Goldman Sachs Bloomberg data partnership shows Wall Street opening up - Business Insider

David Solomon, Chairman and CEO of Goldman Sachs, speaks at the Bloomberg Global Business Forum in New York.simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.

The tie up shows how Wall Street firms are increasingly coming to the conclusion that they have to work with third parties and open up their systems if they want to attract and keep clients. The partnership is a big deal because it shows how a notoriously secretive bank and a data provider known for its branded Bloomberg terminals are working together to get in front of clients.

"The breath [of data] that they cover is a lot more than what Goldman covers," Darling said. "Our data is very focused on what we're trading and the instruments here, whereas they're covering every single market and pretty much every instrument." More broadly, the agreement is another sign that Wall Street is overcoming its historical preference for locking customers into closed systems, whether that be Bloomberg's ubiquitous terminals or one of Goldman's single-dealer platforms for trading securities.

The software development has already been completed and Goldman is now in the testing phase, Darling said. The product should go live to clients before the end of March, she said. Deal talks really picked up last summer.

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