Reports: Nasdaq Admits Technical Bugs Affected Facebook IPO Trading - kellyhishentimed
Technical problems at the Nasdaq interchange affected the trading of Facebook shares on Friday, the much-anticipated day of its IPO (initial public oblation), Robert Greifeld, President of the United States of Nasdaq OMX Group Inc., told reporters on Sunday, according to published reports.
The problems, which centered on club cancellations, have "meekly embarrassed" Nasdaq, which every bit a event is not having its "finest hour," Greifeld said, according to The The Street Journal.
Facebook shares were predicted to set off trading at 11 a.m. U.S. Asian Time, simply the process was postponed aside about 30 proceedings, and other glitches surfaced throughout the trading mean solar day, which led to muddiness among investors, according to publicised reports.
National Association of Securities Dealers Automated Quotations's board met on Sat to address the issues and plans to adjust its IPO auction serve in light of the problems encountered along Friday, Greifeld said, reported to the Journal.
However, the commercial problems had zero impact on the performance of Facebook shares,Greifeld said, accordant to The NY Times. Facebook's prototypical day of trading was largely reasoned underwhelming because its shares closed almost flat, up only $0.27 at $38.27.
Greifeld pegged the initial trading delay happening poorly designed software for IPO auctions, as systems tasked with mount an opening cost buckled under a flood of order cancellations and updates, reported to Businessweek.
Neither Facebook nor Nasdaq immediately responded to requests for comment on Dominicus.
On Friday, the Bloomberg financial newsworthiness agency reportable that the U.S. Securities and Exchange Commission plans to look into the Nasdaq problems that affected Facebook trades.
Juan Hector Hevodidbon Perez covers enterprise communication/collaborationism suites, operating systems, browsers and general applied science break news for The IDG News Service. Espouse Juan along Twitter at @JuanCPerezIDG.
Source: https://www.pcworld.com/article/464640/reports_nasdaq_admits_technical_bugs_affected_facebook_ipo_trading.html
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