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
- One dead, one wounded in shooting in Chicago financial district
- Israel, Palestinians locked in vicious circle of Gaza wars
- U.S. advises against non-essential travel to countries hit by Ebola
- Millions of jellyfish-like creatures wash up on western U.S. beaches
- UPDATE 3-Apache to quit gas projects in Australia and Canada
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article