15 October 2013
Industry Welcomes Markit Chat, Says More Participants Needed
by Max Bowie
Alexei Miller, Executive Vice President at DataArt, spoke with Inside Market Data on the impact of Markit Collaboration Services, the new open messaging network initiative for the financial professionals, on the industry.
"While the industry is beginning to open up to new solutions in an attempt to cut costs and increase efficiency, extra product choices may actually create more headaches for traders. If the new Markit/Thomson Reuters solution forces traders to swap between multiple systems, it's bound to take extra time and produce more problems," says Alexei Miller, executive vice president at data visualization provider DataArt. "So far, Bloomberg has been able to shrug off competitors by providing an all-in-one solution that includes data, trading and communications. Even though a number of banks are supporting this new venture, my sense is that Markit and Thomson Reuters' solution will only be useful in those situations where users don't need large chunks of Bloomberg functionality. The new solution may work well for front-office [specifically, front-office staff who only use their Bloomberg terminal for its messaging], operations, compliance and product control professionals, since for them the entire set of functions (and not to mention the cost) of the Bloomberg terminal are unnecessary. For traders who use all facets of Bloomberg's solution, switching to this new chatting functionality will be a harder sell."