Arab Today, arab today nasdaq sets aside 40 mn for facebook ipo glitch losses
Last Updated : GMT 00:35:55
Arab Today, arab today
Arab Today, arab today

Nasdaq sets aside $40 mn for Facebook IPO glitch losses

Arab Today, arab today

Arab Today, arab today Nasdaq sets aside $40 mn for Facebook IPO glitch losses

New York - AFP

Nasdaq said Wednesday it is setting aside $40 million to cover brokers\' trading losses due to computer glitches that disrupted the launch of Facebook shares onto the market on May 18. In a statement Nasdaq OMX, owner of the exchange, said the company\'s board had approved a \"one-time voluntary accommodations program\" that would pay $13.7 million in cash to Nasdaq member firms, with the rest to be credited to qualified claimants \"to reduce trading costs\" over six months. The compensation plan requires the approval of the Securities and Exchange Commission, and the independent Financial Industry Regulatory Authority will evaluate claims from the brokers, Nasdaq said. Facebook\'s $16 billion initial public offering overwhelmed Nasdaq\'s systems when it hit the market on May 18, forcing a half-hour delay in opening trading and leaving investors and brokers in the dark for hours over the results of orders involving millions of shares. Claims of losses related to the market\'s computer problems are estimated above $100 million, according to the Wall Street Journal. On May 24 New York broker Knight Capital asked Nasdaq to compensate it for up to $35 million on the IPO. \"As has been well-publicized, there were numerous issues and problems at Nasdaq relating to the trading of Facebook. Some market participants, including the Company, suffered sizable losses,\" Knight said in the filing. In addition at least one class-action lawsuit has been filed in New York against the exchange over claimed losses on Facebook shares due to the systems problems.

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