Bloomberg and Databricks partner for data services initiative
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Bloomberg and Databricks partner for data services initiative 09 November 2023US Reporter: Lucy Carter
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Bloomberg has partnered with data and AI firm Databricks to grant mutual customers access to Bloomberg’s Data License and cloud-based data management solution Data Licence Plus (DL+).
Clients will benefit from faster data analysis and insights generation due to the solutions’ data integration capabilities, as well as unified governance for structured or unstructured data and both AI and machine learning on any cloud or platform.
Bloomberg Data Licence includes reference, pricing, regulatory, corporate actions and ESG data. It covers more than 70 million securities and 40,000 data fields. Through the service, data from clients’ Bloomberg Bulk subscriptions is complemented by personalised Bloomberg Per Security datasets. This is backed by Bloomberg’s Unified Data Model, and provides data designed to meet users’ workflow needs.
DL+ aggregates, organises and links a client’s licenced Bloomberg Data License content, reducing data ingest requirements and expediting the data’s use across Bloomberg’s services. Additionally, data acquisition scheduling and delivery can be controlled to meet their organisation’s timing requirements.
Databricks Lakehouse is built on open source and open standards, with a structure combining attributes of data lakes and warehouses. This aims to reduce costs and accelerate the delivery of data and AI initiatives, eliminating solos and supporting collaborative release and machine learning applications.
Mutual clients will benefit from Bloomberg AI data through Databricks Unity Catalog, with AI-enhanced processing of datasets and string governance and permissioning structures.
Bloomberg recently announced a partnership with Google Cloud, through which it hopes to accelerate innovation in data management and analytics.
Don Huff, global head of client services at Bloomberg Data Management, comments: “We’re excited to continue to expand efficient access to Bloomberg’s data in the cloud as customers continue to demand large quantities of quality data. We look forward to helping more customers benefit from this integrated solution through realising data integration efficiencies, accelerated cloud migrations, accelerated target operating model updates and supporting more use cases across enterprises.”
Junta Nakai, global vice president of financial services at Databricks, says: "Our collaboration with Bloomberg [holds] immense potential across a multitude of industries and global financial markets. With Databricks powered by Bloomberg's data products, the possibilities for advanced analytics become limitless.”
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