Bloomberg vs. Refinitiv vs. BlueGamma - Navigating the Market Data Maze

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Choosing the right market data platform is a critical decision for financial institutions and professionals. With an array of options available, the annual $37 billion spend on market data reflects both the importance and the challenge of this choice.

Bloomberg and Refinitiv, now operating under the banner of LSEG Data & Analytics, have traditionally been the go-to choices for financial institutions. Both have been focused on catering for organisations with large trading operations. Though, with the onset of Software as a service, the landscape is shifting, thanks to providers like BlueGamma, which is carving out its’ niche by catering to the specific needs of financing teams focused on renewable energy and infrastructure investments.

In this article we’ll look at key features of each platform, profile the ideal user and provide you with a framework to help identify the right partner for your financial data needs.

So you know you need a market data tool but you’re not sure where to start?

Start by putting together an overview of your specific requirements, and don’t forget to consult your team along the way. Next look at your options, analyse cost (both time and subscription cost) and this should help you evaluate the fit.

Here's the 3 points summarised:

• Data requirements and output format: Begin with a clear understanding of your needs, your teams’ needs. Do you need equities, commodities data or might it just be macro level data. Does the output need to be delivered by API? Or do you need a dashboard or even Excel output for modelling and business case updates. Understanding these requirements will streamline your selection process.
• Cost-Value Analysis: Look beyond the sticker price. Hidden fees can lurk in the shadows in the form of download limits, and the true value of a platform is revealed through its ROI. During this phase you should engage with providers, set up demonstrations, and if possible, secure a trial period to assess how well the tool fits your specific needs.
• Other services and selection: Evaluate the requirement for training, ease of implementation and consider what other teams might need to be involved. E.g. Procurement, legal or IT? Some tools are simple to implement while others can take some time.

Now let’s look at our options in more detail.

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Bloomberg Terminal: The Veteran

Bloomberg has been a powerhouse in financial data and analytics since its inception in 1981, a result of Bloomberg’s collaboration with bond traders from Merrill Lynch. Known for its distinctive black keyboard with colourful function keys, the Terminal is a result of the aim to build an all-encompassing platform for financial professionals, but with particular focus on bond traders.

Key Features:

• Deep Data Coverage: Industries,markets, companies, and countries are extensively covered
• Comprehensive Tools: Research, news, analysis, charting functions, collaboration tools and educational resources
• Workflow-Centric Design: Theplatform is continually refined to minimise friction in a trader’s workflow,evident in features like the custom keyboard for quick access to data 

Ideal User Profile:

• Bond Traders: Given its origins and evolution, the Bloomberg Terminal remains the go-to for bond traders who require real-time market data on all elements influencing bond prices

With a breath of data available at your fingertips, the Bloomberg Terminal is best suited for those that need market data multiple times a day as there is a steep learning curve involved in getting comfortable with using the platform. So if you’re a bond trader, this platform is for you.

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Refinitiv Eikon: The Flexible Challenger

As an alternative to Bloomberg, Refinitiv Eikon (formerly Thomson Reuters Eikon and now known as LSE Data & Analytics) has carved out its niche by offering a similar breadth of financial data but with a distinct approach, leaving behind design quirks for a more integrated and developer-friendly experience. Think hedge funds and asset managers who know their way around an API and are keen to build their own dashboards and analytics going beyond what Refinitiv offers out of the box.

Key Features:

• Eikon Data API: Provides the building blocks for users to integrate Eikon's rich datasets with their proprietary systems, allowing for the development of personalized tools and applications
• Dynamic Dashboards: Eikon's interface features highly customizable dashboards that can be tailored to display the most relevant data and analytics, facilitating quick insights and decision-making

Ideal User Profile:

• Developer-Traders: The platform caters to those who require extensive data access combined with the ability to manipulate and retrieve this data programmatically
• Quantitative Teams in Investment Management: Quantitative analysts and investment managers who require a platform that can seamlessly merge with advanced modeling and algorithmic strategies

Best suited for asset managers and hedge funds who require data but also bring the technical acumen to integrate the data in their own ecosystem. So if you are comfortable working with API’s and building dashboards, Refinitiv is for you.

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BlueGamma: The go-to choice for financing teams

BlueGamma was born out of the need for a light-weight market data tool that is easy to implement and quick to deploy for financing teams. As a specialist, BlueGamma is able to focus on the user experience for a niche set of users to ensure a fit between the needs of a financing team and BlueGamma’s features. BlueGamma has become a popular choice for financing teams investing in or advising renewable energy and infrastructure projects because of their focus on projections and easy-to-use swap pricing functionality.

Key Features:

• User-Friendly Interface: Simplifies complex financial instruments, making them accessible without needing extensive advisory
• Team wide access: Unlike the"one-person-at-a-time" models, BlueGamma fosters teamwork by allowing multiple users to engage with the platform simultaneously
• No download limits: With a focus on financing teams, we understand the need to pull up-to-date data into your financial models,so we make unlimited downloads a core feature so you know exactly what you will pay

Ideal User Profile:

• Financing Teams: Specifically tailored for financing teams popular with teams investing in renewable and infrastructure sectors

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Making the Right Choice

When it comes to choosing the right platform, it is not a matter of which is the best, but rather which fits your needs best. One approach is to consider which Ideal User Profile you identify with most and consider that platform. Here are factors to consider:

• Cost Efficiency: Bloomberg Terminal (c. $25k/user) will be pricier than Refinitiv Eikon (c.$15k/user),with BlueGamma offering a more cost-effective solution
• Data and Research: While Bloomberg provides extensive data and research tools, Refinitiv andBlueGamma offer added flexibility
• User Experience: The traditional platforms have complex interfaces, whereas BlueGamma has a more intuitive user experience with a modern design, making the time to value, very low

In summary, Bloomberg Terminalis synonymous with depth and tradition, particularly for bond trading.Refinitiv Eikon stands out for its adaptability and developer-friendly environment. BlueGamma, on the other hand, represents a shift towards accessibility and collaboration, with a keen focus on financing teams that don’t want to configure Refinitiv’s data in their own tool kit and don’t necessarily need the full bells and whistles of the Bloomberg terminal.

The decision then hinges on which ideal user profile you align with most.

By carefully considering these factors and utilizing the provided framework, you can make an informed decision that will empower your team and optimize your financial strategies.

May the platform that fits your needs the best, win.