Mobile stock market data service launched

A service offering real-time financial news over mobile devices has been launched.

Called Blue, the service uses market data software that can be downloaded to the desktop or to a RIM, Symbian or Windows mobile compatible mobile device.

Blue Systems said its strategy is to encourage the broader use of financial data beyond the professional trading community to include accountants, bankers and lawyers who may require market data to better understand and service their clients but have never been able to justify the software costs.

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The company has been financed by 115 private investors, 75 of which are experienced traders or brokers. In the words of Blue Systems CEO Salim Malook, the service is designed to provide "information for 90 per cent of investors 90 per cent of the time".

Malook explained to silicon.com the service will not compete with established financial data providers in terms of depth of information but will compete on price.

The entry level price point will be around the $20 per month mark, plus local data download rates. Blue and its mobile counterpart Blue Mobile will be aggressively targeted at the emerging Asian financial markets in China and India.

Malook said the original launch target was 70,000 subscribers and the company received distribution rights in India a few days ago. It aims to pass one million subscriptions within three years.