News

In the News: New round of funding for software pledging to help bankers work together

An “Android for Wall Street” may be coming soon to an investment bank near you.

In the financial industry, where every edge to a firm’s trading or investment strategy is fiercely guarded, it’s no surprise that banks and wire houses have developed their own proprietary software and equipment that is best suited to their needs. The result of this is thousands of different applications, providing all manner of data, news and direct trading capabilities.

While different programs have overlapping features and there are industry standards—notably Bloomberg terminals or Thomson Reuters’ Eikon—the proliferation of such applications has resulted in an environment that institutions see as inefficient. Different programs aren’t designed to work together, causing delays in an industry where the right price disappears in a microsecond, while compliance issues means that updates or fixes can be slow to come.

Read more at  MarketWatch.