As well as drawing a line in the sand with regards to instrument data codes, data vendor Bloomberg has also added a new team member to globally head its data solutions business. Andrea Danese joins from consultancy firm Fusion Advisory Partners, where he was co-founder and managing director for just over a year.
Danese will be based in New York and charged with leading Bloomberg’s data efforts in this tough economic climate. Given the reaction of many attendees at last month’s World Financial Information Conference (WFIC) in Athens, who criticised vendors’ lack of appreciation for firms’ budget consciousness (read lack of sympathetic price cutting), this will certainly prove challenging. However, the vendor’s decision to give away its instrument codes for free may go some way towards sweetening the pill.
Danese was appointed in the role in August and has been settling in ever since. As well as working for Bloomberg, he is continuing in his role as managing partner of real estate and private equity investment and research firm Fifth Avenue Advisors and in his activities as a venture capitalist.
Previously, Danese was CEO of the Tullett Prebon Information Group, a primary provider of market data information to vendor dealers and asset managers in the Americas, Europe and Asia. Prior to joining Tullet Prebon in 2005, he was president and chief operating officer of Creditex, an electronic trading platform for credit default swaps.
Before this, Danese served as director and chief operating officer of global credit derivatives for Deutsche Bank in London. He began his financial services career at JPMorgan as a member of the general counsel’s office, later moving into structured credit products.
Bloomberg hopes his considerable experience in the market, especially in the derivatives sector will lend itself towards his new role. He will certainly be busy in the short term, given the launch of the vendor’s Bloomberg Open Symbology (BSYM), which involves the provision of its proprietary financial instrument codes to the market at no charge to users.