TD Ameritrade swamped with clients wanting to sell


(MENAFN- ProactiveInvestors) The shake-out in equities is causing technical glitches at retail-focused stockbroker TD Ameritrade (NYSE:AMTD).

Frustrated customer have taken to social media networks to complain about being unable to access their online dealing accounts.

TD Ameritrade has apologised for delays which it said have been caused by rarely seen levels of activity.

Other broking services however seem to be coping better with the strain with Charles Schwab (NYSE:SCHW) for one saying it had no issues to report. 

The broker was not feeling too smug however as it has been fined US$2mln for capital deficiencies and related supervisory failures by the Financial Industry Regulatory Authority.

If the frustrated traders had been hoping to log on and liquidate their portfolios they might have been saved from losing money by the technical glitches as stock prices are beginning to pick themselves up off the floor.

The Dow Jones industrial average was off 200 points at 16260 at noon having fallen to a 52-week low of 15370 at one point.

Some of the index's constituents have even struggled into positive territory; Apple (NYSE:AAPL) Intel (NASDAQ:INTC) and Microsoft (NYSE:MSFT) - all three from the information technology sector - are all up on the day.

TD Ameritrade meanwhile is down 2.5% at US$31.97.


ProactiveInvestors - N.America

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