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Trading expert blames Nasdaq for Facebook IPO debacle

Thomas M. Joyce, chairman and chief executive officer of trading firm Knight Capital Group, appeared on CNBC Monday to dissect Facebook’s first-day IPO flop Friday, when the social network’s stock price finished up just 0.6 percent.

Robert Greifeld, chief executive of the Nasdaq stock exchange, apologized for the technological glitches that delayed the start of Facebook’s public trading on Friday morning.

“This is not a systemic issue […] the failure was Nasdaq’s,” Joyce said, adding that Friday’s lackluster performance of Facebook’s stock had nothing to do with the company’s fundamentals.

“This is arguably the worst performance by an exchange on an IPO -- ever,” Joyce added.

“This was simply a technology problem,” he said. “This was like your server going down, except on a massive scale. And instead of stepping back and rebooting, they kept plowing ahead.”