Bloomberg L.P.

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Bloomberg L.P.
TypeLimited Partnership
FoundedNew York, New York (1981)
HeadquartersNew York City, New York, United States
Key peopleMichael Bloomberg, Founder
Peter Grauer, Chairman
Thomas Secunda, CTO
Lex Fenwick, COO
IndustryFinancial Services
RevenueImage:Green Arrow Up Darker.svg$4.7 billion USD (2006)
Employees9,400 (April 2007)
Websitewww.bloomberg.com


Bloomberg L.P. is a leading financial news and data company, which rivals Reuters and Thomson for market share worldwide, each with about 33 percent. It was founded by Michael Bloomberg (current Mayor of New York City) with the help of Thomas Secunda and other partners (ex coworkers from Salomon Brothers) in 1981 and provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organizations around the world through the Bloomberg Terminal, its core money-generating product. Bloomberg L.P. has grown to include a global news service, including television, radio, the Internet and publications.

Its current headquarters are located at the Bloomberg Tower in Midtown, Manhattan in New York City, in the state of New York in the United States.

It was incorporated as a Delaware Limited Partnership (LP) in 1981 and has been in business since 1983. Michael Bloomberg owns 72% of the group and receives an 84.55% share of the profits. Bloomberg's core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financial TV station, and a business radio station WBBR in New York City. Forbes Magazine estimated, in 2000, Bloomberg's cash flow margins on its $2.3 billion in revenues exceed 35%. Bloomberg reports more than 100,000 users in North America, and another 130,000 in the rest of the world. Its competitors include Reuters, Dow Jones Newswires, and FACTSET.

Contents

[edit] History, Services & Products

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In 1981 Mike Bloomberg left Salomon Brothers, where he was a general partner, and set up Innovative Marketing System with his severance pay. In 1982, Merrill Lynch became the new company's first customer, installing 22 Market Master terminals. In 1986, the company was renamed Bloomberg L.P. and by 1987, 5000 terminals had been installed. Within a few years, ancillary products including Bloomberg Tradebook (a trading platform) the Bloomberg Messaging Service and the Bloomberg newswire were launched.

Bloomberg prospered during the boom of the 1980s and 1990's. It expanded internationally, opening offices in Europe, Asia and Australia. In addition to its financial services offerings, Bloomberg launched its news services division in 1990. Bloomberg News (originally known as Bloomberg Business News) has some 2,000 staff in 125 bureaus around the world and is available on the web at www.bloomberg.com. It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today.

[edit] Organizational structure

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All Bloomberg employees sit in front of one of the proprietary Bloomberg terminals, which they use to access market information, send emails and process data or words.

[edit] Corporate governance

As of March 2001, members of the board of directors of Bloomberg include: Peter Grauer, Arthur Levitt, Jane Bryant Quinn, Frank Savage, and Thomas Secunda.[1]

[edit] Criticism

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Please improve this section by adding citations to reliable sources. Unverifiable material may be challenged and removed. (November 2007)

The Bloomberg Professional service is comparatively expensive (around $2000 per terminal per month including exchange fees for live data) in the context of its nearest competitor, Reuters 3000 Xtra. Bloomberg was criticised for significant price rises from 2000 to 2003, which were very difficult times for its core customer base, many of whom were engaged in cost-cutting exercises. Bloomberg have also pushed the introduction of Bloomberg Anywhere, a biometrically authenticated login system for Bloomberg Professional. This has forced firms to provide full Bloomberg subscriptions for users who would otherwise have been able to share terminals. The Bloomberg Messaging system has become the standard means of written communication in certain markets and the loss of the messaging service and the associated client contact is a significant switching barrier for anybody wishing to use a competing product, thus forcing many market participants to pay for a full Bloomberg subscription just to use the messaging service.

In addition, there are many complaints on the talk page of this very article that someone at Bloomberg is modifying the Bloomberg wiki page to make it a Bloomberg advertisement, often adding praise or removing sections (like this criticism section). The IPs that have repeatedly removed the criticism section all resolve to a bloomberg.com IP.

[edit] See also

[edit] Notes

  1. ^ Hirschkorn, Phil (March 6, 2001). Michael Bloomberg eyes run at New York mayor. Time Warner, Cable News Network (archives.cnn.com). Retrieved on 2007-11-11.

[edit] External links

[edit] Television

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