Competition in the market for data and analytics is getting tougher. It has long been dominated by large firms, whose sheer muscle power in terms of technology and distribution has seen off challengers. But as clients look for fresh ways to cut costs, small and nimble competitors, able to undercut the entrenched providers, are beginning to gain traction.

Fred Ponzo, managing partner at financial consultancy GreySpark, said: "A comprehensive replacement for a Bloomberg or Thomson Reuters terminal [two of the biggest] doesn't exist. But, among certain user groups, particularly in highly fragmented markets such as equities and foreign exchange, their effective duopoly is being challenged."