August 27, 2015
Financial trading is a long-told story, glamorized in movies and splashed across the news showcasing the highs and lows of its lifestyle. What’s rarely showcased is the technology behind what makes it all possible. For decades, trading floors have been a disaster of intertwining traders sharing a single screen to make split-second million dollar decisions. Talk about a gamble.
Earlier this year, Former Global Head of Commodities at Bloomberg LP, Morgan Downey, decided enough was enough and invented money.net. Global markets are complex and ever-changing, so why would he want to invent a product to rival those already established giants? Easy answer – simplicity and accessibility.
I talked with NYC-based Downey last week to understand his plans to get money.net in every trader’s hands. (Do I smell global domination?)
Lauren: What motivated you to start money.Net?
I would go visit CFOs and corporate treasury departments, large banks investment banking divisions and trading floors, hedge funds, financial advisory firms and brokers around the world, and they would all be rationing their access to market information receiving doled out minutes of shared access, because the cable company like pricing of Bloomberg and Thomson Reuters of around $25,000 per single user per year was not seen as adding enough value to their workflow. Not only are those companies not adding value; in many cases they are hurting their customers with unforeseen outages and behavior with client communications which puts their companies first and the customer second or third.
My inspiration is to make the cost and value apparent; make the software intuitive and accessible; and give people access to the vast richness of data flowing across thee financial world in an empowering way. In other words, help peoples daily lives be easier so they can make more money for their employers and themselves.
Who are your main clients & markets?
Our main clients currently are people dropping software like Thomson One for a less expensive, better supported, and more intuitive ones. We get financial advisors, investment bankers, traders and sales people at banks, PMs at hedge funds, commodity futures and option brokers, as well as those involved in the treasury and investor relations departments of corporations (CEOs, CFOs, treasurers, IR staff).
If I’m looking to get into trading is Money.Net something that would help me understand how to do so?
By logging on and using Money.Net you will immediately get what the important information the market is looking at every day. As well as providing a full spigot of all market information, we also provide curated news, and a voice squawk that keeps you informed about what to be aware of. You will always be the man/woman first to know market moving information with Money.Net compared to similar systems that cost 20x Money.Net.
Is Money.net allowed for professional traders at various firms to use?
Professional users at banks, hedge funds and other hard core financial firms use Money.Net, but also the software is so intuitive that we get many non-professional users like students at the top business schools in the world as well as regular investors looking to gain an edge.
As a professional for many years, how does Money.Net make your life easier? Or how would you explain to another trader how it makes their lives easier?
Firstly, we make the software much more intuitive. It is powerful, but also empowering. Our excel spreadsheet tool, for example, which is included in our one product one price, all in offer, allows a user to analyze economic data versus corporate, FX and commodity data, easily within seconds. Say you are looking at buying a dairy company in Greece. You need to see the Euro, Greek economic information, comparable fundamentals of peer dairy companies, as well as milk and cheese supply and demand fundamentals, and futures and options prices for milk and cheese. This is all possible with Money.Net – quickly, simply and at 1/20 the cost of the nearest competitor.
Where does the data come from?
We buy aggregate data from hundreds of sources like exchanges, news vendors, and economic data generators. We also generate out own proprietary content like TV Clipster (which monitors financial TV in realtime for your interests) as well as algo-generated high speed news headlines.
What are some market trends this quarter readers should know about?
This quarter readers should be aware of China. Overnight US time there are large market moves in futures markets and economic data out of Asia. When the US comes in at 4 to 7am EST, many of those Asian data points have already been prices into the market. You can see those using our desktop or mobile applications so that you are never the last to know key Asian financial information.
Do you think this way of trading will sculpt the future of the commodities trading?
Commodities trading is becoming much more fundamental, physical supply and demand analysis driven. Money.Net supplies that fundamental data to support this new more “under the hood” trading style.
What is your hope for Money.net for the next year?
We hope to democratize access to financial information and to break the thinking that one has to get an old legacy clunky “terminal’ systems that are fading out. Those legacy systems like Bloomberg and Thomson Reuters are like Rolls Royce cars from the 1950s – nice, but collectors items for certain buyers. People are demanding Teslas – more intuitive, efficient, affordable, modern systems.
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