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In banking and investment banking information is power. That is why it is so important for these industries to have adequate and quick access to a lot of data. There are few major players that help to organize and provide this data for the financial industries.
Commercial or retail banks use what is known as core banking software which records and manages the transactions made by the banks customers to their accounts. Trading banks and other financial institutions use software that specializes in analytics and equity trading. Bloomberg terminal for example implements client-server architecture with the server running on a multiprocessor Unix platform. The client, used by end users to interact with the system, is a Windows application that typically connects directly through a router provided by Bloomberg and installed on-site. End users can also make use of an extra service (Bloomberg Anywhere) to allow the Windows application to connect via internet/IP, or Web access via a Citrix client. The purpose of this paper is to investigate the three major data providers for financial industries such as Bloomberg Terminal, Reuters, and Wall Street Systems all of which are headquartered in New York city, compare intelligence and analytics technology they use in their operations. Find out what are the strengths and what are the drawbacks of each system and what kind of benefit they can provide for financial banks and institutions.
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