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TD Waterhouse Will Pay Fine Over Online Outages
The New York Stock Exchange has imposed a $225,000 fine on the online brokerage firm, after its systems failed to have adequate capacity to handle a trading overload. Customers allegedly had to wait as long as 60 minutes to place a trade. Waterhouse denied that the problems were caused by a capacity problem; they instead cited a software problem.
This action is part of a larger effort aimed at the operational shortcomings of online brokerage firms.
Source: Wall Street Journal, March 1, 2001
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