|School of Business to Acquire 12 Bloomberg Terminals|
|The real-world experiences the Trading Room offers the School of Business are expanding with the addition of 12 Bloomberg terminals.|
The real-world experiences the Trading Room offers the School of Business are expanding with the addition of 12 Bloomberg terminals.
A student-led initiative resulted in purchase of the Bloomberg terminals, a step that “will bring the finance program and the School of Business to a new tier,” said James Loughlin ’12, who has worked on Bloomberg terminals for two years of internships with Blue Ridge Capital.
Loughlin lobbied Dean Mary Ellen Zuckerman for the Bloomberg terminals. He said they will help better prepare finance students for the job market.
“I presented the idea from the perspective that acquiring the Bloomberg Terminals would maximize the full potential of the Trading Room, and benefit students both inside and outside the finance program, as well as faculty doing research in financial markets,” said Loughlin, a business administration major with a finance concentration and minors in mathematics and economics.
Since the Center for Trading and Analysis of Financial Instruments – as the Trading Room is formally known – was founded in 1994, students have been instrumental in its innovative changes, said finance and international business professor Abraham Mulugetta, who guided its opening.
Loughlin follows the leadership of students like David Israelow ’08, said Mulugetta. In 2006, Israelow identified a real-time data provider that allowed the Trading Room to switch to Thomson Financial from ComStock. Another student wrote a report in 1994 that helped the Trading Room move from 12 DOS-based terminals in a computer lab to its own room with 27 Windows-based workstations.
The Trading Room is designed to capture the atmosphere of an actual trading environment. Through the 2010-11 academic year, students accessed real-time market data received from various exchanges connected to 53 workstations utilizing Thomson Reuters' Thomson One software.
Now, Loughlin said, students will have exposure to both industry standard software systems. With its strong news and research features, Thomson One is used heavily on sales and trading desks at Wall Street investment banks and brokerage houses, as well as the asset and wealth management divisions of those firms, he says.
“In addition to streaming real-time global news from multiple third-party sources,” Loughlin said, “the Bloomberg terminal provides a wealth of analytical capabilities for equity and fixed-income products, as well as currencies, commodities, derivatives, and numerous other asset classes.”
Loughlin compares his experience of using Thomson One terminals in the Trading Room and Bloomberg terminals for summer, winter, and spring break internships at Blue Ridge, a global equity long/short hedge fund based in New York.
“I found the Bloomberg terminal to be much easier to navigate, and the power of its analytical functions was incomparable,” he said.
He looks forward to how those analytical tools can be “fully integrated and utilized in upper-level finance classes, such as Securities Analysis & Portfolio Management, and Real-Time Portfolio Management.”
The terminals, purchased with an educational discount from Bloomberg, will arrive with the new fiscal year that starts June 1. The School of Business also has hired a new IT support person for the Trading Room, Doug Elias. He will develop educational and training materials over the summer and provide support and instruction for the Bloomberg terminals.
“Bloomberg has a huge presence in the financial world outside of the classroom, and our students would be ill-served to the extent that it was not a part of their training here,” Elias said.
The addition of Bloomberg terminals is good news to more than students and faculty, said Zuckerman.
“The Investment Advisory Board is very pleased as well,” she said of the group of alumni working for financial firms who meet each semester with members of the Real Time Portfolio Management class for a report on the performance of the Ithaca Fund, which the class manages.
Mulugetta praises the work of the Core Trading Consultants, a student-run finance organization, who have managed the Trading Room “with an openness that encourage curiosity bound by civility.”
He cited the work of Scott Steimer ’11 and Loughlin, among others, as instrumental in acquiring the Bloomberg terminals.
“The CTCs have devoted their time and talent to learn, to be curious, to teach each other, to share the excitement of learning to other students and create a contagious and conducive learning environment in the Trading Room,” Mulugetta said.
“They have undoubtedly demonstrated the type of leadership we faculty envision to see in our students.”