Rivals hunt for customers as scandal grows

BLOOMBERG’S rivals are quietly hopeful that customers of its $20,000-a-year terminals could be won over to other services following privacy concerns

One insider at Thomson Reuters, whose Eikon terminals are the main challengers to Bloomberg’s product, told City A.M. that they had seen increased client interest in their products over the last few days.

“Clearly the industry is buzzing on the back of this story and lots of conversations are taking place,” the source said.

The firm is also launching a new advertising campaign for Eikon, which has struggled to lure traders away from Bloomberg terminals since it was launched in 2010.

Although Reuters insists the campaign has been on the cards for some time, it is now seeking to incorporate recent headlines on Bloomberg security concerns into new adverts. It has also gone out of its way to make clear that none of its journalists have access to terminal usage data.

As the scandal escalated yesterday, traders scrambled to ensure personal details were not being shared, with BusinessInsider.com posting blow-by-blow instructions on how to change settings to keep activity invisible.

It also emerged that private messages may have been leaked online, after the Financial Times said long lists of communications between traders and clients have been available via simple Google searches for several years.