Throughout yesterday, I heard numerous reports of traders unable to get through to their brokers / clearing firms.
In particular, Fidelity was supposedly down until almost noon on Tuesday, and TD Ameritrade website crashed and its servers were down.
Anyone else run into these (or related) issues?
I see Reuters has the story:
Online brokerage TD Ameritrade Holding Corp was hit on Tuesday by an
outage in its Web-based trading system, but it was resolved shortly
after noon, the company said.
Ameritrade said customers experiencing problems logging into
accounts over the Internet could still access their accounts through
the company’s telephone system.
Telephone trades were charged at Web-based rates during the period of the outage, the company said. A TD Ameritrade spokeswoman said the company saw a significant
increase in activity through its call center and online about one hour
after the market opened, and customers had difficulties logging into
their accounts on its Web site.
The problems were resolved by early afternoon, she said.
While I am quick to point out technical errors, let me also say that TD handled this correctly, charging the lower Web-based rates for telephone called trades.
I’ve done Kudlow with Joe Moglia, and he’s a class act. If E*Trade had a "Moglia," they might have avoided some of their woes.