Nasdaq in settlement talks with SEC over Facebook IPO: WSJ
REUTERS - Nasdaq OMX Group Inc (NDAQ.O) is in preliminary talks with U.S. securities regulators over a possible settlement for the glitch-ridden stock market debut of social networking site Facebook Inc (FB.O), the Wall Street Journal reported on Tuesday, citing people with knowledge of the discussions.
A settlement with the Securities and Exchange Commission would likely include a $5 million penalty for Nasdaq, the newspaper said.
Major market makers and broker dealers say they lost upward of $500 million because of technical glitches during Facebook's May 18 stock market debut.
"We are working closely with the Securities and Exchange Commission to resolve issues that arose from the events of May 18," Nasdaq spokesman Joe Christinat told Reuters.
Nasdaq offered a compensation plan in September of $62 million for firms harmed in the debut, but the proposition received mixed reviews with UBS AG (UBSN.VX) (UBS.N), Citigroup Inc (C.N) and other parties speaking out against it.
The SEC could not immediately be reached for comment by Reuters outside of regular business hours.
(Reporting by Tej Sapru in Bangalore, additional reporting by John McKrank in New York; Editing by Cynthia Osterman)
- Tweet this
- Share this
- Digg this
- SPECIAL REPORT - In the land of the holy cow, fury over beef exports
- GMR, Megawide group set to win Philippine airport contract
- GMR picks Citi, three others for $300-$350 million airport IPO - sources
- Sensex falls most in three weeks, ahead of inflation
- BSE Sensex to touch 24,000 by end-2014: Reuters poll
Relief for Nokia
A court on Thursday accepted an appeal by Nokia to release its local factory after it was seized by authorities in a tax dispute, removing a hurdle to the sale of the company's mobile phone business to Microsoft . Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article