The Financial Services Authority (FSA) is monitoring retail stockbrokers like Charles Schwab for evidence that firms are struggling to cope with an increasing demand in trading by private investors via the telephone.
The Times reports today that the daily trade number of private investors has doubled over the last two months to a high of 100,000. With investors pouring money into telecoms and technology stocks, the FSA has said it will closely monitor all telephone brokers asking some to make daily reports on their operations.
The paper said the worst affected is believed to be affected is Charles Schwab, a US broking firm. The company has seen its daily trades rise from 6,000 to 10,000 and over the past three days investors have complained that they are unable to contact the firm by phone.
No information has been posted on the Schwab website explaining the delays and lines to the firm are still permanently engaged.
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