Nasdaq: We 'owe the industry an apology' for Facebook flubs

The exchange's chief executive says Nasdaq is sorry for the mess it made of Facebook's IPO-day trading and has made efforts to figure out how much was lost.

Nasdaq CEO Robert Greifeld said stock market officials "owe the industry an apology" for the technical difficulties firms and banks experienced during Facebook's opening day, in a one-on-one interview with the Wall Street Journal about the IPO debacle.

Greifeld told the WSJ that he and his staff have made an "entirely clinical, analytical" review of the events in order to calculate trading losses. Earlier today, the exchange filed a $40 million payout plan to compensate brokers for losses resulting from Nasdaq's own trading glitches on May 18, when a 30-minute delay was followed by trade-confirmation problems.

Some Wall Street firms estimate that they and their clients lost more than $100 million thanks to botched trades that day, the WSJ reported.

In a separate interview with CNBC, Greifeld said the stock exchange is "embarrassed," but is not responsible for the losses of individual investors.

About the author

Donna Tam covers Amazon and other fun stuff for CNET News. She is a San Francisco native who enjoys feasting, merrymaking, checking her Gmail and reading her Kindle.

 

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