Bloomberg Terminal Failure Forces UK Debt Issue Cancellation

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Bloomberg Terminal Failure Forces UK Debt Issue Cancellation
A failure of Bloomberg's financial information service forced the UK Government to postpone a debt issue on Friday.

Bloomberg terminals are widely used across the financial world to monitor market activity in real time.

On Friday morning however, a technical issue meant that Bloomberg's terminals went down for two hours, just as the UK Government was to auction £3bn worth of treasury bills.

In an unprecedented move, the Debt Management Office postponed the debt issue, which in turn prompted a statement from the Bank of England. The UK's central bank said that it; "retains all the tools it needs to carry out its responsibilities for financial stability, and provision of market liquidity, if and as required."

Bloomberg also released a statement to ensure customers which said; "Service has been fully restored. We experienced a combination of hardware and software failures in the network, which caused an excessive volume of network traffic.

"This led to customer disconnections as a result of the machines being overwhelmed. We discovered the root cause quickly, isolated the faulty hardware, and restarted the software.

"We are reviewing our multiple redundant systems, which failed to prevent this disruption."

Bloomberg is the largest disseminator of financial data in the world and is a key critical system in terms of monitoring global bond markets.