[Karunamon]

I'm unfamiliar with these terminals (have kind of always wanted to play with one), but at first blush, a "secure and auditable" messaging system does not seem that difficult to build.

Is it a legitimate compliance or practical implementation problem, or is it just the network effect?

[easytiger]

its also easy to keep it secure when it doesnt use the internet

[whatok]

Network effect.

[schintan]

Its not just the network effect..Bloomberg's messaging system is tightly integrated with the other functionality of the terminal..for example one can execute a trade via a message or get live streaming quotes.