Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Can Wall Street Live Without Bloomberg?

The Bloomberg Terminal computer system

Even if trading firms aren't likely to dump their Bloomberg terminals anytime soon, Wall Street pros say the firm still faces long-term damage to its brand credibility from its privacy breach scandal.

Market participants rely on the firm's ubiquitous data centers for charts, economic reports and a host of other information. Though there are competitors out there, none matches the voluminous bits of intelligence the Bloomberg terminals offer.

The integrity of those machines, though, has been called into question following disclosure that for decades Bloomberg reporters have had access to certain information in clients' accounts.

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So even if it's unlikely that there will be cartloads of the machines rolling out of Wall Street offices anytime soon, that doesn't mean the firm doesn't have a big problem on its hands.