Facebook Trading Losses May Near $200 Million, Knight CEO Says
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Industry trading losses from Nasdaq OMX Group Inc.’s mishandling of Facebook Inc.’s initial public offering may be close to $200 million, Knight Capital Group Inc. Chief Executive Officer Thomas Joyce said.
Knight said last month its losses ranged between $30 million and $35 million. Nasdaq’s $40 million plan to compensate brokers for losses is “underwhelming at best,” Joyce said today at the Sandler O’Neill & Partners LP Global Exchange and Brokerage Conference in New York.