Nasdaq CEO ‘Embarassed’ by Glitches During Facebook’s IPO
(NEW YORK) — The chief executive of the Nasdaq stock market admits he was “embarrassed” by what happened on Friday when trading glitches led to doubts about the market’s ability to handle hot IPOs.
Nasdaq not only delayed the start of trading Facebook by a half hour, but there were technical problems throughout the day.
The Financial Times says the exchange is “in talks with regulators over potentially millions of dollars of customer claims.”
Technical problems left investors with orders that were improperly processed. The cause was said to be a malfunction in the trading system that processes order cancellations.
Friday’s session saw about 570 million Facebook shares changing hands — the largest ever for an IPO. Nasdaq officials insist the trading problems didn’t have any impact on Facebook’s stock price.
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