Nine Wall Street firms have been actively involved in creating an alternative to one of Bloomberg L.P.’s most widely used programs, its chat messaging network, people briefed on the effort said. The development predates the controversy over Bloomberg journalists being given access to sensitive customer information, but it could spell trouble for Bloomberg, because the company’s chat program is one of the main selling points for its $20,000-a-year terminals. Banks have been looking for ways to lessen their reliance on the terminals and lower their payments to Bloomberg. (full story)