Sunday, 24 June 2012

Initial Public Offering-Major Market Makers-Technical Glitches-Nasdaq Marketsite

Facebook's market maker losses may top $115 million: sources

NEW YORK (Reuters) - Four of Wall Street's major market makers involved in Facebook's botched initial public offering last Friday expect their losses from technical glitches on Nasdaq's exchange to be around $115 million. A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the social networking company's market debut by 30 minutes last Friday. Many client orders were delayed, leading to significant losses to some investors and traders as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ... read more..

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