Morgan Stanley’s online trading system for wealthy clients is down

Finance

Source: Morgan Stanley

Morgan Stanley, one of the world’s biggest wealth managers, said its online trading portal for wealthy clients went down on Wednesday. 

The bank’s message for clients was to call a service representative to place trades, rather than using the company’s website. A spokeswoman for the New York-based firm declined to immediately comment. 

Retail brokerages have suffered sporadic outages this month amid unprecedented volatility and volume in markets amid the coronavirus crisis. Most notably, free-trading pioneer Robinhood was overwhelmed by traffic on several days, including one of the biggest days for gains on the Dow Jones. 

When Morgan Stanley announced last month it was purchasing online brokerage E-Trade for $13 billion in stock, part of the rationale for the deal was to acquire the company’s retail trading technology. 

This story is developing. Please check back for updates.

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