Financial Data Platform Money.Net Offers Market Data at Low Cost

Money.Net offers real-time financial data to the masses by making it more affordable, says CEO Morgan Downey. The service, which costs $95 a month or $950 for a full year, already counts both individual investors and professionals among its clients. If it succeeds, Downey's strategy would broaden an already lucrative market for financial data and news. Global spending on such services grew 4% last year to $26.5 billion, with Bloomberg holding 32% of the market and Thomson Reuters coming in second with 26%, according to Burton-Taylor International Consulting, which tracks trends in the market. 'The whole dynamic for this industry, the market for market data, is changing very rapidly,' Downey said. For decades, financial professionals from day traders to portfolio managers have accessed real-time market data on equities, fixed income and derivatives pricing and valuations through terminals like the Bloomberg and Thomson Reuters' (TRI) Eikon. Bloomberg charges about $2,000 a month, while Thomson Reuters offers packages that generally range from $300 to $2,000 a month, depending on the services customers want. Bloomberg's financial data revenue of $8.48 billion last year compared with $6.86 billion at Thomson Reuters, according to Burton-Taylor. Users 'can now get the same information, and it's very often, even better information, than on those legacy products,' Downey said. Representatives of Bloomberg and Thomson Reuters declined to comment.