[xyzelement]

To add further color, it works this way because exchanges insist on it. Market data is one of exchanges' key revenue sources and they require their vendors (like Bloomberg) to police it tightly.

When someone subscribes to elevated levels of market data, Bloomberg passes 100% of that money to the exchange. It is a major convenience factor that Bloomberg abstracts all your market data usage for you.

On the flip side, if you use data in your own systems, you basically sign up for a world of pain in terms of exchange fees and pricing compliance. A small example: exchanges may change you per consumer application. So if you have two trading systems, you lay double. But this gets thrny in distributed applications - you may have multiple data connections but it's really just shards of systems parallelized for performance. As a consumer, you face the choice of overpaying for exchange data or risking having to prove that your systems are technical compliant by design depiute the seemingly extra consumer connections. This is a nightmare, which is why firms try to do everything they can on Bloomberg if possible to avoid stepping into this space.