E*Trade Australia Distances Itself From US Troubles
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The Australian subsidiary of online brokerage provider E*Trade has sought to distance itself from the network outages afflicting its US parent.
Thousands of irate small investors in the US were locked out of E*Trade's share trading service for small periods over three days last week, causing the company's price to slump from US$50 to below US$35 as multiple lawsuits were lodged by customers to recover lost profits.
E*Trade Australia said that while it shares the same network architecture as its owner, the local operations also include technology customised for Australian trading conditions.
"No aspect of E*Trade Australia's trading function was affected, and E*Trade Australia experienced no service interruptions," the company said in a statement.
E*Trade's stock price has regained most of its losses from last week, closing on Friday at US$46.