As a wholesale broker, Bernie did what his rivals hadn't thought of: He made the market more efficient by putting the bids and offers from primary dealers on Telerate's screen network.
By contrast, Dow Jones fits the mold of a traditional news media company, having tried and failed to compete in the financial data business in the 1990s through its troubled acquisition of Telerate, which it eventually unloaded in 1998 to Bridge Information Systems.