An alarming series of breakdowns confused traders this week. When two of the most popular stocks, Apple and Tesla, split earlier this week, thousands of U.S. retail investors could not use their Robinhood or Schwab brokerage accounts.
Annie Massa for Bloomberg News:
Increased trading separated by Apple Inc. and Tesla Inc. share split contributed to problems at Robinhood Markets and Charles Schwab Corp. when the markets opened in New York on Monday, according to people familiar with the matter. Retail in Vanguard Group, TD Ameritrade Holding Corp. and Fidelity Investments also experienced disruptions.
While most of the problems were resolved by noon, the disruptions sent a shake-up across Wall Street, where professionals have come to rely on the zeal of some traders to pursue a wildly unstable year.
Robinhood experienced a technical issue that caused delays in status updates for sales orders, even though it was not exposed to a system breach, a spokeswoman said … Schwab made a change to the storage systems it uses to view quotes, said spokeswoman Mayura Hooper. It collided with Monday’s increased volumes around the divisions and touched on a mistake, said another person who was familiar with the case. The problem was not the total capacity, Hooper said.
MacDailyNews Take: Split screens.