The project will see the information services and news giant attempt to make its existing Dos-like interface more user-friendly. The user interface connects traders to Bloomberg's price and news feeds through a PC or Bloomberg terminal.
Industry sources said that the project, Bloomberg's biggest for five years, would help the US-based giant to compete for market share against its arch-rival Reuters.
A Bloomberg spokeswoman confirmed that the company was developing a new user interface for its trading terminal but declined to reveal any details.
The interface will either be based on Windows or, more ambitiously browser/Java-based, industry sources said, adding that it could be two years before the interface is fully rolled out. IT departments at larger City firms will have to customise it on the PC of each user to ensure that it is properly configured.
The IT head of a leading bond brokerage firm said, "This will help Bloomberg to compete well against Reuters.
"The Reuters interface is just an order of magnitude friendlier," he said.