Bloomberg glitch causes chaos in finance sector

Finance sector workers unable to use their Bloomberg terminals as systems suffer outage

Finance sector workers were unable to use their Bloomberg terminals when systems went offline this morning (17 March).

Although services have now been restored, trading companies continue to experience problems due to systems being slow as users try to catch up.

“Significant but not all parts of our network experienced disruption today,” said Bloomberg. “We have restored service to most customers and are making progress in bringing all parts of the network back online. We apologise to our customers.”

At about 11am, Bloomberg said on Twitter: “We are currently restoring service to those customers who were affected by today’s network issue and are investigating the cause.”

Trading companies use the Bloomberg terminals to access information for messaging and even trading.

Inter-dealer broker Tradition was among the companies affected by the outage. “It is back up and running, but is still very slow because everyone is trying to connect at the same time,” said Tradition CIO Yann L’Huillier.

He said the outage would have a big impact on the sector: “This is pretty bad for trading companies. I hope Bloomberg improves its processes so this does not happen again.”

The outage delayed a sale of UK debt.

In the trading sector, where systems complete trades in microseconds, even seemingly insignificant glitches can have huge ramifications.

“When you think that trading is all about speed, this is not good news,’ said Chris Skinner, chairman at the Financial Services Club.

“Bloomberg is the predominant trading terminal used in the City so it would have affected most firms,” he added.

Skinner said the outage will damage Bloomberg’s reputation and could causes knock-on effects in the market because of delays to trading.

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