That was the year Neil Hirsch founded Telerate , a financial information service that provided securities prices for the international bond and currency markets. In a remarkable display of foresight, Hirsch helped usher in the age of electronic networks by building a global infrastructure of terminals. The financial and technology markets were much different back in 1969. Even as a Wall Street novice, Hirsch was able to identify significant inefficiencies in the fixed income, money and foreign exchange markets. Much has changed since then, and that change is a big part of today's market woes.
Information is now a commodity.
Some information vendors can't make any money because there is too much competition, few barriers to entry and minimal value-add. Information consumers and financial professionals are in a precarious position too. Information ubiquity has leveled the playing field, making it more difficult for investors to profit from market inefficiencies and arbitrage opportunities. Blame it on the global public network known as the Internet. Telerate spent millions on a communications infrastructure that helped block competitors from entering the market.