Eight banks join chat network from Markit and Thomson Reuters

Sun Oct 6, 2013 7:00pm EDT
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By Jennifer Saba

Oct 7 (Reuters) - Goldman Sachs Group Inc, JPMorgan Chase & Co and six other banks have agreed to join a new instant messaging network from Markit and Thomson Reuters Corp to connect disparate messaging systems.

The network, called Markit Collaboration Services, will be launched on Monday and allows members to chat with one another regardless of the proprietary messaging technology that each firm uses.

This open platform contrasts with Bloomberg LP's messaging system, which is a closed network only for users of Bloomberg terminals.

Bloomberg messaging is the most popular form of chat on Wall Street, and often cited as one of the reasons banks are willing to pay around $20,000 a year for a subscription to a Bloomberg terminal.

Markit and Thomson Reuters said they hoped their open messaging network will attract banks that want to chat with their clients or other financial institutions but cannot currently do so because they are on different messaging systems.

The other banks that have joined the new network are Deutsche Bank, Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse and Morgan Stanley, according to a statement from Markit.

The banks collectively employ more than 1 million people worldwide, though it was not immediately clear how many individuals will use the new Markit service.   Continued...