It's a good question. There are many reasons - and I don't think the speed of information is the real one. I almost left a single word response - "chat" - but think it is more complicated.
Another aspect is trust. If you are trading billions you want the information/trade data "currency" everyone else uses. I built backends converting MBS bid to yield and if it wasn't tuned to a 1/16 or better of Bloomberg, it wasn't usable.
Bloomberg also offers custom studies like "fear/greed" which may have some value.
TR/Thompson Reuters also has a competitive product for much less and you can't really go wrong with either for 99% of use cases.
There are also many stand alone news sources you could use. Benzinga comes to mind as one example.
Interesting note - Bloomberg is highly protective of their IP and has been know to write takedown notices of screenshots posted online.
Another aspect is trust. If you are trading billions you want the information/trade data "currency" everyone else uses. I built backends converting MBS bid to yield and if it wasn't tuned to a 1/16 or better of Bloomberg, it wasn't usable.
Bloomberg also offers custom studies like "fear/greed" which may have some value.
TR/Thompson Reuters also has a competitive product for much less and you can't really go wrong with either for 99% of use cases.
There are also many stand alone news sources you could use. Benzinga comes to mind as one example.
Interesting note - Bloomberg is highly protective of their IP and has been know to write takedown notices of screenshots posted online.
// built 2 SaaS Fintech systems