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BlackRock to Push Wall Street Chat Tool – 4 Traders 

Full Article: 4-Traders

BlackRock Inc. will urge banks, brokers and others who interact with it to communicate via a messaging platform backed by banks and investment firms called Symphony Communication Services LLC, according to people familiar with the matter

Comments
  • CelticBond
    CelticBondJuly 23, 2016"I agree with the comment & at $2k+ pm its a very expensive chat mechanism along with expensive analytics. Dealers must realise how much monies they gave away to BBG over the years & their own failures to build their own analytic deliveries.What could be interesting developments are new analytic entrants that are cheaper coupled with Symphony…"
  • Iceman
    IcemanJuly 2, 2016"As has been discussed a number of times a chat function itself is hardly ground breaking so Symphony needs to continue to develop their platform and adopt new features and functions that appeal to a broader cross section of the community. What is interesting is this still seems to be a closed system instead of the original ideal that was asked for by the very first investors who were looking for an open system to be inter operable. Perhaps it is to bigger a stretch to…"
  • Wolfman
    WolfmanJuly 1, 2016"So, most people will admit that 95% of what they use Bloomberg for is chat. If the BlackRock gorilla decides it will no longer permit their employees from chatting on Bloomberg, then the tide will have to shift. That's the bottom line. If he 5% non-chat usage is still essential to the particular Bloomberg user, Symphony has succeeded in increasing their cost instead of reducing it. Now, these are early days and who know what other services Symphony intends to offer (t…"
  • Goose
    GooseJuly 1, 2016"It’s not like Symphony is just a functionality release or two ahead of a similar technology and business model. There is a huge gulf between the technology, models, and delivery of Symphony and Bloomberg.. This is an inflection point on completely changing the delivery of fixed income communication. IF, and given the stakes it’s a big IF, Blackrock pushes ahead and IS the gorilla to build the Symphony external community, what is the response by Bloomberg? Its not just…"

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6 Comments on "BlackRock to Push Wall Street Chat Tool – 4 Traders "

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Jester
Member
There has been a pretty consistent theme from my fellow 10,000 Hours teammates when it comes to innovation in the corporate bond market and that is: If the buy side mobilizes, it will happen. As this article indicate, BlackRock appears to be putting their weight behind Symphony, which, if true, should definitely sound the alarm bells at Bloomberg. If BlackRock wants this shift to Symphony chat to go at hyper speed, all they have to do is demand that all communication from dealers wanting to trade with them occur via Symphony. To most dealers, this account is their annual annuity,… Read more »
Cougar
Member
A year ago I was Synphony skeptic. Not now. The seeming slow spread of the system belies the reality. In many sellside firms and now some of the buyside it has replaced the internal messaging system(s). The uniformity of this change alone is unique away from Bloomberg. I have spoken with the Symphony management a.day used the system thato takes the best elements from IMs, Twitter and Facebook. For example one of the best things about Bloomberg is that it is a self selecting community. If you don’t pay the fees you don’t get on. During the trading day I… Read more »
Goose
Member

It’s not like Symphony is just a functionality release or two ahead of a similar technology and business model. There is a huge gulf between the technology, models, and delivery of Symphony and Bloomberg.. This is an inflection point on completely changing the delivery of fixed income communication. IF, and given the stakes it’s a big IF, Blackrock pushes ahead and IS the gorilla to build the Symphony external community, what is the response by Bloomberg? Its not just about losing chat, its that you look nothing like the new architecture of delivery…that can deliver lots of other stuff.

Wolfman
Member
So, most people will admit that 95% of what they use Bloomberg for is chat. If the BlackRock gorilla decides it will no longer permit their employees from chatting on Bloomberg, then the tide will have to shift. That’s the bottom line. If he 5% non-chat usage is still essential to the particular Bloomberg user, Symphony has succeeded in increasing their cost instead of reducing it. Now, these are early days and who know what other services Symphony intends to offer (trading system access, OMS, etc.) perhaps they can get the 95% to 99% and at that point, a shift… Read more »
CelticBond
Member

I agree with the comment & at $2k+ pm its a very expensive chat mechanism along with expensive analytics. Dealers must realise how much monies they gave away to BBG over the years & their own failures to build their own analytic deliveries.What could be interesting developments are new analytic entrants that are cheaper coupled with Symphony

Iceman
Member
As has been discussed a number of times a chat function itself is hardly ground breaking so Symphony needs to continue to develop their platform and adopt new features and functions that appeal to a broader cross section of the community. What is interesting is this still seems to be a closed system instead of the original ideal that was asked for by the very first investors who were looking for an open system to be inter operable. Perhaps it is to bigger a stretch to believe that as a group in the financial markets we can create something that… Read more »
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