As the snappy title implies, the following items I consider to be useful pieces of information when working with Bloomberg.

1. Don't store any data retrieved via the Bloomberg Client Terminal API

Don't put it in a database, pass it around on excel sheets, use it as a data source for internal systems, or anything like this at all. Doing so will land you in a lot of trouble with Bloomberg for breaking your license agreement, something they take very seriously (can you say 'lawsuit'?)

2. Get end users to upgrade their aging terminal software to take advantage of Bloomberg's real-time Excel formulas.

If your users are still using spreadsheets filled with =BLP() formulas then a huge portion of CPU power on their machines is dedicated to continually refreshing 'static' data. Bloomberg had to use a series of macros and elaborate hacks to simulate real-time data feeds to excel before Microsoft included support for real-time data streaming ( =RTD() ).

Newer versions of Bloomberg software include the =BDP() function which is simply a nice wrapper for Excel's build-in data streaming functionality. Using these new formulas will significantly improve the performance of Excel, and the PC as a whole. Plus sheets with the legacy =BLP formula will still work if you are not going to be able to migrate them.

3. Get a Bloomberg Developer License

Bloomberg offers a special cut-down license for IT professionals who work a lot with the Bloomberg Client Terminal API. This provides you with a limited amount of data through the API and some basic terminal software functionality. It's far from the ideal development environment (I hit my daily data limit by about 11am normally), but it's good enough to make sure what you're doing actually works.

It costs around 1/3 as much as a 'real' terminal license, so you can save a lot of dough.

4. Really understand what fields you're looking at.

Get yourself on a bloomberg terminal, navigate to the main page of an instrument (use "GOOG EQUITY" for a good example) then type "FLDS". You can now search for any field you want and see what value is assigned to it for the current instrument.

If you don't have access to the terminal (hi to fellow developers with restricted licenses) just go to the bloomberg menu in excel and use the 'field search' functionality. It basically does the same thing, except you don't get instrument values, merely a text description of the field.

5. You can use the API for 2 or 3 Days after last logging-in to the Terminal

So you closed your bloomberg Terminal window? Never mind, you can still get data via the API! This data connection stays active until a few days have passed or you log on somewhere else (if you've got an anywhere license).

This means you don't have to have a Bloomberg loaded to use bloomberg-enriched Excel sheets or applications using the API, saving memory, desktop space, and processing power.

6. The bloomberg buttons map to the function keys

Don't put up with a clunky Bloomberg Keyboard if you don't have to, as a developer you can just use your regular keyboard and ask Bloomberg to send you some keyboard stickers. These stickers go around your keys to show you the special bloomberg keys.