Financial markets have always relied on timely information, and the drive for timeliness has adapted to the latest technology. From clipper ships to fiber-optic cables, traders have embraced any advantage for up-to-date information. The history of finance is about how fast you can move information and who controls the interface. In 1841, the Mercantile Exchange began selling proprietary business information. Paul Julius Reuter later sold news services and stock prices, using pigeons between Aachen, Germany, and Brussels.

In 1867, Edward Calahan introduced the first telegraphic ticker-tape machine; Thomas Edison improved it in 1871. The Dow Jones Industrial Average debuted in 1896. Quotron introduced electronic screens in 1960. When Michael Bloomberg entered this industry in 1981, the question was how his new company would stand out.

Bloomberg cofounded Innovative Market Systems (IMS) after being fired from Salomon Brothers, using his $10 million equity payout. Joined by former Salomon colleagues Thomas Secunda, Duncan Mac Millan, and Charles Zegar, he pursued a terminal providing up-to-date information and instant quantitative analysis. IMS launched the Market Master terminal with a monochrome CRT monitor, custom keyboard, and private network, initially offering U.S. government bond prices and bond-calculation tools. The dream was a dedicated terminal for running market scenarios and supporting investment calculations.