Why connecting instant messaging networks is the future
for the financial industry
One of the primary purposes of instant messaging in financial services is to help maintain the smooth running of business through efficient communication. However, the world of financial services instant messaging remains complex. Currently, most firms use multiple messaging systems that operate independently of each other. As every system requires different log-in credentials and feature presentation, the experience is onerous for users. The challenge is heightened for market data and compliance teams who need to ensure those communications across all platforms are recorded and archived for their regulated users.
The reliance on these networks to facilitate large amounts of business transactions, as well as build and maintain strong client relationships, makes it difficult to understand why these systems remain so discrete. Relying on varied, closed systems for mission-critical activities results in increased costs, inefficiency, less transparency and exposure and, it could be argued, stunted rather than accelerated business growth.
We are at a key point where the value of any financial communications tool now is about not only the services it offers, but its reach. If network providers committed to open up their networks, many communication challenges of the financial services industry could be overcome, many compliance exposures closed and many technology challenges and costs avoided. Linking up multiple systems and allowing users to communicate regardless of network could greatly reduce cost and increase the efficiencies of human and technological capital.
Thomson Reuters created Eikon Messenger to increase efficiency and collaboration in financial services, and enable the sharing of common standards to enforce compliance and grow business. By providing tools to control, record and archive all communications across this open network, Eikon Messenger allows instant messaging systems, and the individuals who use them, to connect to each other in a compliant way.
As an extension of its commitment to open platforms, Thomson Reuters announced an agreement in July with CME Group to integrate Eikon Messenger with the CME’s Pivot Instant Messaging Service, allowing over 300,000 current market participants to seamlessly communicate using their respective messaging platforms.
Following Yahoo’s announcement that it would discontinue its messaging service – the legacy platform for energy and commodities professionals – Eikon Messenger has experienced a surge in account registrations – 115% during Q2 – and a number of major energy companies and trading firms have publicly announced they would migrate to Eikon Messenger.
The staggering costs resulting from market manipulation scandals confirm that the old world of multiple, disparate, closed networks cannot persist. The industry needs to rationalise the number of technologies to gain control and prevail. It is unlikely this will result in a consolidation to a single platform, with the incumbent challenge of adoption, community reach, feature delivery, compliance services, etc. The only viable approach is to work towards an open network that allows users of multiple systems to exchange messages across those systems without concern or onerous cost.
Eikon Messenger has over 280,000 users at more than 25,000 firms across the globe. The opportunities for them to connect with each other, and with users across other networks to conduct business are endless and the fact that Eikon Messenger is an open platform enables that to happen. We encourage other network providers to do likewise and come to the aid of the industry.
Connect to more opportunities with Eikon Messenger. Free, secure and instant financial messaging for professionals.
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