Reuters reports that claims by four of Wall Street's main
market makers against Nasdaq over Facebook's botched IPO are likely to exceed
$100 million, as they and other traders continue to deal with thousands of
problems with customer orders. The
exchange operator is facing lawsuits from investors and threats of legal action
from brokers.
Four of the top market makers in the Facebook IPO -- Knight
Capital, Citadel Securities, UBS AG and Citi's Automated Trading Desk --
collectively have probably lost more than $100 million from problems arising
from the deal, said a senior exec at one of the firms. Knight and Citadel are each claiming losses
of $30 million to $35 million, potentially overwhelming a $13 million fund the
exchange set up to deal with potential claims…..
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