ADVFN - Advanced Financial Network.
HOME» NASDAQ » N » NDAQ Stock Price » NDAQ Stock News

Nasdaq Stock Market Share News

 The Nasdaq Omx Grp. (mm) Stock Price
NDAQ Stock Price
 The Nasdaq Omx Grp. (mm) Stock Chart
NDAQ Stock Chart
 The Nasdaq Omx Grp. (mm) Stock News
NDAQ Stock News
 The Nasdaq Omx Grp. (mm) Company Information
NDAQ Company Information
 The Nasdaq Omx Grp. (mm) Stock Trades
NDAQ Stock Trades

Nasdaq Sets Facebook IPO Tab At $40 Million

Nasdaq OMX Group Inc. (NDAQ) on Wednesday outlined plans for a "one-time" payout of around $40 million to compensate some financial firms that lost money after the exchange operator botched their trades during the ill-fated debut of Facebook Inc. (FB) shares. The plan involves a mix of cash and trading discounts aimed at easing the reputational damage from the technical problems that plagued Facebook's initial public offering last month and left brokers with unwanted trading positions, though Nasdaq has insisted it isn't to blame for the sharp slide in the social media network's valuation. The planned payouts are subject to approval from the Securities and Exchange Commission and fall well below the $100 million or more that financial firms said they lost because of the technical problems, and will also likely stir objections from rival exchanges, according to people familiar with the situation. Nasdaq said it would pay $13.7 million in cash to member firms that suffered losses, including the $10.7 million profit it made from first-day trading and the maximum $3 million allowed by regulators to make good for trading snafus. The rest would come in the form of trading discounts seen vesting over six months, with the push to pay out more than the $3 million cap set by regulators raising concerns among rivals that it would set an unwelcome precedent. The payout plan will be overseen by the Financial Industry Regulatory Authority, which will evaluate claims, though the agency has said Nasdaq will make the final decision. Nasdaq said compensation would be limited to claims fitting a number of criteria and will not be extended to "losses that resulted from affirmative decisions by members." The company outlined three types of transactions that would qualify, including sell orders priced at or below $42 a share that didn't execute. Sell orders priced at or below $42 that didn't execute and buy orders priced at $42 that were executed but not immediately confirmed would also be considered for what Nasdaq described as "accommodations." Problems with Nasdaq OMX exchange systems handling the May 18 opening of Facebook shares delayed the hugely anticipated debut by 30 minutes and left brokers with millions of shares' worth of unconfirmed trades. Firms didn't learn the results of their orders until more than two hours after the stock opened, and some were caught by surprise when they were notified by Nasdaq of unexpected positions in the social-networking company's newly listed stock. Nasdaq said it has hired International Business Machines Corp. (IBM) to review its trading systems. Write to Doug Cameron at doug.cameron@dowjones.com Order free Annual Report for International Business Machines Corp. Visit http://djnewswires.ar.wilink.com/?link=IBM or call 1-888-301-0513 Order free Annual Report for NASDAQ OMX Group, Inc. Visit http://djnewswires.ar.wilink.com/?link=NDAQ or call 1-888-301-0513

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
04/17/201408:52:20Stock Futures Flat After Three-Day Rally
04/16/201422:40:44Asian Shares Gain on Yellen Remarks
04/16/201413:52:18U.S. Stocks Rally
04/16/201413:50:30U.S. Stocks Rally in Opening Trade
04/15/201408:52:57U.S. Stock Futures Rise
04/14/201409:15:19U.S. Stock Futures Boosted Higher
04/14/201408:48:37U.S. Stock Futures Slightly Higher
04/11/201419:36:07Riding the Tech Roller Coaster
04/11/201416:31:45Stock-Market Slump Extends to Europe -- Update
04/09/201416:18:44El Pollo Loco IPO to be Led by Jefferies, Morgan Stanley -Reuters
04/08/201413:42:17U.S. Stocks Turn Higher -- 2nd Update
04/07/201408:32:54Tech-Stock Slump Extends to Europe -- Update
03/31/201418:26:19Weibo to List on Nasdaq with Ticker Symbol `WB' -CNBC
03/27/201410:00:07Nasdaq Raises Dividend by 15%
03/27/201409:44:41U.S. Hot Stocks: Hot Stocks to Watch
03/24/201415:28:26Nasdaq Mulls Changes to Cloud Deal with Amazon -FT
03/21/201413:24:2021st Century Fox Shareholders Okay Delisting From Australian...
03/17/201419:20:50Greifeld 2013 Compensation Rises 55.3% -- Update
02/05/201408:10:08Nasdaq Profit Rises on Higher Revenue
01/31/201422:33:05MARKET SNAPSHOT: 'Par' Earnings Not Good Enough After 2013 Stock...

Nasdaq Stock Market and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad