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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
05/24/201616:05:00Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq...
05/24/201610:30:00Nant Health Seeks $82 Million in IPO
05/24/201610:00:00Koru to Ring The Nasdaq Stock Market Closing Bell
05/24/201610:00:00Arctic Cat Inc. (Nasdaq: ACAT) to Ring The Nasdaq Stock Market...
05/24/201608:00:00Following Strong First Quarter The Nasdaq Stock Market® Secures...
05/23/201617:13:27Current Report Filing (8-k)
05/23/201616:40:00Samsung Targets U.S. Drug Market With Remicade Knockoff
05/23/201610:00:00Artesian Resources Corporation (Nasdaq: ARTNA) to Ring The Nasdaq...
05/23/201610:00:00Home BancShares, Inc. (Nasdaq: HOMB) to Ring The Nasdaq Stock...
05/20/201613:36:40Paramount Pictures and Nickelodeon Movies Present "Teenage Mutant...
05/20/201612:09:42USO to Ring The Nasdaq Stock Market Opening Bell
05/20/201608:35:00Do These Diversified Investments' Stocks Hold Value for the Investors...
05/19/201616:45:00Nasdaq Changes Trade Halt Status of Code Rebel Corp.
05/19/201610:28:47The Gordon Parks Foundation to Ring The Nasdaq Stock Market Opening...
05/19/201610:00:00USA Network’s “Royal Pains” to Ring The Nasdaq Stock Market Closi...
05/19/201606:00:00Merus N.V. (Nasdaq: MRUS) to Ring The Nasdaq Stock Market Closing...
05/19/201600:20:00Asian Shares Down, Except for China and Japan
05/18/201617:15:09Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/18/201616:05:00Delisting of Securities of Fairway Group Holdings Corp., QKL...
05/18/201610:00:00Macquarie Group to Ring The Nasdaq Stock Market Opening Bell

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