Wholesale brokerages including Knight Capital and Citadel suffered trading losses that could top $100m as a result of computer glitches in Nasdaq OMX’s software on the morning of Facebook’s trading debut last Friday.
Problems with the exchange’s trading software meant the brokers were unable to calculate their precise shareholdings in the social network through more than two hours of share trading, people close to the firms said.
When they later discovered they had larger Facebook holdings than originally thought, many rushed to offload excess holdings, sparking a tumble in Facebook’s shares in the following trading days.
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