Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
So what exactly is the Bloomberg Terminal?
The software system from Bloomberg L.P. provides messaging, security data, analytics and news to more than 300,000 professional market participants around the world.
Many traders and investors rely on its messaging service for their main communications and even to execute trades between each other. These customers pay about $20,000 annually for the service.
Other than messaging, the top "functions" on the Bloomberg are top news stories, stock charts, and bond price analytics. There is also formal trading execution product called "Bloomberg Tradebook."
This is why an outage on April 17 actually affected market volume and caused the U.K. to postpone a debt auction. Without the messaging and data the company provides, investors didn't have the communication means or the information they typically rely on to execute trades, especially for those involved in the bond markets.
While it is known in Wall Street circles as "The Bloomberg Terminal" the company has worked over the years to change that nickname and use its official name "The Bloomberg Professional Service." This is because in the 1990's the company transitioned from a physcial terminal in offices to making it a piece of software accessible from anywhere. Traders can now even access their terminal on their smart phones using the "Bloomberg Anywhere" service.
Former New York City Mayor and Billionaire Michael Bloomberg founded the parent company Bloomberg L.P. in 1981 after taking a $10 million severance payment from Salomon Brothers. The service began as a groundbreaking trade data provider for so-called buyside investors, when at the time,the "sell-side"—made up mostly of investment banks—held the information edge.
Disclosure: Bloomberg is a competitor of CNBC in reporting and distributing business news on the web and on television.