Report: Nasdaq Used Untested Software To Launch Facebook IPO

The negative spotlight from Facebook’s initial public offering refocused its glare on Nasdaq, as the stock exchange and its chief executive, Bob Greifeld, were slammed in a published report for using untested software to launch the IPO last Friday.

The negative spotlight from Facebook’s initial public offering refocused its glare on Nasdaq, as the stock exchange and its chief executive, Bob Greifeld, were slammed in a published report for using untested software to launch the IPO last Friday.

The New York Post reported that the software Nasdaq used still had bugs, and that the exchange had run an “unprecedented” number of simulations with the software prior to Facebook’s IPO.

One source told the Post:

It’s not unusual to test out a new system, but it’s unusual to test it as many times as they did that week.

And

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in