(Reuters) - Knight Capital told clients to route all stock orders away from the brokerage due to power issues, the company said in a statement to clients.
The Jersey City, New Jersey-based brokerage said its backup generator went down, making it unable to buy and sell stocks on behalf of clients. The company was operating on generators after the massive storm Sandy devastated the New York metro area, knocking out power for millions.
The company is one of the nation's largest market makers - brokerages that buy and sell stocks for clients and ensure orderly trading. It said clients should "seek an alternate destination" for trading in NYSE-listed and Nasdaq stocks, along with options trades.
"All computer interfaces with Knight will be shutdown with no new orders, both by phone or electronic, being accepted at this time," the statement said.
Three months ago, Knight Capital was forced to route orders to other brokerages due to a technology problem that sent tons of errant trades into the market, causing a loss of $440 million for the firm.
Shares of the stock were down 2.7 percent to $2.55 a share. (Reporting by John McCrank; Editing by James Dalgleish)
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