Markit has told CNBC it is working on an alternative to the chat function offered by Bloomberg to traders and investors, following a privacy breach at the U.S. company which saw reporters accessing subscribers' information on its terminals.
The U.K.-based data and valuation company's CEO, Lance Uggla, said it plans to create a mechanism which connects the different internal chat systems of market participants to a central hub.
He said Markit was not a direct competitor to Bloomberg. "Bloomberg has a desktop. We don't really have a desktop, so what we are trying to do is use a technology that allows individual market participants' chat systems to federate with each other," Uggla said on Friday at the Ernst & Young World Entrepreneur Of The Year Conference in Monte Carlo.
Markit, which has teamed up with Bloomberg's rival Thomson Reuters, hopes its system will appeal to those looking for an alternative to Bloomberg.
"We've been working with market participants, Reuters, financial institutions on the buy side and sell side," Uggla said, but stressed it was not a new strategy. "We've been working on that for the last couple of years."