New York – Nasdaq ‘Embarrassed’ That Technical Bugs Affected Facebook IPO Trading

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    New York – The CEO of the Nasdaq stock exchange says it is “humbly embarrassed” by its bungling of Facebook’s hugely anticipated debut as a public company on Friday.

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    Robert Greifeld tells news media there’s no indication the delay contributed to the underwhelming performance of Facebook’s stock, which ended at $38.23 – 23 cents above where it began.

    Facebook’s stock was expected to start trading at 11 a.m. but didn’t open until 11:32 a.m., and some investors didn’t learn for hours whether their orders went through.

    Greifeld called the social network’s first day of trading “successful.” He said late order cancellations caused a glitch, according to reports published Sunday. He said Nasdaq’s board met Saturday and plans to change its IPO auction process.

    The Securities and Exchange Commission has said it is investigating.


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    2 Comments
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    cynic
    cynic
    11 years ago

    meanwhile, if you or I tried getting Wall Street trades we had made earlier in the day rescinded because we weren’t happy with how they had worked out, what do you think our chances of success would have been?

    11 years ago

    Haven’t they been using the same procedures for ever? Facebook just didn’t live up to its hype.