The source of anxious looks on the faces of more than one Moneyline Telerate employee was confirmed today as the financial content and technology company announced the dropping of the "Moneyline" appelation from its name and a focus away from its own content distribution platform to distributing its core capital markets benchmark content through major content distributor channels. Telerate's existing Active8 and WebStation front ends will still be made available, but they are now available for distribution via Telerate content distribution partners as well. In other words, it's back to the feeds business, with additional focus on providing content value via trade execution channels such as its own Momentum transactions engine. As noted in yesterday's New York Times, as retail investing takes off again after years of market wariness, it is content-oriented online trading firms that are benefitting the most, even as institutional trading takes on new contours as investment banks try to find new ways via their own content offerings to add value - and margins - to trade executions. There is little difference between the goals of financial content vendors and their clients these days: it's just a matter of who takes the lion's share of the execution business. While a necessary defensive retrenchment, the Telerate repositioning at least acknowledges that the traditional market data "terminal" business is largely dead, leaving financial content companies to focus on delivering content quality in as many valuable contexts as possible. This is the New Aggregation in the extreme, taking hold when people realize that good content is where you find it- regardless of who delivers it.