Knight Capital's Joyce Appears on CNBC, Addresses Facebook/Nasdaq Debacle

Tom Joyce, CEO of Knight Capital Group

, called the Facebook

IPO the worst performance of an exchange for an IPO ever. Knight Capital was one of the many market makers who lost money on the IPO. After hearing about the compensational plan by NASDAQ

, Tom Joyce said that the $40 million was unacceptable. Knight Capital Group released a statement earlier: "Disappointed that Nasdaq's compensation fund does not come close to covering reported losses from broker-dealers. Their proposed solution to this problem is simply unacceptable." Knight further commented. "evaluating all remedies available under law." Joyce believes that the NASDAQ has to respond to their customers in a better way and truly compensate for the losses that occured. He went on to state that the compensation should be well over $100 million dollars. When asked about suing, he said "litigation is a last resort." They will pursue all options to find a solution to this problem, and if NASDAQ doesn't work with Knight Capital, Joyce states that changing exchanges may be an option.