Schwab Gets Around To Fixing Week-Old ‘Wrong Prices’ Issue

Say what you will about our rather glitchy securities exchanges, but it generally takes them less than a week to detect and repair problems.

Online brokerage firm Charles Schwab Corp showed customers on its trading platform incorrect prices on certain fixed-income securities for about a week, the latest financial firm to suffer from technology glitches….

The glitch occurred while Schwab integrated a third-party platform that provides pricing information on some bonds and other securities. “In some cases the amounts presented were off by noticeably large sums,” said the spokesman. Schwab said the pricing glitches affected some, but not all, fixed-income and preferred securities.

“At no time were there issues related to the actual value of the positions, or of trades,” said the Schwab spokesman. “It was a very unfortunate case of displaying the wrong prices to our clients.” Clients weren’t able to trade on the incorrect prices.

Schwab Glitch Showed Customers Incorrect Prices [WSJ]

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3 Responses to “Schwab Gets Around To Fixing Week-Old ‘Wrong Prices’ Issue”

  1. Guest says:

    So what's *your* excuse for posting the Opening Bell just in time for Cramer, Shazzy?

  2. CRAMER says:


  3. Glitch Fixer says:

    McKinsey Dealbreaker Engagement Manager: Jon Shazar

    DB CEO: Who's he?

    McKinsey Dealbreaker Engagement Manager: You know, yeti looking guy, mumbles a lot, uses copy and paste all the time

    DB CEO: Oh, yeah.

    McKinsey DB Engagement Manger: Yeah, we can't actually find a record of him being a current employee here.

    McKinsey DB consultant: I looked into it more deeply and I found that apparently what happened is that he was laid off five years ago and no one ever told him about it; but through some kind of glitch in the payroll department, he still gets a paycheck.

    McKinsey DB Engagement Manger: So we just went ahead and fixed the glitch.

    Bess: Great.

    DB CEO: So, uh, Shazar has been let go?

    DB McKinsey Engagement Manager: Well, just a second there, professor. We, uh, we fixed the *glitch*. So he won't be receiving a paycheck anymore, so it'll just work itself out naturally.

    McKinsey DB Consultant: We always like to avoid confrontation, whenever possible. Problem is solved from your end.