Bloomberg terminals hit by ‘unprecedented’ global outage

17 Apr 2015 | Author: | No comments yet »

Bloomberg Terminals Suffer Widespread Failures.

Alastair McCaig, market analyst at IG in London, says he can’t remember anything similar ever occurring with Bloomberg but that the terminals appear to be working normally now. Social media first reported the Bloomberg systems going down at around 6.20am and the screens were blank for most of the following two hours, market participants said.The system of Bloomberg terminals used by financial workers across the globe went down this morning, with many traders unable to perform their usual trading activity.

Stock market traders and analysts reported on social media Friday that Bloomberg terminals — expensive computers used by brokers and others to conduct trades and assess financial data — suffered disruptions.The terminals, known as Bloomberg Professional, are the company’s signature product, connecting trading floors with its chat function and providing market data and news. Later, Bloomberg LP tweeted: “We are currently restoring service to those customers who were affected by today’s network issue and are investigating the cause.” Britain’s Debt Management Office had planned a regular sale of £3 billion of treasury bills. The terminals cost thousands of dollars per year, per user, to run and they underpin the real-time decisions made by traders and stock market participants around the world.

Traders cited a fall in German Bund future volumes reflecting an overall reduction in bond trading, while some said corporate debt sales had been put on hold. Many larger banks and financial companies have a variety of backup systems as well as alternative data suppliers, such as products from Thomson Reuters, in place to avoid a major disruption. One sales trader, based in Geneva, who spoke on the condition of anonymity because his company did not authorize him to give interviews, said the issues there started around 9 a.m.

The trader’s company has a few dozen Bloomberg terminals and uses them mainly for buying and selling exchange-traded funds and credit and for research. The trader said that simply switching to a Thomson Reuters terminal was not an option for some. “People are used to going through ‘Berg, and so it’s confusing for a lot of us who never use Reuters,” he said.

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