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June 6 (Bloomberg) -- Nasdaq OMX Group Inc.’s board
approved a plan to pay brokers whose orders were mishandled in
Facebook Inc.’s initial public offering, earmarking about $40
million to cover losses.
The second-biggest U.S. stock-exchange operator said in a
statement today that it would pay about $13.7 million in cash
with the rest of the compensation coming from lower trading
costs for members who lost money. The Securities and Exchange
Commission must approve the plan, Nasdaq OMX said.
Nasdaq OMX and Facebook ran into trouble on May 18 when
computer systems used to set an opening price in the IPO
struggled amid order cancellations and updates.
approved a plan to pay brokers whose orders were mishandled in
Facebook Inc.’s initial public offering, earmarking about $40
million to cover losses.
The second-biggest U.S. stock-exchange operator said in a
statement today that it would pay about $13.7 million in cash
with the rest of the compensation coming from lower trading
costs for members who lost money. The Securities and Exchange
Commission must approve the plan, Nasdaq OMX said.
Nasdaq OMX and Facebook ran into trouble on May 18 when
computer systems used to set an opening price in the IPO
struggled amid order cancellations and updates.
