Bloomberg Terminals went dark this morning, with traders reporting outages worldwide.
The terminal costs between US$24k and US$27k per year.
Eric Boess, global head of trading at Allianz Global Investors, told The DESK: “I think everybody was impacted and this just shows you how reliant on a small number of providers the whole industry is.
“It seems to work better after “only” two hours, and fortunately it was a quiet day, but this could be a real problem in busy markets.
“Our backup and business continuity plans worked super smoothly, so with some gallows humor this was a real life fire drill we passed well.”
Dimitri Mongeot, senior derivatives trader at AXA IM, added: “There was indeed an outage, and as usual when that happens, it’s an issue for all buy sides and sell sides. In our case, it’s more of a quiet day, so on the derivatives part it was fine.”
Later this morning, a Bloomberg spokesperson told The DESK: “Our systems are returning to normal operations and Terminal functionality has been restored following a service disruption earlier today.”
“I think banks still managed to stream prices on MarketAxess or Tradeweb, for instance, as long as it was not Bloomberg,” one trader commented.
The UK Debt Management Office extended its 4% Treasury Gilt 2031 auction as a result of the outage. Scheduled to take place between 9 and 10 AM, the auction bidding window close was changed to 11:30 AM.
The European Union delayed an auction, stating: “Due to global technical problems with Bloomberg, the EU postpones the deadline for today’s EUB auction by 1 hour from 12:00 CEST to 13:00 CEST in order to ensure a smooth functioning of the auction.”
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