Hyperfeed's new licensing deal with Moneyline Telerate is a three-way win. It's certainly a win for Hyperfeed, whose innovative approaches to realtime content distribution had been having a hard time getting leverage into many major investment houses. In Moneyline Telerate, Hyperfeed gets the kind of market-recognized partner with oodles of complementary content that can open doors for them very quickly. It's certainly a win also for the Moneyline Telerate crowd, in that they can quickly acquire Reuters-less realtime content coverage for exchange markets without having to invest heavily in soon-to-be antiquated-anyway ticker plants for highly commoditized exchange data. More money spent on unique data is a good thing. But thirdly it is probably the biggest win of all for the securities industry, which has been looking for a viable plan "B" for managing exchange data on a comprehensive basis since the Reuters/Bridge merger. The proof will be in the quality of the results, but consider this a promising first step in a much more interesting content story on the Street.