London Stock Exchange Group (LSEG) has signed a data license deal with Google (News - Alert) that will allow the search engine to distribute real-time trade prices to users free of charge. Users of Google will, for the first time, be able to access LSEG and Borsa Italiana real-time trading data that was previously only available after a 15-minute delay.
“The addition of real-time quotes from the London Stock Exchange and Borsa Italiana will enable our users to better monitor market changes, manage their portfolios and track economic and financial developments in Europe,” said Maxim Edelman (News - Alert) of Google Strategic Partnerships.
Google Finance, whose major competitor is Yahoo! Finance, only gives the last price traded on a share without having more detailed data on the stock, trade time, and other information that professional investors need to invest in a stock.
LSEG, who owns Borsa Italiana, said the deal was extremely attractive for its retail investors, hoping to gain more small investors purchasing stock. Jarod Hillman, head of real-time data at LSEG agreed with Edelman saying that this service can only enhance a clients trading experience. “For the first time Google users will have access to free, real-time last-trade prices, allowing them to make more informed investment decisions,” said Hillman.
LSEG would become another real-time stock company under Google’s already growing financial market. Google currently provides real-time trading information for the New York Stock Exchange, NASDAQ, along with a few international markets.
Thomas Singlehurst a media analyst for Citigroup said Google Finance is currently a very unique service. “It shows that alternative aggregators can replicate some of the basic services of a Thomson Reuters (News - Alert) or a Bloomberg, but…what Thomson Reuters and Bloomberg provide in terms of the whole package is not replicated by what Google Finance provides,” said Singlehurst.
Singlehurst said in this age when technology is expanding at a rapid rate, companies are always trying to offer their clients the next best thing and right now, the next best thing is offering trading numbers, prices, news, and detailed data all in real-time. Singlehurst said it’s only a matter of time before someone comes along and tries to offer the information even faster.
“Equally, it shows that any of these businesses that are built up on the aggregation of quasi-public data are going to see that competitive position eroded as other companies come along and try to do it better, whether it’s Bloomberg (News - Alert) Law or Google Finance,” said Singlehurst.
Edited by Jennifer Russell