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NYSE Criticizes Nasdaq's Facebook IPO Compensation Plan

NYSE Euronext (NYX) sharply criticized rival exchange Nasdaq OMX Group Inc.'s (NDAQ) plan to compensate some financial firms after the ill-fated Facebook Inc. (FB) initial public offering, calling Nasdaq's plan "unjust" and an anti-competitive potential grab for business. Nasdaq said earlier Wednesday that it planned for a one-time payout of around $40 million to compensate some of those who lost money in Facebook's IPO, which had been plagued with glitches on its first day of trading. The plan involves a mix of cash and trading discounts aimed to easing Nasdaq's reputational damage. "Such a tactic would potentially strongly incent customers to divert order flow to Nasdaq in order to receive compensation to which they are entitled, and allow Nasdaq to reap a benefit from market-share gains they would not have otherwise received," NYSE said. It further called the plan "tantamount to forcing the industry to subsidize Nasdaq's missteps and would establish a harmful precedent that could have far-reaching implications for the markets, investors and the public interest." It said it intends to fight against the Nasdaq plan. 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. 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 Ben Fox Rubin at ben.rubin@dowjones.com

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
03/26/201510:56:39Photo Release -- Nasdaq Welcomes SolarEdge Technologies, Inc...
03/26/201510:36:59Calamos Asset Management, Inc. (Nasdaq: CLMS) & The Calamos Dynamic...
03/26/201510:26:24United War Veterans Council to Ring The Nasdaq Stock Market Closing...
03/26/201508:52:47U.S. Stock Futures Point to Fourth Session of Losses
03/26/201508:20:17SolarEdge Technologies, Inc. (Nasdaq: SEDG) to Ring The Nasdaq...
03/26/201506:53:33Borse Dubai rules out selling Nasdaq OMX stake; confirms LSE...
03/25/201511:05:51Photo Release -- Nasdaq Welcomes Cellectis SA (Nasdaq: CLLS...
03/25/201510:00:00FOX’s “WEIRD LONERS” to Ring The Nasdaq Stock Market Closing Bell...
03/25/201509:23:28U.S. Stock Futures Trade Little Changed
03/25/201508:44:57U.S. Stock Futures Edge Lower
03/25/201506:00:00Cellectis SA (Nasdaq: CLLS) to Ring The Nasdaq Stock Market Opening...
03/24/201516:05:00Nasdaq Announces Mid-Month Open Short Interest Positions in NASDAQ...
03/24/201510:00:00The CMO Club to Ring The Nasdaq Stock Market Closing Bell
03/24/201506:31:21Wall Street Breakfast: China Growth Worries Surface Again
03/24/201506:01:21Nasdaq to Power Digital Currency Marketplace for Noble Markets
03/24/201506:01:00Nasdaq to Power Digital Currency Marketplace for Noble Markets
03/24/201504:02:56Nasdaq to supply trading technology for Bitcoin marketplace
03/23/201516:22:57Nasdaq to Provide Trading Technology for Bitcoin Marketplace...
03/23/201510:00:00Enterprise Ireland SXSW Winner to Ring The Nasdaq Stock Market...
03/23/201510:00:00AtriCure, Inc. (Nasdaq: ATRC) to Ring The Nasdaq Stock Market...

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