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Brokerage sues Nasdaq for $36m losses due to glitch during Facebook flotation | A broker in New York has asked Nasdaq to compensate
it for up to 35 million dollars ($A36.01 million) in losses on the Facebook initial public offering (IPO), due to the market's computer problems on the first day
of trade. In a filing to the Securities and Exchange Commission on Wednesday,
Knight Capital said that it had submitted a claim to Nasdaq for losses related
to Friday's computer problems, which disrupted buy and sell orders during the
launch of the US 16 ($A16.46) billion dollars IPO and thereby causing chaos at
many brokerages. "As has been well-publicised, there were numerous issues and
problems at Nasdaq relating to the trading of Facebook. Some market participants,
including the Company, suffered sizable losses," News.com.au quoted Knight, as
saying in its filing. "The company estimates its total pre-tax loss related to
the events associated with the trading of Facebook to be in the range of 30 million
dollars to 35 million dollars." it added.
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