Trading Platform Glitch Causes Panic Among Investors
Translated & summarized from Globes by baba
Meitav Trade clients were alarmed Monday morning by a technical glitch that displayed their account balances as zero. The company confirmed it was a visual display issue, assured funds were safe, and restored normal operations, apologizing for the panic caused.
The story in 5 lines · by baba
- Meitav Trade clients saw zero balances due to a technical glitch.
- The company stated funds and securities remained secure.
- It was a visual display issue during a weekend update.
- Services were restored, and the company apologized for the panic.
- The glitch occurred on a non-trading day for global markets.
Clients of the trading platform Meitav Trade experienced alarm on Monday morning when they logged into their accounts to find their portfolio values and asset balances displayed as zero. Investors worried about their savings reported uncertainty, with some claiming they struggled to reach customer service during the outage. Meitav Trade explained the issue was a technical glitch stemming from a routine data update and adjustment process conducted over the weekend. The company emphasized that it was solely a visual display problem and that clients' funds and securities remained secure and unaffected.
The company announced that the system had returned to normal operation and apologized for the distress and inconvenience caused to its customers. In a statement, Meitav Trade said, "The company identified an early morning technical glitch with the display of securities prices, which was resolved in a short time. Meitav's customer service was and continues to be available around the clock and provided responses to clients. It should be noted that this occurred on a day when there was no trading on the stock exchange in Israel and abroad."
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