Working Group Members Say 'Bloomberg Backs Down on SPA Contracts for Fund Admin Clients

LONDON - Bloomberg has for the time being backed down on plans to introduce service provider agreement (SPA) contracts for fund administration clients, according to members of a working group created by data consumers to prevent Bloomberg from proceeding with a change in contracts for the per-security data license.

Members of the working group, which started with representatives from seven banks, say customers have uniformly rejected the contract as it contravenes the European notion of customer

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