The Bloomberg bond auction system will allow authorized primary dealers to electronically bid on UK DMO gilt-edged auctions in a way designed to enhance the operational effectiveness of the auction process. The system is expected to be in place in Q1 of 2007.
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, commented Russell Levi of Bloomberg.
The application allows issuers to perform their auction tenders with dealers selected by the issuer, who will submit their bids via the system. The UK DMO is the 19th issuer who has chosen to conduct auctions using the Bloomberg bond auction system.
