Nasdaq’s Total Compensation To Financial Firms For Bungled Facebook IPO: $41.6M
The Financial Industry Regulatory Authority capped the total payout by Nasdaq parent Nasdaq OMX Group to financial firms over the technical difficulties that plagued Facebook’s May 2012 initial public offering at $41.6 million, down from the $62 million the stock exchange initially set aside to compensate affected brokers, Reuters reported.
The Financial Industry Regulatory Authority capped the total payout by Nasdaq parent Nasdaq OMX Group to financial firms over the technical difficulties that plagued Facebook’s May 2012 initial public offering at $41.6 million, down from the $62 million the stock exchange initially set aside to compensate affected brokers, Reuters reported.
According to Reuters, Nasdaq said the number was lowered because FINRA found that some brokerage houses that were seeking compensation were ineligible to do so, adding that an unnamed firm, believed to be UBS, opted for arbitration, which was blocked by U.S.
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