Wow! "Mutual Funds Trade Delay"

[Gardening Grandma]

Just logged onto my Smith Barney account (to see if it has been moved yet) and saw this notice:
"Mutual Fund Trade Delay
Due to technical issues at one of our vendors, Mutual Funds trades entered Friday, April 15, 2011, were not executed in time, resulting in delayed confirmations. All trades will be executed Monday April 18' 2011 - as of Friday April 15, 2011 and will reflect in clients' accounts Tuesday, April 19, 2011.
Client service representatives are available 24 hours a day, 7 days a week at xxx-xxx-xxxx"

How does that affect the client who placed an order to sell Friday? Will it sell at Friday's price? Or Monday's? Or the client who wanted to buy? Anyone know?

(I had no orders placed- just curious) Does this kind of glitch happen often?

[mddoug]

I work in this industry for a different firm.

The client trades will be honored on the trade date they were placed. The party in error will usually eat the difference.

This happens with most systems about once every 24 months. Credit to Smith Barney for disclosing the issue.

[Gardening Grandma]

Thanks. That's good to know.....