Bloomberg terminal outage hits traders

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Bloomberg, data and media service, suffered from large -scale disorders on Wednesday morning, preventing traders from reaching direct prices and pushing sovereign debt auctions in the United Kingdom and the European Union.

Users complained that the Bloomberg service, which is valued at $ 28,000 per year, was working with great delays and that the absence of direct prices prevented them from implementing trading.

By 11 am on Wednesday, the station users reported that the services seemed to have been recovered after about 90 minutes of reporting problems for the first time.

In a statement late on Wednesday morning, Bloomberg said: “Our systems belong to normal operations and the functions of the terminal were restored after the service was disrupted earlier today.”

Traders and investors have become highly dependent on the company’s distinctive black and orange stations in 35 years since its foundation by billionaire Michael Bloomberg.

The station carries prices and analyzes on stocks and bonds around the world, and is widely used by merchants and bankers to exchange messages, making it one of the main arteries of the global financial system.

“We have been told not to trade. I cannot remember this level of lack of job,” said one of the fund managers in London on Wednesday.

“Do you bet on a match that you cannot see or know the result?” Another said, adding that trading sizes were less as a result.

Although there are two alternative data provisions, including LSEG and FactSet, Bloomberg is widely considered as the golden standard for the financial services industry.

One of the European investors said the turmoil was a “reminder of excessive dependence” in the market.

The interruption of the interruption led to the disruption of government debt auctions in the United Kingdom and the European Union, as the debt management office extends at the time of the bidding to sell Gilts by 90 minutes and the European Commission extends the deadline for the auction of the European Union bonds for an hour.

Two large investment banks confirmed that their trading operations have been broken through the power outages, where a person in a bank said, “Traders cannot access the pricing data [for the Gilt auction] Customer orders were not taken as a result. ”

Traders said that the instant messaging service in Bloomberg – known as IB – is still working normally throughout the turmoil, allowing them to conclude deals with other users to settle later.

The Bloomberg Assistance Office has published a message at 9.5 am on Wednesday, which said: “We are currently facing a global issue for the station, and our engineering team is actively working to determine the problem and solve it.”

He added: “I apologize sincerely for the inconvenience, and we really appreciate your patience and understanding in the meantime.”

One of the wallet managers in a large asset manager complained that not only deals, but also the course of his work, may have been disrupted due to power outages.

He said: “This is very frustrating … I am unable to run my daily work. Not only deals, I have a presentation where I need data schedules that depend on Bloomberg to work.”

Additional reports by Mary Novak, Simon Foy Robert Smith