Charles Schwab Breaks: "System Is Temporarily Unavailable"

Tyler Durden's picture

It has not been a good week for the retail brokers: on Monday, TD Ameritrade infuriated thousands, when the system broke just as the market crashed, preventing countless retail traders from buying (or selling). This morning, it is Charles Schwab's fault. It is unclear is someone had a sizable sell order in the works, or this is just part of the new normal.

 

Schwab confirms:

Expect the "system" to be fully operational once futures are back in the green.

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cookies anyone's picture

long nukes, shelters and prussian blue

VinceFostersGhost's picture

 

 

The E-trade baby is laughing his ass off.

NoVa's picture

+100

 

maybe Charles Schwab is listening to EF Hutton - - - ?

 

NoVa

 

TeamDepends's picture

Let's all call Schwab's emergency number and tell 'em about our raging hemorrhoids.

gmrpeabody's picture

I got that screen put in my grill yesterday...

NoVa's picture

I placed an after hours trade last night with Schwab to buy X shares of SPXU at $37.  

Guess I'm screwed - 

TeethVillage88s's picture

Guinea Pigs and Rabbits since you can raise them in your basement.

Infinite QE's picture

Nothing anymore is an accident.

Seasmoke's picture

It's getting funnier to watch each week .... Can't wait to see what next week has coming.

Montani Semper Liberi's picture

 Don't have to wait until next week.

 An Excerpt From Bloomberg:

 "On Payday In Britain Some HSBC Clients Get Nothing"

 The problem is with the BACS system, which processes electronic payments, the bank said in an earlier Twitter post. HSBC declined to elaborate on the cause of the problem, the number of people affected or the timing of a solution. Monday, Aug. 31, is a public holiday in Britain.

TeethVillage88s's picture

They are doing the same thing to Detroit Teachers despite a wonderful Emergency Management program that pushed for bankruptcy and Reorganization.

Detroit must have been the Beta Test.

Montani Semper Liberi's picture

 Are they using the term "computer glitch" like HSBC is doing TeethVillage?

 A person may fret when he sees a problem with his investment in markets, but when he (or she) doesn't get paid on time, particularly before a long holiday weekend, well that hits home immediately.

Ass Burger's picture

Sort of on the topic of shit breaking down:

Do people really not know that the US is in the middle of a huge [internet] outage spanning the nation?

https://www.reddit.com/r/technology/comments/3ineir/do_people_really_not...

 

bnbdnb's picture

Yep, the entire financial system is in cahoots.... Every site, every web portal, every exchange, every politician, every government official all the way down to the IT guy who "breaks" it. You people are crazy.

NoVa's picture

"I feel like I'm taking Crazy Pills"

 

TeethVillage88s's picture

That is why they call it the Money Trust.

NoVa's picture

Trust, yea right.  "They" have my money

Ralph Spoilsport's picture

Another case of a production server and its backup environment being "concurrently" corrupted or did their AC fail?  

algol_dog's picture

Tradekings down since yesterday for that. Imagine sweating out a big trade in this environment and not having access.

Ralph Spoilsport's picture

Insane isn't it.

OT: I remember ALGOL 60 running on PDP-11 machines. 

stant's picture

Choke points at the exits. For now, ready to shut the door if need be IMHO

CHC's picture
CHC (not verified) Aug 28, 2015 9:02 AM

I get the uneasy feeling that the entire (global) system is in the early stages of a nervous breakdown.  They tend to speed up over shorter periods of time when there is no known cause and there sure as hell isn't any cure. 

IndianaJohn's picture

So what happens with my account when my broker goes tits up?

gmak's picture

It's funny unless you've been crushed by inability to access TD Ameritrade, ThinkorSwim, and that ilk of under-server'ed trading sites.  I reallyl feel for all those retail traders trapped in the burning room last Monday.

 

It's all fun and games until someone pokes an eye out.

Okienomics's picture

Burning room?  They woke up in an inferno.  Funny thing is, anyone "locked in" by a server problem actually got their asses saved by waiting for the relief rally.  When a mob runs for the exits, best not to join them to avoid getting trampled.

bnbdnb's picture

So how does it work? Do they get all the IT guys from each exchange together, have a pow wow over milk and cookies and describe to each how they can all choke off their websites randomly when futures are down? Just curious as to the theory of how this works.

Bill of Rights's picture
Kocherlakota on CNBC
  • Doesn't see near term hike as appropriate unless there's a big change in the data between now and September
  • Right now situation would call for consideration for more easing
  • If you lift off now given outlook, credibility could slide
  • Some equity volatility is not a major concern
  • Risks to stability from low rates need to be monitored
  • Market vol matters as a signal not cause and area tail risk to US outlook
  • Market moves are an argument for not being hasty in taking away accommodation
  • Inflation remains very low
  • Barring a big change in data between now and September, I don't see a near-term hike as appropriate
  • Right now situation would call for consideration of more easing
  • Some equity volatility is not a major concern
  • Market volatility matters as a signal, not a cause
  • Wants US to get back to 3% growth, H1 was 2%
  • Sees US returning to 3% growth in 2016

 

 

bnbdnb's picture

He's always dovish. Cash could be falling from the sky and he would say printing would help catch it all.

GMadScientist's picture

Fucker has access to some really powerful narcotics, that much is obvious.

knuppel's picture
knuppel (not verified) Aug 28, 2015 9:07 AM

If you cant get in atleast you cant sell at the bottom

TeethVillage88s's picture

Why does this seem so familiar.

Why does this seem so Predictable.

Why does this seem like something I thought of before when most were thinking of the risk of Bail-Ins from their Savings and Checking Accounts.

Why does it seem like smart people would not have allowed the TARP Bailout to benefit the banks that were in trouble and caused the trouble.

Why does it seem like if you think like a criminal banker you can predict what happens.

Yeah, they front run your transactions and see what you are doing in time to cost you more money.

theFNG's picture

Things are so fast now that the stops and puts are not working correctly anymore.   

Argenta's picture

I have been struggling with something that I hope someone here can shed light on.  If a person were to believe that the US government would eventually confiscate pensions or 401(k) accounts etc., is there any merit to having said account in a brokerage headquartered in a country outside the US?  Like TD Ameritrade?  Further, is there any merit to holding funds with physical metals held outside the US, like PSLV?  At that level do country boundaries even matter?

-Argenta

Chuck Knoblauch's picture

Did you know Iraq has a stock exchange?

Look into it.

Argenta's picture

Prefer to stick with something a bit more stable, like Nepal.

-Argenta

Ckierst1's picture

I sympathize, Argenta.  I've gone down this path a bit.  Can you take a qualified distribution yet?  Asset classification matters.  On some level national boundaries variously do matter.  If it is convenient, it is vulnerable, IMHO.  Adaptability is good, even in biodiversity, if you prefer to avoid extinction.

dumb_funded's picture

OT: On this day in Hx August 28:

1830 - “Tom Thumb,” the 1st locomotive in US, ran from Baltimore to Ellicotts Mill.

1963, Rev. Martin Luther King Jr. delivered his "I Have a Dream" speech in front of the Lincoln Memorial in Washington, D.C.
(Where Was Hoover?)
Hoover, convinced that Martin Luther King Jr. was a subversive, ordered his counterintelligence unit to watch King's “I Have a Dream” speech and draft a report for him assessing the danger presented by King. The report contended that “Negroes constitute the greatest single racial target of the Communist Party” and suggested that the FBI mark King as  “the most dangerous Negro in this country.”)

1859 - beginning this day, sunspots appeared which became the source of the Sept 2 1859 Carrington event.  "A solar storm of this magnitude occurring today would likely  cause widespread problems for modern civilization" 

George Carlin -"What would happen if we didn't have electricity" :o

 

 

 

GMadScientist's picture

"Fuck Hoover." - Carlin on answering the phone

Sanity Bear's picture

<----- Markets will close DOWN today

<----- Markets will close UP today

 

 

q99x2's picture

I have Scottrade but the commissions kill me. I trade Bitcoin successfully now because of the low commissions and its relatively easy patterns.

ThisIsBob's picture

Ned Ludd was right.

curbyourrisk's picture

this is what happens when your customers have the balls to enter sell orders....

Stlouiemike's picture

Schwab is a bunch of lying,cheating thieves.  There system is setup to screw you I ain't got much but as of monday Schwab doesn't have of penny of it anymore.  Thieving pricks!