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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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Fri, 08/28/2015 - 08:55 | 6480962 cookies anyone
cookies anyone's picture

long nukes, shelters and prussian blue

Fri, 08/28/2015 - 08:57 | 6480977 VinceFostersGhost
VinceFostersGhost's picture

 

 

The E-trade baby is laughing his ass off.

Fri, 08/28/2015 - 09:00 | 6480988 NoVa
NoVa's picture

+100

 

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

 

NoVa

 

Fri, 08/28/2015 - 09:11 | 6481050 TeamDepends
TeamDepends's picture

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

Fri, 08/28/2015 - 09:25 | 6481119 gmrpeabody
gmrpeabody's picture

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

Fri, 08/28/2015 - 09:29 | 6481136 NoVa
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 - 

Fri, 08/28/2015 - 09:04 | 6481007 wet_nurse
wet_nurse's picture

Linx and Lamb

Fri, 08/28/2015 - 09:16 | 6481078 TeethVillage88s
TeethVillage88s's picture

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

Fri, 08/28/2015 - 08:56 | 6480971 Infinite QE
Infinite QE's picture

Nothing anymore is an accident.

Fri, 08/28/2015 - 08:57 | 6480972 Seasmoke
Seasmoke's picture

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

Fri, 08/28/2015 - 09:10 | 6481046 Montani Semper ...
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.

Fri, 08/28/2015 - 09:14 | 6481067 TeethVillage88s
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.

Fri, 08/28/2015 - 09:33 | 6481156 Montani Semper ...
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.

Fri, 08/28/2015 - 11:28 | 6481718 Ass Burger
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...

 

Fri, 08/28/2015 - 08:58 | 6480973 bnbdnb
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.

Fri, 08/28/2015 - 08:58 | 6480978 NoVa
NoVa's picture

"I feel like I'm taking Crazy Pills"

 

Fri, 08/28/2015 - 09:11 | 6481052 TeethVillage88s
TeethVillage88s's picture

That is why they call it the Money Trust.

Fri, 08/28/2015 - 09:27 | 6481129 NoVa
NoVa's picture

Trust, yea right.  "They" have my money

Fri, 08/28/2015 - 08:58 | 6480981 Ralph Spoilsport
Ralph Spoilsport's picture

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

Fri, 08/28/2015 - 09:02 | 6480996 algol_dog
algol_dog's picture

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

Fri, 08/28/2015 - 09:08 | 6481027 Ralph Spoilsport
Ralph Spoilsport's picture

Insane isn't it.

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

Fri, 08/28/2015 - 08:59 | 6480984 stant
stant's picture

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

Fri, 08/28/2015 - 09:02 | 6481001 CHC
CHC's picture

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. 

Fri, 08/28/2015 - 09:03 | 6481002 IndianaJohn
IndianaJohn's picture

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

Fri, 08/28/2015 - 09:09 | 6481037 Seasmoke
Seasmoke's picture

Ask Jon Corzine.

Fri, 08/28/2015 - 09:09 | 6481040 conscious being
conscious being's picture

Ask Jon Corzine.

Fri, 08/28/2015 - 09:11 | 6481051 buzzsaw99
buzzsaw99's picture

rehypothemication

Fri, 08/28/2015 - 12:03 | 6481894 Arnold
Arnold's picture

Unions get paid first.

Fri, 08/28/2015 - 09:03 | 6481003 gmak
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.

Fri, 08/28/2015 - 09:07 | 6481021 Okienomics
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.

Fri, 08/28/2015 - 09:05 | 6481016 bnbdnb
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.

Fri, 08/28/2015 - 09:06 | 6481020 Bill of Rights
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

 

 

Fri, 08/28/2015 - 09:08 | 6481033 bnbdnb
bnbdnb's picture

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

Fri, 08/28/2015 - 09:21 | 6481096 GMadScientist
GMadScientist's picture

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

Fri, 08/28/2015 - 09:07 | 6481022 knuppel
knuppel's picture

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

Fri, 08/28/2015 - 09:29 | 6481135 gmrpeabody
gmrpeabody's picture

I've mastered it...

Fri, 08/28/2015 - 09:07 | 6481024 TeethVillage88s
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.

Fri, 08/28/2015 - 09:08 | 6481035 theFNG
theFNG's picture

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

Fri, 08/28/2015 - 09:09 | 6481043 Argenta
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

Fri, 08/28/2015 - 09:15 | 6481072 Chuck Knoblauch
Chuck Knoblauch's picture

Did you know Iraq has a stock exchange?

Look into it.

Fri, 08/28/2015 - 09:22 | 6481105 Argenta
Argenta's picture

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

-Argenta

Fri, 08/28/2015 - 09:22 | 6481101 GMadScientist
GMadScientist's picture

Gone is gone, slick.

Fri, 08/28/2015 - 11:43 | 6481741 Ckierst1
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.

Fri, 08/28/2015 - 09:11 | 6481048 dumb_funded
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

 

 

 

Fri, 08/28/2015 - 09:23 | 6481109 GMadScientist
GMadScientist's picture

"Fuck Hoover." - Carlin on answering the phone

Fri, 08/28/2015 - 09:27 | 6481127 Sanity Bear
Sanity Bear's picture

<----- Markets will close DOWN today

<----- Markets will close UP today

 

 

Fri, 08/28/2015 - 09:31 | 6481146 q99x2
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.

Fri, 08/28/2015 - 10:03 | 6481308 ThisIsBob
ThisIsBob's picture

Ned Ludd was right.

Fri, 08/28/2015 - 10:08 | 6481326 curbyourrisk
curbyourrisk's picture

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

Fri, 08/28/2015 - 10:39 | 6481459 Stlouiemike
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!

Fri, 08/28/2015 - 11:08 | 6481597 ersatz007
ersatz007's picture

It's simple really - most places are likely only equipped for a bit more than normal peak demand. They do not have the bandwidth for something like what happened on Monday. Nor will they. Why? $$.

Bandwidth costs $$. And while we can potentially argue that it's their responsibility to be equipped for events such as Monday, I'm sure there's no legal requirement on their part.

And this is how they have the majority of Americans (especially as regards the 401Ks) by the proverbial balls - even if it's inadvertant

Fri, 08/28/2015 - 14:51 | 6482679 TeethVillage88s
TeethVillage88s's picture

Bandwidth in DC, NYC, NJ, Virginia, Chicago... likely better than most regions.

All people are not created equal.

Fri, 08/28/2015 - 11:15 | 6481636 Government need...
Government needs you to pay taxes's picture

"Oh, and your assets now belong to us.  Now, PAY YOUR TAXES!"

Fri, 08/28/2015 - 21:01 | 6483617 VW Nerd
VW Nerd's picture

Sucks being locked in when the house is burning....

Sat, 08/29/2015 - 04:09 | 6484189 TheRedScourge
TheRedScourge's picture

Good thing I put stops on all my risky trades, wouldn't want to be stuck with a short on, say, USMN, which soared 1,624% today...

 

FYI - Interactive Brokers is down for maintenance at the moment too, but at least it's after hours.

Sat, 08/29/2015 - 09:13 | 6484346 redd_green
redd_green's picture

I put it this way:  all software is shit.

Do NOT follow this link or you will be banned from the site!