Trading

Stake scrambles to fix outage triggered by GameStop trade frenzy – Sydney Morning Herald


Low-cost broker Stake told users that it is still attempting to fix the problems caused by last week’s service problems amid the global trading frenzy triggered by a retail day trader revolt against major Wall Street short-sellers.

In a public statement Saturday evening, Stake, which offers low-cost trading for US stocks, admitted that some fund transfers have suffered delays, market orders – and market limit orders – have been cancelled. The latter automatically buys or sells a stock when it hits a specific price.

“We are working through the entirety of the weekend to solve these issues. Unfortunately, this is not as simple as spinning up more servers,” the company said.

“Our focus is expediting the recovery of the platform. Through this time, we will keep you updated as well as informed about what’s going on in the market.”

The GameStop share trading frenzy has created problems for many online brokers.

The GameStop share trading frenzy has created problems for many online brokers.Credit:Bloomberg

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Stake was caught up in the international share market frenzy last week surrounding struggling US videogame retailer GameStop.

GameStop shares surged more than 1500 per cent last week as an army of retail day traders on Reddit forum WallStreetBets rushed to buy shares in order to create a “short squeeze” against
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