Bloomberg Glitch Delays UK Gilt Auction

The Debt Management Office (DMO) of Britain has announced an extension on the bidding window for the auction of the 4% 2031 gilt. This decision comes as a result of technical issues with the Bloomberg system, impacting operations.

The closing time for this bidding has now been rescheduled to 11:30 a.m. local time (1030 GMT). The adjustment depends on whether the system issues are resolved in a timely manner, according to an official statement from the DMO.

This incident highlights the vulnerabilities in relying heavily on technological platforms for market operations, emphasizing a need for robust contingency planning in financial systems worldwide.

(With inputs from agencies.)