In this article, we will take a look at the 11 best alternatives to Bloomberg Terminal in 2024.
Bloomberg Terminal: A Powerful Financial Data Platform
Bloomberg Terminal is a powerful software system offered by Bloomberg L.P. that allows professionals such as traders, portfolio managers, asset managers, buy-side and sell-side professionals in the financial services sector to access real-time quotes, news from financial markets, data about industries, companies’ financials spanning over 20 years, economic research including proprietary and third-party research across various asset classes.
Additionally, Bloomberg Terminal provides fundamental and technical analysis, and collaboration tools, that enable communication between firms and other users. Bloomberg Terminal has integrated multi-asset execution capabilities and order management solutions with pre-and post-trade analytics. Bloomberg Terminal has over 325,000 subscribers globally. According to Bloomberg’s 2021 customer survey, 95% of financial professionals acknowledged that Bloomberg Terminal provided them with high-quality data, more than 80% of customers admitted that it delivered the right technology for their roles, 75% said that Bloomberg helped them outperform their competitors and 4 out of 5 customers told that they relied on Bloomberg to navigate macroeconomic pressures and market volatility effectively.
Since its inception three decades ago, Islamic finance has developed at a remarkable pace and more than 75 countries worldwide offer Islamic financial institutionsespecially in the Middle East and Southeast Asia. Islamic Finance is also appearing in Europe and the United States. On December 18, 2023, Bloomberg announced its collaboration with IdealRatings, a financial data provider specializing in Islamic finance solutions, to launch an Islamic/Sharia-compliant indicator for fixed-income securities (Sukuk) on the Bloomberg Terminal. The indicator is designed to comply with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) guidelines to enhance existing Bloomberg solutions for identifying Sharia-compliant securities. IdealRatings’ rigorous screening process assigns a clear pass, fail, or restricted status to each Sukuk, following AAOIFI principles. This initiative aims to meet the growing demand for Islamic fixed-income securities, particularly Sukuk, among global investors. Commenting on the event Giuseppe Netti, Regional Head of Bloomberg, Middle East & Africa said:
“This launch represents a milestone in our commitment to developing sophisticated tools for Islamic finance. Our long-standing relationship with IdealRatings reflects our dedication to innovation and our ongoing effort to meet the diverse needs of global investors. The Islamic/Sharia-compliant indicator will empower investors with robust data and analytics, crucial for informed decision-making in the dynamic Islamic financial landscape.”
On November 14, 2023, Bloomberg Terminal introduced a new Intra-Firm Chatbot within its Instant Bloomberg chat and collaboration tool. This service allows users to integrate approved, proprietary chatbots into Instant Bloomberg (IB) chatrooms, facilitating interaction with in-house applications directly within the Bloomberg Terminal environment, and aims to streamline workflows for financial professionals without the need to switch between different applications while communicating via chat. You can also take a look at 10 Best Chatbot Stocks to Buy
Key Companies Offering Financial Data Services
Some of the largest companies offering financial data platforms include Factset Research Systems Inc. (NYSE:FDS), Morningstar, Inc. (NASDAQ:MORN), and London Stock Exchange Group plc (LON:LSEG).
Factset Research Systems Inc. (NYSE:FDS) provides a digital platform and enterprise solution for financial data, analytics, and open technology to wealth managers, private equity firms, corporations as well as clients across the buy-side and sell-side with its next-generation workflow solutions, and client-centric support. On March 12, FactSet (NYSE:FDS) announced the launch of Transcript Assistant, a new generative AI (GenAI) tool that allows users to submit custom queries in a two-way interface and assists users in conducting in-depth research and analysis of earnings call transcripts within the FactSet Workstation. Transcript Assistant has robust search capabilities and can be integrated with other external tools. Transcript Assistant aims to enhance efficiency and helps to make informed decisions by research. Moreover, FactSet (NYSE:FDS) emphasizes its commitment to data privacy and security, ensuring that user queries are not utilized for automated model training or fine-tuning. Commenting on the launch Emily Geer, Senior Director, Corporates at FactSet (NYSE:FDS), said:
“Clients are at the heart of everything we do, which is why we are thrilled to introduce our first interactive GenAI solution available within the FactSet Workstation to all firm types. Transcript Assistant is the go-to efficiency tool to not only navigate, but to excel during earnings season. We’re proud to power our clients’ research workflows with innovative AI solutions and industry-leading earnings content to improve decision-making and drive productivity.”
Stas Timofeyev, Senior Analyst of Quantitative Solutions and Portfolio Analysis at Kennedy Capital Management, whose firm is one of the early adopters of Transcript Assistant, said:
“We are very proud of our labor-intensive research process, which has been the cornerstone of our success for over 40 years. FactSet Transcript Assistant is an innovative AI tool that enhances our efficiency and helps decision-making capabilities during earnings season by providing constructive insights through an interactive chat. It’s a valuable addition to our arsenal. We look forward to leveraging more of FactSet’s cutting-edge AI solutions to help us stay ahead in a competitive, dynamic market.”
Morningstar, Inc. (NASDAQ:MORN) is one the leading providers of independent investment insights in North America, Europe, Australia, and Asia. Morningstar, Inc. (NASDAQ:MORN) provides data and research insights on a wide range of investment offerings, including managed investment products, equities, private capital markets, debt securities, and real-time global market data. Morningstar, Inc. (NASDAQ:MORN) also offers investment management services through its investment advisory subsidiaries. As of September 30, 2023, Morningstar, Inc. (NASDAQ:MORN) has approximately $264 billion in assets under advisement and management. On March 20, Morningstar, Inc. (NASDAQ:MORN) launched Morningstar Low Carbon Transition Leaders (LCTL) Indexes after a collaboration between Morningstar Sustainalytics, a leading provider of ESG (Environmental, Social, and Governance) ratings, research, and data, and Morningstar Indexes, a prominent global index provider. The LCTL Indexes are a series of nine global, regional, and single-country benchmarks designed to help investors identify companies from all sectors that are transitioning to a low-carbon economy. These indexes rely on concrete metrics such as Sustainalytics Low Carbon Transition Ratings that pinpoint companies that are actively aligning with net zero goals. Commenting on the event Rob Edwards, Global Director of ESG Product Management at Morningstar Indexes said:
“Investors are focusing on the growing market impact of climate change, whether for managing investment risk or pursuing investment opportunity. Our clients want a simple and transparent way to identify and invest in the companies best positioned to thrive and survive in this scenario. Our Low Carbon Leaders are companies with management that understand how to evolve their business in this context to protect and grow their market share and innovation.”
London Stock Exchange Group plc (LON:LSEG), operates the London Stock Exchange and is one of the largest financial information companies that owns platforms such as LSEG Data & Analytics (Refinitiv Eikon), LSEG Technology, and FTSE Russell. LSEG Data & Analytics is one the most widely used software that provides investment research data and analysis for investors, financial advisors, and asset managers around the world. LSEG Data & Analytics covers news for every major market sector. On February 29, LSEG Data & Analytics reported that there was a record issuance of Islamic bonds in 2023, totaling $214.9 billion, which contributed to the market’s outstanding size of $836.7 billion, making it the second-largest asset class in Islamic finance after Islamic banking. Five major trends shaped the market in 2023. Firstly, there is a significant rise in sustainable, ESG, and Green Sukuk issuance, reaching $13.1 billion in 2023 due to tax incentives and fee waivers offered by the UAE and Malaysian governments. Secondly, there’s a shift towards issuing Sukuk in domestic markets and local currencies, particularly in Saudi Arabia and the UAE, to strengthen local debt capital markets and support sustainable economic growth. Thirdly, diversification in the Sukuk market, with issuance by countries beyond Southeast Asia and the GCC, such as the USA, Philippines, Kenya, and Kazakhstan. Fourthly, the standardization and regulation in the Sukuk market deepened its efficiency and reduced costs. Lastly, the role of digitization, tokenization, and AI in Sukuk such as Malaysia’s digital Sukuk which became the world’s first tokenized Sukuk listed on the Fusang Exchange. These developments in the Sukuk market present significant opportunities for LSEG as it becomes a global hub for Sukuk listings and trading, and offers specialized services and sustainable and innovative financial products.
Bloomberg Terminal is one of the oldest and most widely used market research and analysis tools. However, many financial research and market intelligence tools have emerged that offer comparable features. With that in context, here is the list of the 11 best alternatives to Bloomberg Terminal in 2024.
An overhead view of the financial district with busy traders on the trading floor.
Our Methodology
To come up with the 11 best alternatives to Bloomberg Terminal in 2024, we employed a consensus approach. We consulted more than 10 rankings on the internet to aggregate the best alternatives to Bloomberg Terminal. Of them, we picked items that appeared in 50% of our sources. We also considered ratings and reviews for each alternative from Featured Customers, G2, Trust Radius, GetApp, and Capterra and have also shared the number of users for platforms, sourced from public disclosures by platform operators where available. Here is the list of the 11 best alternatives to Bloomberg Terminal in 2024.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
11 Best Alternatives to Bloomberg Terminal in 2024
11. TradingView
TradingView specializes in charting and technical analysis tools across a variety of asset classes and data sets such as stocks, funds, futures, forex, crypto, bonds, and macro. TradingView offers a vast variety of indicators and drawing tools. TradingView is also customizable, allows users to backtest trading strategies, and enables investors to write their own indicators with minimal code. TradingView offers seven subscription packages and is one of the best alternatives to Bloomberg
10. Finchat
FinChat became one of the closest competitors to Bloomberg Terminal when FinChat and Stratosphere merged into one unified platform back in November 2023. FinChat has successfully integrated AI capabilities using Open AI’s ChatGPT with financial data and analytics from Stratosphere to create a unique financial research platform that is particularly suited to individual investors as it serves as a personal investment research assistant that streamlines processes and saves time for its users. FinChat offers three subscription packages: Free, which provides powerful tools at no cost; Plus, an all-in-one platform available for $29 per month; and Pro, priced at $79 per month. As of April 22, Finchat had a total of 446,588 site visits in the last 28 days according to Similarweb.
9. Sentieo
Sentieo is an AI-powered financial research platform that offers data analytics, document search, and visualization tools to streamline the investment research process for financial professionals. Sentieo uses advanced tools and features that streamline research workflows, empower users with valuable insights, and facilitate faster and more informed investment decisions and has over 1,000 customers, including 800 institutional investment firms. Sentieo was developed by AlphaSense and ranks as one of the top alternatives to Bloomberg Terminal in 2024. Sentieo has 928 reviews on Featured Customers and has an average rating of 4.8.
8. YCharts
YCharts is a financial platform that offers users a wide variety of data and investment analysis tools. YCharts core features include intuitive visualization capabilities, tools for financial analysis and portfolio management, and macroeconomic data. YCharts has over 10,000 users and is popular among individual investors, financial advisors, and asset managers for its user-friendly interface and affordability compared to the Bloomberg Terminal. YCharts has 1,193 reviews on Featured Customers and 60 reviews on G2. YCharts has an average rating of 4.79.
7. Moody’s
Moody’s also known as Moody’s Analytics, provides economic research, credit risk management, and financial modeling solutions for financial institutions, corporations, and governments. Moody’s offers a range of products and services, including credit risk assessment tools, economic forecasting tools, and regulatory compliance solutions. Moody’s, provides real-time coverage across several regions and prices its subscriptions based on regions such as the U.S./Canada, Europe, Asia/Pacific, and Latin America. The price for one region is $725 per year. Moody’s has over 500 direct customers, and 2500+ customers via subscription-based products, and is one of the best alternatives to Bloomberg Terminal.
6. Pitchbook
Pitchbook provides research, data, and analytics for private equity, venture capital, and M&A professionals and ranks among the best alternatives to Bloomberg Terminal in 2024. Pitchbook is an independent subsidiary of Morningstar, Inc. (NASDAQ:MORN) and is known for its specialization in private market data. Pitchbook offers comprehensive data on private companies, including funding rounds, valuations, and deal activities. Pitchbook has 2,355 reviews on Featured Customers and has an average rating of 4.68.
5. Morningstar
Morningstar, Inc. (NASDAQ:MORN) provides investment research data, and analysis for individual investors, financial advisors, and asset managers around the world. Morningstar, Inc. (NASDAQ:MORN) offers a range of software such as Morningstar Direct for professionals and Morningstar Investor for individual investors. Morningstar, Inc.’s (NASDAQ:MORN) terminals equip users with equity research tools, portfolio management tools, and independent ratings that assess a company’s long-term potential along with competitive advantage in the industry. Morningstar, Inc.’s (NASDAQ:MORN) most popular terminal Morningstar Investor is priced at $34.95 per month and offers a free 7-day trial.
