Schwab Gets Around To Fixing Week-Old 'Wrong Prices' Issue


Say what you will about ourratherglitchysecuritiesexchanges, 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]


Maybe E*Trade Should Stop Giving Four-Year Contracts To Its CEOs

Like the four who held the job before him since its, er, difficulties began five-and-a-half years ago, Steve Freiberg did not do a particularly good job running E*Trade. But he's been compensated handsomely for facing the wrath of an angry Ken Griffin before getting a pink slip in August.