Knight Capital Group, one of the largest U.S. market makers, invited customers to resume sending orders after resolving a power failure that shut down its trading of equities Tuesday.
Bloomberg reports that a backup power failure at its headquarters in Jersey City, New Jersey, forced the company to stop accepting new orders for stock trades yesterday amid a blackout following Hurricane Sandy. The issue has been resolved and systems are operating normally, according to a memo from Knight, which almost went bankrupt in August after a computer error flooded the market with unintended orders. The market maker is open for 'all equities', spokeswoman Kara Fitzsimmons said by e-mail.
Knight is one of dozens of Wall Street firms affected by power outages after Hurricane Sandy flooded parts of New York and New Jersey on October 29th. Citigroup said its office at 111 Wall St. in Manhattan will be unusable for weeks and that a building housing senior capital-markets executives lost power.
'Knight Capital Americas LLC, has identified and resolved the power outages that were experienced earlier today', the company said in a circular to clients. 'Please feel free to route back at your earliest convenience'.
Earlier, Knight stopped handling client business in its institutional sales and trading unit and market-making group in all exchange-listed and over-the-counter stocks and in options, Fitzsimmons said by phone Wedneday.
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