August 2, 2012 / 5:11 PM / 8 years ago

Fidelity not routing orders through Knight Capital

BOSTON, Aug 2 (Reuters) - Fidelity Investments’ brokerage arm on Thursday was not routing orders through Knight Capital Group Inc, one of its top market makers, after a trading glitch wiped out $440 million of the firm’s capital, according to people familiar with the situation.

Knight’s stock has plummeted over the past two days after the trading problem was disclosed.

Fidelity, meanwhile, is not having any trouble routing orders as it moves the Knight business to other market makers, according to people briefed on the matter on Thursday. They declined to disclose their names because they are not authorized to speak publicly about the situation.

Reporting By Tim McLaughlin; Editing by Maureen Bavdek

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