First Chicago Launches Money Market Data Service Aimed At Middle Of The Market

First National Bank of Chicago has launched its own national money market information service aimed at investment officers at mid-sized banks and corporations. Customers can offset the cost of the "First Chicago Investment Information Service" by trading through First Chicago.

The service comprises four components, says First Chicago vice president John Sugent, business and financial news, market and economic commentary, price indications for actively trading debt securities, and First Chicago's own offering prices. The price is $375/month, and the service is delivered by satellite or FM sideband using the Bonneville Telecommunications network. He declines to say the size of the initial customer base.

First Chicago is a primary dealer in the government securities market, and already contributes to Telerate and Reuters, which Sugent calls "fine information sources." FCIIS, he says, is for customers that need a more economical and focused alternative. By trading through First Chicago, he says, a customer could in theory cut the cost of the service to zero, although "we don't have anyone like that right now."

Data for the service has been assembled from various sources, including Gannett/USA Today for news, Technical Data for market and economic commentary, and First Chicago itself for prices. The package has been offered to customers within Chicago for the past year, but its move to satellite distribution is new.