UPDATED: Nasdaq Earmarks $13M To Cover Facebook IPO Losses From Technical Issues

Nasdaq said it will set aside at least $13 million to make good for traders and investors who were affected by the stock exchange’s order-cancellation issues Friday, on the first day of Facebook’s initial public offering, but that amount may not be nearly enough to pacify those who are claiming losses.

Nasdaq said it will set aside at least $13 million to make good for traders and investors who were affected by the stock exchange’s order-cancellation issues Friday, on the first day of Facebook’s initial public offering, but that amount may not be nearly enough to pacify those who are claiming losses.

The Wall Street Journal reported on Nasdaq’s change of heart, after Chief Executive Officer Bob Greifeld had said over the weekend that the exchange would not cover losses related to its technical issues.

Sources told the Journal the Financial Industry Regulatory Authority would oversee the process of doling out the money.

Many on Wall Street believe the $13 million figure is not enough, with Knight Capital Group Chief Executive Officer Tom Joyce telling the Journal total losses due to the order-cancellation issues may reach $100 million, and adding, “Dozens of firms lost money.”

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