We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedTechnology

Facebook IPO affected by NASDAQ trading bug


Stock Exchange CEO told reporters that NASDAQ system problems led to Facebook trading delays

Article comments

Technical problems at the Nasdaq exchange affected the trading of Facebook shares on Friday, the much-anticipated day of its IPO (initial public offering), Nasdaq OMX Group chief executive Robert Greifeld told reporters yesterday.

The problems, which centred on order cancellations, have "humbly embarrassed" Nasdaq, which did not have its "finest hour," Greifeld told The Wall Street Journal.

Facebook shares were expected to start trading at 4pm UK time, but the process was delayed by about 30 minutes, and other glitches surfaced throughout the trading day, which led to confusion among investors.

Nasdaq's board met at the weekend to address the issues and plans to adjust its IPO auction process in light of the problems encountered on Friday, Greifeld said.

However, the New York Times reported Greifeld saying that the technical problems had no impact on the performance of Facebook shares. Facebook's first day of trading was largely considered underwhelming because its shares closed almost flat, up only $0.27 at $38.27.

Greifeld pegged the initial trading delay on poorly designed software for IPO auctions, as systems tasked with setting an opening price buckled under a flood of order cancellations and updates.

Share:

Recommended Articles

Comments

Facebook IPO affected by NASDAQ trading bug
Technology

How new technologies are transforming finance

How new technologies are transforming finance

CFOs, once sceptical about technology, are now among its biggest supportersmore ..


Boris Johnson: London will have 5G by 2020

Network to be deployed with University of Surreymore ..

Customers should be allow to sell on 'their' data, says ICO

“Big data is not a game that is played by different rules” says the Information Commissioners Officemore ..

'Nadella Effect' makes Ballmer $2.8bn richer

And since Thursday's downsizing, CEO Satya Nadella has an extra $1.3M in his portfoliomore ..

What does your perfect datacentre look like?

The financial impact of rising energy bills is a headache for companies toomore ..

What UK business needs to do now with big data

In the final of a three-part series, we look at the potential for companies to become victims in the battle for big datamore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *