomberg  financial_journalism 
november 2015 by jerryking
As Michael Bloomberg Returns to Run His Firm, Landscape Has Shifted - WSJ
By LUKAS I. ALPERT CONNECT
Sept. 4, 2014

Bloomberg LP now has 321,000 subscribers for its $20,000-a-year terminals, which supply a range of financial information, and is expected to generate $9 billion in revenue this year, making it the largest such data company in the world.

But while Bloomberg's annual growth has averaged nearly 6% over the past five years and it now controls 32% of the financial-data market, the company faces several challenges. Technological advances have made it easier for smaller firms like FactSet and Markit to compete against the financial-data giants, Bloomberg and Thomson Reuters Corp. TRI -0.03%

Also, some U.S. banks have cut back in recent years on the number of data-terminal subscriptions. Bloomberg has targeted emerging markets to sustain its growth. The company is also expanding beyond terminals into data feeds and back-office operations that make up the plumbing of the banking system.

"When [Mr. Bloomberg] left, 90% of their revenue came from their terminal business, but with terminal subscriptions shrinking they have had to grow their business in other directions," said Doug Taylor, an analyst at Burton-Taylor International Consulting.
Michael_Bloomberg  Bloomberg  Second_Acts  back-office  moguls  financial_data  competitive_landscape  data  Wall_Street 
september 2014 by jerryking
Incognito
October 2003 | Report on Business Magazine | by Doug Steiner.

"...He always seemed a step ahead, and he did it by working harder, thinking harder and trading harder—and in ways that the competition couldn't quite grasp."

Steiner's 10 rules for making serious money:

1. Economists say investing is a zero-sum game It isn't. Money moves to smart hands quickly, and lazy investors pay a price. Tiger Woods became the been golfer by practising a lot. How many prospectuses have you read in bed after the news?
2. Really good investors rarely crow. If there is $5 to be made from a trade, there will be loss than $2.50 after you've blabbed about how smart you are. There are traders who quietly take home $10 million a year. They live beside you in a modest house and drive a beat-up Nissan.
3. The best follow rules and they‘re patient. They may not invest for months. One great trader I know wanted to buy a house in a fancy neighbourhood. He spent more than a week in the registry office on his vacation, searching the title on each property in the neighbourhood to find what buyers paid and how much of that was mortgaged, going back 20 wars. He got a good deal. He does the same amount of homework investing.
4. Sharp traders never add to losing positions. Too many headaches.
5. Smart investors. when puzzled about when to sell. wonder if they should buy more. If they don’t think they should buy more,they sell.
6. The most information wins. If you like a company, phone some people who work there. Apply for a job. Try their products. Phone the shipping dock to find out if they're busy.
7. Get a Bloomberg terminal. Bloombergs have more information in them than you can use, but smart people use a lot of it.
8. Following really smart traders around the market is hard. Most have more money to invest in a position than the arbitrage or opportunity can handle. They leave few tracks.
9. Great investors an: like great athletes—they see opportunities that others don’t. Often you don't realize that what they've made the most money on is even fungible.
10. If you can't do it yourself, find someone who likes the foldouts in annual reports more than anything. Their management fees are usually worth it. And they usually don't have slick marketing brochures.
absorptive_capacity  arbitrage  Bay_Street  Bloomberg  dedication  Doug_Steiner  hard_work  hedge_funds  humility  idea_generation  investment_advice  investing  investors  money_management  obscurity  opportunities  overlooked_opportunities  patience  perception  primary_field_research  prospectuses  rules_of_the_game  self-discipline  sleuthing  slight_edge  smart_people  traders  training  unfair_advantages  zero-sum_games 
december 2013 by jerryking
Doctoroffs to Give University of Chicago Law School $5 Million - NYTimes.com
October 2, 2013 | NYT | By PETER LATTMAN

The University of Chicago Law School is expected to announce on Wednesday a $5 million gift to create a business leadership program.

The gift, from Daniel L. Doctoroff, chief executive of the financial data and media company Bloomberg L.P., and his wife, Alisa Doctoroff, president of the UJA-Federation of New York, will create a program that combines law and business classes at the university....“Throughout my career in government, in business, as an investor and C.E.O., I’ve worked with hundreds of lawyers across dozens of fields,” Mr. Doctoroff said. “Time after time, I’ve seen the value of lawyers who have fundamental business and financial skills, no matter their field of specialty.”
Bloomberg  Daniel_Doctoroff  law_schools  philanthropy  UJA  uChicago 
october 2013 by jerryking
Meet Bloomberg's data-driven Daniel Doctoroff
Aug. 09 2013 | The Globe and Mail |JOANNA SLATER.

Mr. Doctoroff’s job, as deputy mayor for economic development, would include rebuilding the site and pushing ahead with projects envisaged in the Olympic bid....Founded by Mr. Bloomberg in 1982, the firm grew into a global juggernaut that disrupted every field it touched, from market data to financial journalism....Mr. Doctoroff had a yen for precision and a belief in the power of data. To eliminate clutter on his desk, he never touches a piece of paper twice. “I either delegate something, I dump it, or I deal with it,”...Mr. Doctoroff’s mission at Bloomberg is twofold. The first is to sell more terminals – a subscription service that costs more than $20,000 (U.S.) a year per person and offers access to an expanding universe of data, analytical tools and news. Last year was a tough one for terminal sales; Wall Street firms continued to shed staff in what Mr. Doctoroff describes as “the fourth year of post-financial crisis adjustment.”

The second task is to lead the company into other areas and make those investments pay off. Bloomberg has launched what it hopes will become indispensable data products for fields like law and government and also for back-office personnel within finance. Then there’s the media business, which includes a news service, television, radio and magazines, among them Bloomberg Businessweek, which was purchased in 2009. Businessweek still isn’t profitable, but it’s losing much less money than it used to. The magazine, like the rest of the news operation, serves another objective in the Bloomberg ecosystem, Mr. Doctoroff said: heightening the firm’s profile so it can attract more market-moving scoops, which in turn helps to sell more terminals....On his career path: I believe we’re all endowed with a very small set of narrow skills that make us unique. You’ve got to find what that is. Most often what you truly understand makes you unique is something that you’re also going to build passion around. For me – and I didn’t really discover this until I was in my 40s, the line that connected the dots … [is] seeing patterns in numbers that enable me to tell a compelling story which helps to solve a problem. So whether it is helping a candidate get elected or doing a road show for a company, getting a project done in New York or hopefully setting a vision for a company, it’s that narrow skill.
New_York_City  Bloomberg  data_driven  precision  CEOs  organizational_culture  Wall_Street  private_equity  digital_media  disruption  privately_held_companies  Michael_Bloomberg  fin-tech  journalism  pattern_recognition  career_paths  gtd  mayoral  Daniel_Doctoroff  storytelling  product_launches  sense-making  leadership  insights  leaders  statistics  persuasion  ratios  analogies  back-office  connecting_the_dots  scoops  financial_journalism  financial_data  special_sauce  non-routine  skills 
august 2013 by jerryking
Google carrying real-time data from EU exchanges
Associated Press | Posted: Tuesday, February 21, 2012

Google's real-time stock quotes are a potential threat to financial information providers such the Thomson Reuters Corp. and Bloomberg L.P., which earn revenue through the provision of up-to-second market data to traders and analysts. Units of Reuters and Bloomberg compete with The Associated Press.

In an email, Google said it was trying to "provide consumers with the best information as quickly as possible."
data  competingonanalytics  stockmarkets  E.U.  Thomson_Reuters  financial_data  Bloomberg  Google  disruption  information  information_flows  real-time 
february 2012 by jerryking
Bloomberg Pursuits Magazine Aims at Luxury Market - NYTimes.com
February 12, 2012, 5:27 pm
From Bloomberg, a New Luxury Magazine
By AMY CHOZICK
high_net_worth  magazines  luxury  Bloomberg 
february 2012 by jerryking
Bloomberg's Plan for World Domination
Nov 21, 2011 | The Daily Beast | Nick Summers
Bloomberg 
november 2011 by jerryking
Information Wants to Be Expensive - WSJ.com
FEBRUARY 23, 2009 WSJ op-ed by L. GORDON CROVITZ arguing that newspapers need to act like they're worth something.


Time magazine published a cover story earlier this month headlined "How to Save Your Newspaper." In it, former Time Managing Editor Walter Isaacson noted how odd it is to charge for subscriptions in print but not online. "Even an old print junkie like me has quit subscribing to the New York Times, because if it doesn't see fit to charge me for its content, I'd feel like a fool paying for it. This is not a business model that makes sense."......People are happy to pay for news and information however it's delivered, but only if it has real, differentiated value. Traders must have their Bloomberg or Thomson Reuters terminal. Lawyers wouldn't go to court without accessing the Lexis or West online service..........By 2007, the Journal's Web site had reached one million paying subscribers who value full access and convenient navigation to its unique business news. Another 20 million people each month read Journal articles made available free. Likewise, the Financial Times and ESPN generate significant online revenues from subscribers, along with free content. So do consumer services such as Consumer Reports and Zagat. Steve Jobs proved we'll pay up to $1 for digital songs on iTunes, and Amazon's Kindle established $10 as reasonable for a digital book. .........For years, publishers and editors have asked the wrong question: Will people pay to access my newspaper content on the Web? The right question is: What kind of journalism can my staff produce that is different and valuable enough that people will pay for it online?..........newspaper journalists still report the key local news. American Lawyer founder Steven Brill argues that "local newspapers are the best brands, and people will pay a small amount to get information -- whether it be a zoning board or a Little League game -- that they can't get anywhere else." A few local newspapers, such as the Arkansas Democrat-Gazette and Hong Kong's South China Morning Post, charge for access online, knowing their news can't be found elsewhere...........When author Stewart Brand coined the expression "Information wants to be free," he focused on how technology makes it cheap and easy to communicate and share knowledge. But the rest of his quote is rarely noticed.

This says, "Information also wants to be expensive." The right information in today's complex economy and society can make a huge difference in our professional and personal lives. Not having this information can also make a big difference, especially if someone else does have it. And for valuable information, online is a great new way for it to be valued.
asking_the_right_questions  Bloomberg  brands  differentiation  digital_media  information  iTunes  journalism  L._Gordon_Crovtiz  Lexis  local_journalism  newspapers  op_ed  questions  Steve_Jobs  Steven_Brill  Stewart_Brand  subscriptions  Thomson_Reuters  TIME_Inc.  traders  Walter_Isaacson 
february 2009 by jerryking

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