FRANKFURT, Jan 28 (Reuters) - German online brokerage Trade Republic said trading on its platform was disrupted on Thursday due to a surge in dealings in Gamestop, Blackberry and other stocks at the centre of a tussle between retail investors and big hedge funds.
An army of individual traders, working through online brokerages and on social media sites such as Reddit, have drove up stock prices of several firms and forced some Wall Street institutions to abandon costly “short” bets that prices would fall.
Trade Republic, says it has 150,000 clients and 1 billion euros ($1.21 billion) under management, attributed Thursday’s high volumes to the “hefty, coordinated share speculation” reported in the media.
The company said it had shifted to a backup platform in the morning that was also suffering from technical problems, but trade had largely resumed by late afternoon.
It said it was no longer taking orders for some shares, including Gamestop, Blackberry, Nokia, and Bed Bath & Beyond.
$1 = 0.8251 euros Reporting by Tom Sims; Editing by Edmund Blair