Fidelity Investments, the biggest U.S.
mutual fund company, said it stopped extended-hours trading at
4:58 p.m. yesterday because its electronic network was unable to handle the
orders.
Boston-based Fidelity uses an electronic trading network run
by Archipelago LLC, spokeswoman Anne Crowley said. Archipelago’s
network buys and sells orders, and acts as a gateway to other
electronic networks.
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Crowley said that Fidelity does a “fairly limited” amount
of after-hours trading through the network.
Archipelago, based in Chicago, conducts trades from 6 a.m. to
6 p.m. New York time, according to a company telephone recording.
She said that two Fidelity back-office operations sites, in
Manhattan and in Jersey City, N.J., were able to continue
operating through the power outage on back-up generators.
The sites employ about 900 workers.
Crowley said Fidelity investor centers in some of the affected cities were closed, but customer calls to those offices
were forwarded to Fidelity offices in other cities. Crowley didn’t
have details on the offices affected.
Bloomberg News
