> Because data. Because LOTS OF DATA.
They are getting the data from third parties while the team is building the platform to use that data.
They are getting the data from third parties while the team is building the platform to use that data.
By definition the bulk of the data needs to come from third parties. But Bloomberg are not getting that data by scraping the web or from free sources. 99.9999% of the data will be from $$$$$ feeds.
Second, ask any data scientist about "third party data". ;-) .... Its not just a case of "plug the API into my server and off we go". Feeds break, data has issues, data needs to be reformatted etc. etc. etc.
Remember we are talking about Bloomberg, a service that provides true global data. Not just the common as muck US stuff that every man and his dog can give you.
If you cannot afford Bloomberg's fees then you dont have a choice and go with the cheaper option.
bloomberg terminal is not something that can be disrupted by open source, it would be similar to creating a google competitor by scraping alexa 1000 websites. it won't win them over.