Morgan Stanley reportedly suffered an outage on its online trading platform used by wealth management clients on Wednesday, according to news reports.
The company’s website told clients trying to access the portal, Morgan Stanley Online, that it was temporarily unavailable and suggested they call its client service center for assistance, CNBC reports. The outage lasted several trading hours and the website toggled after the close between displaying an error message and being available, according to the TV news channel.
The glitch was due an internal malfunction of the system rather than by high trade volume or Morgan Stanley staff working remotely during the coronavirus pandemic, a person briefed on the company’s situation tells CNBC.
A spokeswoman for Morgan Stanley declined comment to the news channel.
Unlike Morgan Stanley’s trading platform, other companies’ platforms have run into technical issues primarily because of a flood of orders as markets swung widely on fears about the coronavirus. Earlier this month, JPMorgan’s electronic trading platform used by its staff to place trades for wealth management clients suffered an outage, reportedly caused by the high volume of orders. And the zero-commission brokerage Robinhood has had at least three outages in March, prompting the company to promise issuing credits to some customers as it faces at least three lawsuits.
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