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LONDON, Apr 26, 2006 (UPI via COMTEX) -- British information provider Reuters said Wednesday it matched the market share of U.S. rival Bloomberg for the first time in at least 10 years.
Reuters said that over the course of last year it increased its share of the $10 billion market for financial information and services by 1 percent, to 27 percent, the Times of London reported.
That would put it on a par with Bloomberg.
"We've done an enormous amount of work on our product line. This shows that Reuters is competitive again," a spokeswoman said, adding that industry's move towards complex, automated "algorithmic" trading was benefiting Reuters and was a strategy the group had successfully predicted.
Also helping Reuters has been its acquisition of Telerate, a financial data provider it bought last year. Reuters includes details of the data feeds it provides for traders and analysts as part of its market share calculations.
URL: www.upi.com Copyright 2006 by United Press International
