Facebook IPO ‘Was Not Our Finest Hour,’ Says Nasdaq Chief

Posted on May 21 2012 - 4:56am by Editorial Staff

Facebook while starting the first day of trading experienced delays due to the glitches and intense demand that accompanied social network’s initial public offering listing. Robert Greifeld, chief executive of Nasdaq OMX Group Inc., on Sunday acknowledged design problems with Nasdaq’s technology after the exchange operator was widely seen as bungling the landmark listing of shares of Facebook.

“This was not our finest hour,” he said. Mr. Greifeld said the exchange is “humbly embarrassed” by the technical problems, but that it remains confident it will continue to gain market share in handling IPOs. Overall, Mr. Greifeld said, the first day of trading in Facebook stock was “successful.” He said that withdrawing the IPO “never came into” consideration.

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