A computer glitch is preventing hundreds of mutual and exchange-traded funds from providing investors with the values of their holdings, complicating trading in some of the most widely held investments.
796 funds were missing their net asset values on Wednesday.
. . . Hinder[ing] investors’ ability to trade accurately in and out of popular investment vehicles,. . .
David A. Andelman, 70 years old, of New York City, said he tried to sell $15,000 of Voya Russia fund shares on Monday. By Wednesday morning, the trade still hadn’t gone through, he said. He said he was told by his broker, J.P. Morgan Chase & Co., that it couldn’t receive the funds because the bank hadn’t received pricing information from Voya.
“It’s a nightmare,” Mr. Andelman said.
Totally corrupt. Elites made a fortune this week taking advantage of pre arranged major moves
Mini flash crash? Trading anomalies on manic Monday hit small investors:Millions of these Main Street investors were locked out during the crucial hour when the worst hit, just as markets opened Monday
The queasy chaos of this week’s markets, which has rattled even Wall Street pros, appeared to hit smaller investors especially hard, leaving a fresh dent in their stock market confidence.
Millions of these Main Street investors were locked out during the crucial hour when the worst hit, just as markets opened Monday. Popular trading platforms run by TD Ameritrade, Scottrade and others ran slow or not at all as panic grabbed hold. It took just six minutes for the Dow Jones industrial average to suffer its biggest drop in history. And these investors could only watch.
“It makes me wonder if a guy like me has a fair chance or not,” said Israel Hernandez, a lawyer in Casa Grande, Ariz., who could not log onto his online broker.
In a blink, mayhem descended. Strange glitches emerged. Stocks fell like rocks, only to shoot back up minutes later. Exchanges spit out the wrong prices for widely held funds. These problems are now being fingered as a potential reason many investors could not trade. Some experts are now calling it a flash crash, harking to May 2010 when stocks, largely because of technical problems, instantly plunged for a moment and then recovered, an incident that spurred new market rules.
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