Nasdaq Offering Traders And Brokers Discounting Trading Fee As Facebook Day 1 Glitch Compensation

Posted on Jun 6 2012 - 6:31am 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 over on which Nasdaq chief executive Robert Greifeld acknowledged design problems with Nasdaq’s technology.

The Wall Street Journal – citing “people familiar with the matter” – reports that Nasdaq is planning to offer discounted trading fees to the financial firms that lost money during the day 1 glitch of Facebook IPO.

The current rule states that Nasdaq has to pay out $3 million a month to brokers and traders that suffer losses due to problems with Nasdaq’s systems. Beyond the figure, Nasdaq aims to add $10.7 million which it gained on May 18 after closing out a position in social giant shares.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.