There was a multi-system outage in various trading platforms on Monday and customers took to twitter, email and calls to report the issues of slow sites or difficulties in logging in.
Charles Schwab tweeted on Monday morning, “Due to a technical issue, clients may have difficulty logging in.” He added, “We are working to resolve this issue as quickly as possible. Hold times may be longer than usual. Thank you for your patience.”
Traders including TD Ameritrade, Robinhood, Merrill Lynch and Fidelity said that these issues were a result of large trading volumes on Monday morning. This is indeed a fact as the DOW had soared in excess of a 1,000 points after Pfizer’s press release stating positive results from trials of a potential COVID-19 vaccine.
A TD Ameritrade spokeswoman told ThinkAdvisor: “Earlier today, due to unprecedented volumes of activity, we encountered login issues across multiple TD Ameritrade platforms that impacted some clients’ abilities to log in. The issue has been resolved and clients are able to access all TD Ameritrade platforms as usual. We apologize for the inconvenience and take the performance and reliability of our trading platforms very seriously.”
Trading outages irk investors as they are unable to make money and also lose money as a result of these technical issues.