Nasdaq apologises for Facebook trading issues

Nasdaq have reported that the initial interference with Facebook’s highly-anticipated IPO was partially the exchange’s responsibility.

Chief executive at Nasdaq, Robert Greifeld, explained in an interview with The Wall Street Journal that the company is “humbly embarrassed” by the problems.

“This was not our finest hour,” he said, adding that “Nasdaq’s board met Saturday to discuss the matter.”

The problems were said to be related to late order cancellations, which slowed the start of the trading.

Greifeld also explained that despite the initial problems, the glitch was not responsible for the share price drop.

“It would lead a reasonable person to conclude that it didn’t have an impact on the stock price.”

Not long after the stock began trading Friday at $42.05 (R349.29*), shares tumbled to their $38 (R316.68*) offering price.

*Exchange rates calculated at time of article.
Source: The Wall Street Journal  via Cnet

 

 

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Nasdaq apologises for Facebook trading issues