When an upstart challenges the established player in a category, there is bound to be legal action. Both from law enforcement and in the form of lawsuits. Now-classic example is Sharing Economy online middelman in short-term lodging Airbnb.
In the New York Post, Julie Earle-Levine reports:
"It's a trading platform anyone can use to watch or participate in the financial markets - in real time - on a desktop and on mobile devices ... [It] costs only $50 a month for individual investors - and a bit more for professional traders with accreditations."
Perhaps Michael Bloomberg has returned to oversee his firm, at the right time. Money.net already has, says Levine, 10,000 subscribers.
If Money.net does not erode the Bloomberg terminal's leadership, then another one soon could. Tomorrow is Money.net's debut.
Among Bloomberg's early moves could be legal ones. He could consult with lawyers about any ways in which Money.net is infringing on his patents and copyrights and/or violating federal and state laws. Initially Downey will need lawyers for a defensive stance. Eventually, if Money.net and other similar products become solid threats, then the real legal action is bound to begin.
The burden is on law firms to identify opportunities. Once they uncover those, then they can pitch the services they configure to myriad tech firms in the financial sector as well as their newbie competitors.