![]() Louis Gargour, chief investment officer at the London-based asset manager LNG Capital, told the Wall Street Journal: “We’re flying blind in our office as our principal counterparties are unable to act as market makers, therefore we’re all catching up on admin because there is little else that we can do.” “Of course there is always a telephone if the deal is urgent.” “The modern way of getting a trade done is through Bloomberg chat, so without it, traders were a bit at a loss,” said Jasper Lawler of City firm CMC Markets. Price discovery took longer, as we had to phone Deutsche Bank and Bank of America and say, ‘make me an offer.’”īankers reported that other bond sales had been postponed, with the absence of Bloomberg’s messaging system – chat rooms and a direct messaging service – making it difficult to arrange deals. “It was annoying that we lost the facility to trade bonds across the Bloomberg platform. It was still possible to place orders by telephone, as in the days before computerisation reshaped the City, but it is a more cumbersome, time-consuming process, Collins said. ![]() Pub? #BloombergDown- World First April 17, 2015 “Bloomberg is usually the one stable thing it’s the thing that everyone can’t live without.” ![]() “I haven’t seen it go down like this for 10 or 15 years,” he said. Steve Collins, global head of dealing at asset management firm London & Capital, said the breakdown was the worst he had seen in the City in more than a decade. A significant number were affected by the IT problem. The Bank of England reassured markets it had not been affected, saying it had all the tools needed to ensure financial stability and to provide market liquidity if needed.Īccording to Fortune, 320,000 people worldwide use Bloomberg terminals, which cost about $20,000 a year. They are so important that the breakdown prompted the Financial Conduct Authority to monitor the impact on the firms it regulates. The Bloomberg screens are used by traders of government bonds as well as shares and other financial instruments. The problems with the terminals emerged as the Asian markets closed and Europe’s opened – at around 8.20am – and potentially affected more than 300,000 traders on financial markets. Parts of the City of London were left paralysed on Friday after Bloomberg terminals crashed in an IT meltdown that even forced the government to postpone a £3bn debt sale.
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