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The Federal Reserve is also looking into whether Bloomberg journalists tracked data about terminal usage by top Fed officials. Investment banks like JPMorgan and Goldman have chafed at the high price of Bloomberg terminals
-- which cost $20,000 a year -- and what they view as its growing incursion into their business. Since 1996, Bloomberg has operated a division called Bloomberg Tradebook that acts as a broker dealer, facilitating the trade of equities in the U.S. The company is also applying to the government to be certified to facilitate trades of complex derivatives like credit default swaps. Despite concerns about inappropriate access to sensitive client data, many market participants are loathe to abandon Bloomberg terminals
-- of which there are 315,000 installed -- because of their widespread use especially in specialized markets such as Bloomberg's specialty, bonds. Bloomberg LP is a private company controlled by New York Mayor Michael Bloomberg, who is reported to own about an 85 percent share. The mayor is not involved in day-to-day decision-making at the company.
[Associated
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