From the article, on encryption key management to satisfy US regulators:
> Banks under the agency’s jurisdiction that use Symphony also agreed to store message with the messaging company for seven years and to keep duplicate copies of their decryption keys with independent custodians of their choosing.
I worked on Thomson Reuters Messenger, which Symphony tried hiring ex-Thomson people to work on. Symphony is a joke and will never gain any traction in any market. Bloomberg is the king, and if you don't have money you use Reuters. Otherwise your probably not very high end on finance.
Could you please elaborate on "Symphony is a joke"? Based on the little that I've read about it, it's pricing structure and the slew of mega banks behind it seem to make it a good choice for Terminal customers who use it just for the chat (IB) functionality. Thanks.
> Bloomberg is the king, and if you don't have money you use Reuters
That is true for now. But chat is trivially implemented and the monopoly only holds due to network effects. And in the last few years Bloomberg have been so arrogant with all of their clients that there is critical momentum now to migrate away the chats and have everyone bar the actual traders share terminals.
(In unrelated news, Bloomberg's recent antics pissed our firm's senior guys off enough that made a few hundred Bbg terminal users migrate to Eikon, just to send a message...)
