Merrill Lynch became the company's first customer, purchasing a 30% stake in IMS for $30 million in exchange for a five-year restriction on marketing the terminals to Merrill Lynch's competitors. The terminal was released to market in December 1982. At first, the machine was called the Market Master terminal, but later became known as the Bloomberg Terminal or simply 'The Bloomberg'.

The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms. Using this money, Bloomberg, having designed in-house computerized financial systems for Salomon, set up a data services company named Innovative Market Systems (IMS) based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats. He was given no severance package, but owned $10 million worth of equity as a partner at the firm. In 1981, Michael Bloomberg was fired from Salomon Brothers. As of 2022, there were 325,000 Bloomberg Terminal subscribers worldwide. As a data analytics and electronic trading platform, the Bloomberg terminal is available for an annual fee of around $24k per user or $27k per year for subscribers that use only one terminal. Most Bloomberg setups have between two and six displays. The same applies to various news organizations.Īll Bloomberg Terminals are leased in two-year cycles (in the late 1990s and early 2000s, three-year contracts were an option), with leases originally based on how many displays were connected to each terminal (this predated the move to Windows-based application). Many exchanges charge their own additional fees for access to real time price feeds across the terminal. Most large financial firms have subscriptions to Bloomberg Professional Services. The first version of the terminal was released in December 1982. It is well known among the financial community for its black interface, which has become a recognizable trait of the service. The system also provides news, price quotes, and messaging across its proprietary secure network. It was developed by employees working for businessman Michael Bloomberg. that enables professionals in the financial service sector and other industries to access Bloomberg Professional Services through which users can monitor and analyze real-time financial market data and place trades on the electronic trading platform. The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P.

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