Nasdaq Official: We Should Have Had 'The Right Solution Before Moving Forward' With Facebook IPO
NEW YORK (Reuters) - Nasdaq OMX Group Inc admitted in a call with its member brokerage firms on Tuesday that it put the wrong fix for a technical glitch related to Facebook's IPO in place on Friday, which led to trading disruptions for much of the day.
Nasdaq believed it had the correct solution to fix the problem that delayed trading in the stock for thirty minutes, Eric Noll, Nasdaq's head of transaction services, said in a statement to Reuters.
Rather than solve the problem, the purported fix to the system instead led to a two-and-a-half-hour period in which many brokers were unable to see the results of their trades. click here to read more
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