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To arms, to arms! The world’s biggest financial firms rise up against Bloomberg’s terminals

Fortune

Since the early ‘90s, Bloomberg has dominated the financial communications market, its terminals serving as key entry points into the world’s financial corridors. Costing more than $20,000 a piece per year and connecting more than 320,000 clients with critical information, Bloomberg’s terminals are the industry standard when it comes to secure, instant messaging.

Still, financial firms are tired of the terminal’s exorbitant price tag, and many traders are still wary after Bloomberg reporters were caught snooping the activity of terminal users last year. (Bloomberg issued an apology and updated its newsroom rules in an effort to prevent such an incident from reoccurring.)

It’s not surprising, then, why 14 of the world’s biggest financial firms—including Goldman Sachs [fortune-stock symbol=”GS”], Bank of America [fortune-stock symbol=”BAC”], BlackRock [fortune-stock symbol=”BLK”], J.P Morgan Chase [fortune-stock symbol=”JPM”], and others—bought a secure instant messaging service called Perzo in August 2014 through a venture called Symphony Communication Services…

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