Here's an early look at the messaging service Wall Street wants to displace Bloomberg
REUTERS/Yves HermanThe KBC bank trading floor in Brussels, Belgium, August 25.
Symphony, the messaging service backed by more than a dozen Wall Street banks, launched Tuesday.
Business Insider's finance desk tried out some of the basic features of the system, and the messaging product itself immediately drew comparisons to another big name in the space:Slack.
That may be because at Business Insider we're a Slack newsroom, but that's not where the comparisons end.
Whereas the Bloomberg terminal — the multifaceted data provider that dominates Wall Street thanks to its secure chat tool — costs north of $20,000, Symphony costs a cool $15 a month per user.
Symphony's also drawing some comparisons to other big names.
"The platform is really easy to use," says Kevin McPartland, Greenwich Associates' head of market structure and technology research, who attended Symphony's unveiling in New York Tuesday. "Especially if you're a Twitter user, it's super intuitive. But to get really interesting it needs a critical mass of users."
Al Silverstein, head of marketing and communications at Symphony, told Business Insider via the Symphony chat tool that different features will be rolled out over the coming months, and that some companies are already able to integrate their own content.
The company has said that it'll integrate functions from a number of partners in the fourth quarter.
Symphony announced Tuesday that it had teamed up with startup Selerity, which monitors social media and online chatter for real-time data and trading cues; Dow Jones, which will publish thousands of articles on the platform; and McGraw-Hill Financial, which operates S&P Capital IQ and will integrate the data provider onto the Symphony platform.
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