Markit Plans Chat Service After Bloomberg Privacy Breach

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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.

(Read More: Bloomberg Reporters Admit to Terminal Snooping )

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."

(Read More: Privacy Breach on Bloomberg Data Terminals )

Markit is Britain's entrant for this year's entrepreneur competition. The company was founded by Uggla and a group of credit traders in 2001 with the aim of providing independent and aggregated valuation data for credit default swaps - at the time a new and fast-growing product.

It has since launched a number of other businesses which process trades and provide market information, but Uggla would not specify when its messaging product would be available.