When people say something is a "Bloomberg Killer" they're usually only referring to a proper subset of what the terminal offers: Data -- It's not just exchange

When people say something is a "Bloomberg Killer" they're usually only referring to a proper subset of what the terminal offers: Data -- It's not just exchange data but breaking news, earnings calls, shipping data, and any quantitative or qualitative information that might impact the price of a stock, bond, commodity, or currency. I'd imagine competitors could carve out domain-specific niches but it would be hard to match the breadth of information on the terminal. Functions -- Any one function or type of analysis may be replicatable but matching the sheer breadth would be challenging. Again, I'd imagine a competitor could carve out a domain-specific niche. Network -- Many financial professionals communicate and/or trade via the terminal. Network effects would make it hard to make inroads here, though a couple big institutions were (are?) trying with Symphony. Familiarity -- New functions and features get added but breaking existing workflows is rare. A professional who invests their time in learning the interface shouldn't have to re-learn a new interface every few years just to do the same thing. (There are unfortunately more exceptions to the rule than there used to be, but the UI churn is less than most enterprise software.)