Bloomberg vs. FactSet vs. BlueGamma

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Bloomberg and FactSet have long stood as pillars in the world of general purpose market data tools, serving the finance industry in New York, London, and globally. Their platforms developed over decades, are well-known. Yet, as technology evolves, alternatives like BlueGamma are rising in popularity, offering user-friendly interfaces for specific use-cases.

In this blog we'll cover:

• How features in each platform compare
• Pricing
• And finally, a decision framework for choosing the right provider for you

Bloomberg Terminal: A comprehensive offering

With 33.4% market share, Bloomberg targets traders, asset managers, and researchers and provides unparalleled access to a depth of knowledge. Its comprehensive offering would bring value to most in the finance industry but with a steep price tag of approximately $25,000 per terminal per year, it's a significant investment. As such, it appeals most to people who can build their trading business on top of the data provided and leverage Bloomberg's trading capabilities. Michael Bloomberg, the founder was known for saying if you can't earn back $88/day with the help of the terminal, then it's probably not right for you.

• Ideal use case: Bloomberg shines in environments where its cost is offset by the ability to sell products through its platform. It's less suited for sectors like investment banking and financial advisory, where alternatives may offer more cost-effective solutions

• Key takeaway: While indispensable for some, Bloomberg's high cost and steep learning curve mean it's not a one-size-fits-all solution

FactSet: A la carte flexibility that comes at a cost

Starting at c. $4,000 per terminal per year, FactSet offers a more accessible entry point. However, given the alacarte offering, users report that costs can surge to around + $50,000 per user per year. FactSet has edged out it's niche by catering to reporting pipelines and analytics that wealth managers and asset managers need to build using market data. With their easy to use Excel add-in, building reporting sheets is made easy.

• Ideal use case: Portfolio managers and buy-side analysts will find FactSet's customisability and powerful analytics tools particularly advantageous. Its Excel integration is top-notch, but the platform can require physical installation, limiting accessibility
• Key takeaway: While FactSet's a la carte approach can be appealing with, it can quickly become costly for those needing extensive features

‍BlueGamma: The New Challenger Tailored for financing teams

While Bloomberg and FactSet are tools built to cater for most use cases in the finance industry, specialist tools like BlueGamma stand out with a focus on intuitive interface is targeted towards financing teams. While other platforms like Koyfin also exist, BlueGamma's chosen focus helps financing teams spend less time pulling the data they need. The platform has become especially popular with teams financing the energy transition.

• Ideal use case: Designed to cater to the evolving needs of financing professionals, BlueGamma offers a flexible and scalable solution specifically for a financing teams' requirements
• Key takeaway: If you're looking for a platform that combines user-friendliness, and a deep understanding of how financing teams use data, BlueGamma is your go-to choice

Making the right choice depends on your requirements, so make sure you spend some time understanding them, before evaluating a platform‍

Each of these platforms - Bloomberg, FactSet, and BlueGamma - offers  advantages and caters to different needs in the world of finance. Your choice should be driven by your specific requirements, budget, and the specific business problem you're looking to solve through leveraging such market data tools. To help you with context on what other users are asking, here are some frequently asked questions.

How does FactSet compare to Bloomberg?

• FactSet: Customisable and cost-effective: FactSet's a la carte pricing, starting at $4,000 per year, offers flexibility. While Bloomberg's comprehensive offerings command a higher price, FactSet allows users to tailor their subscriptions to specific needs, potentially keeping costs lower
• Bloomberg: The comprehensive choice: With a significant market share, Bloomberg is renowned for its extensive data coverage. At about $25,000 per terminal per year, it's a substantial investment but offers unmatched depth and breadth

Both platforms will have hurdles to implementation given local installation with rumours that FactSet now supports access through the browser for some applications. In addition, training needs will vary depending on the use case, with Bloomberg's <GO> function acting as a single door to access everything in the app, it may take less time to learn vs a customised FactSet set up. In both cases, you must clearly define what you are looking for before choosing.

How is Bloomberg better than its competitors?

• Unrivaled data access: Bloomberg's greatest strength lies in its vast array of data, that is known to be of relatively high quality covering virtually every aspect of financial markets
• Integrated solutions: Beyond data, Bloomberg provides integrated trading solutions, news, chat and analytics, making it a one-stop shop for many financial professionals

What is so Special About Bloomberg is a common question along with how Bloomberg is better than it's competitors. With deep data coverage and a network effect through it's widely used chat function, Bloomberg presents a value for money case when you're able to build a securities or trading business leveraging their infrastructure. Such trading capabilities are limited when it comes to FactSet but Refinitiv's Eikon (now known as LSE Data & Analytics can be an alternative). Find our comparison blog here.

What sets FactSet apart from its competitors?

• Customisable features: FactSet's unique selling point is its highly customisable platform, allowing users to pay for just what they need.
• User-friendly interface: It’s known for its interface, making data analysis through the ability to leverage their infrastructure for our funds reporting needs

Why do financing teams choose BlueGamma?

• Simple interface:
• Unlimited downloads

To conclude - it's important to understand that before choosing a market data provider, it is helpful to understand your own requirements and constraints that may apply. Then overlay the feature set provided by each company and this will allow you to pick the right tool setting you up for success in the long term.