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Global Exchanges and Market Centers
Nasdaq Increases Payout in Facebook IPO to $62 Million Cash
Nasdaq OMX Group Inc., the second- biggest U.S. stock exchange owner, revamped its proposal to compensate brokers that lost money in the public debut of Facebook Inc. (FB), boosting the payout to $62 million cash.
Citigroup Urges SEC to Block NASDAQ Facebook Compensation
Citigroup Inc. (C), whose market-making unit suffered millions of dollars of losses trading Facebook Inc. (FB) in its public debut, urged U.S. regulators to reject Nasdaq OMX Group Inc. (NDAQ)’s proposal to make up for its errors.
Broker-Dealers Urge No Immunity for Nasdaq in Facebook IPO
—Wall Street Journal
Nasdaq OMX Group Inc. (NDAQ) shouldn't be afforded legal protections enjoyed by exchanges in connection with its mishandling of the Facebook Inc. (FB) stock-market debut, according to a trade group representing banks and financial institutions. The New York-based exchange company was acting in its capacity as a for-profit concern--rather than as a regulatory entity--when it confronted problems with the eagerly anticipated opening of trading in Facebook shares on May 18, according to a letter sent to regulators by the Securities Industry and Financial Markets Association.
The NASDAQ Stock Market… Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Amend Rule 4626 — Limitation of Liability
—SEC SRO Rulemaking
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