Nasdaq's Facebook Loss at $40M? Try Quintupling That... (NDAQ) (FB)
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Nasdaq's (Nasdaq: NDAQ) Mr. Magoo-style handling of Facebook's (Nasdaq: FB) hotly-anticipated IPO requires about $40 million of reparations, according to the exchange Thursday.
However, Knight Capital Group (NYSE: KCG) CEO Thomas Joyce (no relation to acclaimed novelist James Joyce...we think) thinks that number might be a little low. Based on his own internal calculations, Knight Capital suffered about $30 million to $35 million of losses in the IPO, leading to a total loss estimate of $200 million.
Comments were made at the Sandler O’Neill & Partners LP Global Exchange and Brokerage Conference in New York City, NY earlier. No specific detail as to how the numbers came about were given.
Knight Capital is typically one of the largest wholesalers -- market makers which execute orders for individual investors sent to the firm from retail brokers. Other wholesalers might include Citadel LLC, UBS, Citigroup, and E*TRADE Financial.
Amid the report, Nasdaq shares closed down 0.5 percent while shares of Facebook are off about 2 percent.
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However, Knight Capital Group (NYSE: KCG) CEO Thomas Joyce (no relation to acclaimed novelist James Joyce...we think) thinks that number might be a little low. Based on his own internal calculations, Knight Capital suffered about $30 million to $35 million of losses in the IPO, leading to a total loss estimate of $200 million.
Comments were made at the Sandler O’Neill & Partners LP Global Exchange and Brokerage Conference in New York City, NY earlier. No specific detail as to how the numbers came about were given.
Knight Capital is typically one of the largest wholesalers -- market makers which execute orders for individual investors sent to the firm from retail brokers. Other wholesalers might include Citadel LLC, UBS, Citigroup, and E*TRADE Financial.
Amid the report, Nasdaq shares closed down 0.5 percent while shares of Facebook are off about 2 percent.
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