Schwab Criticizes NYSE Over System Failure That Roiled Trading
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Charles Schwab Corp., the brokerage catering to retail investors, said it’s disappointed by the New York Stock Exchange’s handling of a technical mistake that roiled Tuesday’s trading, and that regulators should reconsider the risks of putting retail orders through an auction model.
“Unfortunately, the NYSE has not owned up to their full responsibility and retail investors will have to go through a lengthy process to correct orders, with no guarantee of a reasonable outcome,” spokesperson Mayura Hooper said in an emailed statement.