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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 [email protected]

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
01/17/201710:00:00Genius Brands International, Inc. (Nasdaq: GNUS) to Ring The...
01/17/201710:00:00Novanta Inc. (Nasdaq: NOVT) to Ring The Nasdaq Stock Market Opening...
01/13/201713:09:41people.io to Ring The Nasdaq Stock Market Closing Bell
01/13/201710:06:40Tactile Systems Technology, Inc. (Nasdaq: TCMD) to Ring The Nasdaq...
01/12/201711:20:41The Nasdaq Stock Market® Led US Listing Exchanges with 38 Percent...
01/12/201710:06:00NBC News’ “Sunday TODAY with Willie Geist” to Ring The Nasda...
01/12/201710:06:00CNBC's “Fast Money” to Ring The Nasdaq Stock Market Closing Bel...
01/11/201716:30:00Nasdaq December 2016 Volumes, 4Q16 Est. Revenue Capture
01/11/201716:05:00Nasdaq Announces End-of-Month Open Short Interest Positions in...
01/11/201710:00:00PCTEL, Inc. (Nasdaq: PCTI) to Ring The Nasdaq Stock Market Opening...
01/11/201710:00:00Reven Housing REIT, Inc. (Nasdaq: RVEN) to Ring The Nasdaq Stock...
01/10/201714:23:59The First Class of Milestone Makers to Ring The Nasdaq Stock...
01/10/201710:00:00Littelfuse, Inc. (Nasdaq: LFUS) to Ring The Nasdaq Stock Market...
01/09/201710:05:008x8, Inc. (Nasdaq: EGHT) to Ring The Nasdaq Stock Market Opening...
01/09/201710:05:00Ichor Holdings, Ltd. (Nasdaq: ICHR) to Ring The Nasdaq Stock...
01/09/201706:00:00Muscular Dystrophy Association (MDA) to Ring The Nasdaq Stock...
01/06/201710:05:00Deloitte Technology Fast 500 to Ring The Nasdaq Stock Market...
01/05/201711:37:30lululemon athletica inc. (Nasdaq: LULU) to Ring The Nasdaq Stock...
01/05/201711:32:53Juicero to Ring The Nasdaq Stock Market Closing Bell
01/04/201717:05:00Statement of Changes in Beneficial Ownership (4)

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