Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM) and including six other banks have approved to adopt new messaging service offered by Thomson Reuters Corporation (USA) (NYSE:TRI) and Markit, known as “Markit Collaboration Services.”
This new direct messaging network will connect all the parties through disparate messaging systems, which will be launched on Monday. The latest messaging service by Thomson Reuters and Markit will allows all the members of messaging service to chat or communicate with each other in spite of the proprietary messaging services that each company uses.
Goldman Sachs Group Inc (NYSE:GS) shares dropped -0.19% to $156.55 in last trading session. JPMorgan Chase & Co (NYSE:JPM) shares rose 1.41% to $52.67 in last trading session.
Previously such kind of messaging is used by Bloomberg, commonly known as Bloomberg LP’s messaging system. Bloomberg used this closed system just for customer and users of Bloomberg terminals. The chat which is mostly based upon Wall Street discussion that why many banks are ready to pay approximately $20,000 annually for a subscription to a Bloomberg terminal service.
Thomson Reuters and Markit said in their comment on their new service that it will draw attention from banks, and through this service clients or other financial institutions will chat with each other but cannot at present do so as they are on diverse messaging services.
According to a statement from Markit, despite these two banks other financial institute Credit Suisse Group AG (ADR) (NYSE:CS), Morgan Stanley (NYSE:MS), Deutsche Bank AG (USA) (NYSE:DB), Barclays PLC (ADR) (NYSE:BCS), Citigroup Inc (NYSE:C) and Bank of America Merrill Lynch.
All the financial institutes that have join Markit have a collective users over one million people internationally, however it was not instantly obvious that how many persons will use the latest Markit service.
Thomson Reuters’ Financial & Risk division, president David Craig, has said one of the challenges encounter by many financial institutes is that their messaging structure do not constantly converse to one another, which creates costs and complexity.
Thomson Reuters and Markit have also revealed that their latest messaging services on the latest network are encrypted, and the system does not store them. And none of the bank has expose their comment on the new services provide by Thomson Reuters and Markit.