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SCHWAB SAYS HIGH VOLUMES AND TECHNICAL ISSUE WITH KEY VENDOR TRIGGERED MONDAY'S
OUTAGE

By Suzanne McGee
August 6, 202410:17 PM GMT+2Updated 4 days ago
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The company logo for Financial broker Charles Schwab is displayed at a location
in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan
McDermid/File Photo Purchase Licensing Rights, opens new tab
Aug 6 (Reuters) - Charles Schwab & Co. (SCHW.N), opens new tab said on Tuesday
that high trading volumes and a technical issue with a key vendor triggered
temporary outages on its trading platform on Monday, a day when its customers
rushed to navigate an outsize market selloff.
A spokesperson for the firm did not identify what kind of technical issue
hampered the ability of Schwab clients to log on to their accounts, or name the
vendor.
Advertisement · Scroll to continue

"A combination of higher volumes and a technical issue with a key vendor
affecting our systems led to log-on issues and call wait times that were longer
than we expect," the spokesperson said in an emailed statement, adding the
issues were resolved and "platforms are fully available."
Other firms also had issues.
Some U.S. customers reported struggling to log in to their accounts at Fidelity
and Vanguard on Monday morning, the firms said in social media posts that day,
even as Wall Street's main indexes opened sharply lower thanks to weak economic
data, underwhelming technology firm earnings reports and increased anxiety about
the geopolitical outlook.
Advertisement · Scroll to continue

Outage tracking website Downdetector.com reported that nearly 14,500 Schwab
users could not access the site, while more than 3,600 users reported problems
with Fidelity.
Fidelity confirmed that some of its customers experienced intermittent outages
on Monday morning but declined additional comment. A spokesperson for Vanguard
declined comment on the cause of access issues on Monday at that firm.
Steve Sanders, executive vice president at Interactive Brokers, said that in the
first 90 minutes of trading on Monday, the firm traded more than 5 million
shares, compared to 5.9 million throughout the full trading session Friday.
Interactive Brokers said it did not experience any outages on Monday or
overnight.

Some disappointed investors reached out to Lawrence Klayman, an attorney whose
Boca Raton, Florida-based securities law firm KlaymanToskes specializes in
pursuing trading-related arbitration claims.
"The wheels of justice grind slowly," Klayman said, noting that it will take
time and research to assemble and file any claims, and that only those investors
who lost $100,000 or more may find arbitration a cost-effective remedy.


Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S.
newsletter. Sign up here.

Reporting by Suzanne McGee; editing by Megan Davies and Will Dunham

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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