Bloomberg L.P., the leading global provider of data, analytics and news to the financial community, today announced that the United Kingdom Debt Management Office (UK DMO), the Executive Agency of Her Majesty's Treasury responsible for debt and cash management for the UK Government, has selected the Bloomberg Bond Auction System for the collection of bids at UK Government Gilt-edged security auctions.
Following an open tender for the provision of an automated bid capture system for the collection of bids at UK Government Gilt-edged security auctions, the UK DMO selected the Bloomberg Auction System, which is offered via the BLOOMBERG PROFESSIONAL(R) service. The Bloomberg Bond Auction System will allow authorised primary dealers the ability to electronically bid on UK DMO Gilt-edged auctions in a way designed to enhance the operational effectiveness of the auction process. The Bloomberg Bond Auction System for UK DMO is expected to be in place in Q1 of 2007.
"We believe that the selection of the Bloomberg Auction System by the UK DMO highlights Bloomberg's emphasis on greater accessibility by dealers, transparency of tender results & allocations and Bloomberg's robust risk, redundancy, compliance and audit functions," said Russell Levi of Bloomberg. "The addition of the UK DMO to issuers worldwide using the Bloomberg Bond Auction System reflects Bloomberg's continuing commitment to the development and support of the global financial markets."
The Bloomberg Bond Auction System, accessible via the BLOOMBERG PROFESSIONAL service, allows issuers to perform their auction tenders with dealers selected by the issuer, who will submit their bids via the Bloomberg Bond Auction System. The UK DMO is the nineteenth issuer who has chosen to conduct auctions using the Bloomberg Bond Auction System.