We wanted to share a message that Schwab published earlier this week to all their vendor partners regarding the delivery of Schwab files following their Labor Day Weekend TD conversion.
On Wednesday, September 6 -- the first day that Schwab will deliver both their newly converted TD files along with existing Schwab files for September 5 market close -- Schwab expects a 3-4 hour delay in the delivery of their files given the greatly increased volume in files.
Given the delayed file delivery from Schwab and an extra quality assurance process CircleBlack is implementing to handle the new files on the morning of September 6, we do not expect updated Schwab data to be available in CircleBlack until the evening of September 6.
Schwab also shared that for the following days after Wednesday, September 6 to expect at least a 2 hour delay in the delivery of their files. CircleBlack has added computing and process capacity to handle the increased file volume but we wanted to set expectations given these forthcoming delays from Schwab.
Given the expected delays next week, we advise that if you need to run a client report, we suggest generating the report with an “As of” date of September 1 or earlier.
We will continue to communicate how CircleBlack is handling the TD-Schwab conversion and advise of any changes or updates to our plan. We appreciate your patience and partnership through this transition.
Below is Schwab’s message delivered to all vendor partners earlier this week:
Due to the millions of additional TD Ameritrade Institutional accounts converting to Schwab over Labor Day weekend, we anticipate the following impact to delivery times:
- For September 5 data files: Due to one-time conversion-related processing, we expect the core broker-dealer and cost basis files to be available 3-4 hours later than usual.
- For September 6 data files and for the foreseeable future: We expect the core broker-dealer and cost basis files to be available to you approximately 2 hours later than usual.
Please keep in mind that these timeframes are estimates and actual file availability could vary.
While the files will be available by the time of our Service Level Agreement of 8:30 am ET, we realize that this is later than you are accustomed to receiving them. We will monitor delivery of files post conversion and continue to do everything we can to process and deliver the files as fast as possible. We hope these changes do not cause any inconvenience to your current processing schedule. Please reach out to us with any questions or concerns at IntegrationSolutions@schwab.com.
Thank you for working with us through this transition.
The Schwab Integration Team