Oct 7 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
This open platform contrasts with Bloomberg LP's messaging
system, which is a closed network only for users of Bloomberg
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
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.
David Craig, president of Thomson Reuters' Financial & Risk
division, said one of the challenges facing banks is that their
messaging systems do not always talk to one another. "That
creates costs and complexity," he said.
Markit and Thomson Reuters said the messages on the new
network are encrypted, and the system does not store them.
Representatives from Bank of America, Deutsche Bank, Goldman
Sachs and Morgan Stanley were not immediately available to
comment on the new messaging system. Representatives from
Barclays, Citi, Credit Suisse and JPMorgan also declined to