Knight Capital Backs Nasdaq $62M Facebook IPO Payout

Law360, Washington (August 30, 2012, 3:59 PM EDT) -- Knight Capital Group Inc. told U.S. regulators Wednesday that it would back Nasdaq OMX Group Inc.'s proposed $62 million payout to investors who lost money because of glitches at the exchange during Facebook Inc.'s initial public offering but urged them to continue discussing preventative regulatory reforms.

In a letter to the U.S. Securities and Exchange Commission, Knight Capital said the $22 million proposed hike to an initial $40 million accommodation pool to cover investor losses caused by Nasdaq glitches on the day of Facebook's IPO is...
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