Following Pfizer and BioNtech’s announcement today that early results from Phase III trials of their Covid-19 vaccine suggested that the vaccine was safe and effective, markets generally have soared. Cyclical and leisure/travel stocks in particular have benefitted whereas certain others have suffered.
With this market turbulence it is not surprising that many investors wanted to trade. However, I have seen widespread reports that certain major investment platforms, including Hargreaves Lansdown and AJ Bell/YouInvest have buckled under the strain and are not allowing their clients to trade.
This is simply unacceptable. I am recommending to ShareSoc’s board that we should write to the FCA, demanding that they put pressure on these highly profitable platforms to invest properly in their infrastructure to support the loads imposed by investors on busy days like today.
DISCLOSURE: the author does not hold shares in any of the companies mentioned.