23 November 2012


Justin Schack

Managing Director

Akhil Bhatia

Vice President

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to

Rosenblatt’s Market Structure News Digest

Review of Nasdaq Facebook Compensation Plan May Take Until 2013

—Traders Magazine

The SEC has issued a rule-making notice which effectively buys the commission more time to examine Nasdaq’s OMX $62 million plan to compensate brokers who incurred losses in the wake of the exchange operators mishandling of Facebook’s IPO.

Our Take: The SEC’s latest delay could push a decision on Nasdaq’s controversial Facebook IPO compensation plan to late March. That would be the end of a 240-day period dating from the day the proposal was published in the Federal Register (August 1), the new maximum comment and review period for exchange rule proposals under a provision of the Dodd-Frank Act.

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