• News

    Nasdaq Officials Would Just Like To Point Out That Anyone Who Lost Money As A Result Of The Exchange’s Incompetence Have Little To No Legal Recourse

    Oh you can try a lawsuit but, historically speaking, it won’t do shit.

    Nasdaq is sending a message to firms weighing lawsuits related to trading losses in Facebook’s initial public offering: winning won’t be easy. The exchange operator believes it is protected by its contracts with members and by its unusual legal status, which is rooted in its dual role as a regulatory body as well as a business that makes money running markets. Exchange officials in recent weeks have pointed out to analysts that Nasdaq has never been successfully sued over a trading error. “When you look at member agreements that people sign, it’s quite explicit that they’re bound by that accommodation policy,” Robert Greifeld, Nasdaq’s chief executive, said last week at a Sandler O’Neill + Partners conference, referring to legal agreements capping the exchange’s payouts linked to system problems…Banks and brokers have estimated they lost hundreds of millions of dollars due to technical problems during Facebook’s May 18 debut.

    The glitches forced Nasdaq to delay Facebook’s opening, and left trades involving millions of shares unconfirmed for hours. Amid the chaos, traders were forced to guess their positions and place additional orders based on those estimates. When Nasdaq delivered the results of the trading Friday afternoon, many firms were caught off guard and scrambled to reposition.

    According to Greifeld, the last guy who tried to get his money back “trades on the pink sheets now” but take your best shot.

    Nasdaq Claims Strong Defense [WSJ]
    Related: UBS Not Sweating The Small Stuff

    / Jun 14, 2012 at 4:03 PM
  • News

    UBS Not Sweating The Small Stuff

    UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familar with the matter told CNBC … These people said UBS wanted 1 million shares, but when it did not receive […]

    / Jun 8, 2012 at 2:42 PM
  • News

    Nasdaq Officials Are Sorry About The Whole…Y’Know

    They’ve reviewed the tapes and it appears an apology is in order.

    / Jun 6, 2012 at 5:24 PM
  • News

    The Underwriters Weren’t The Only Ones Stabilizing Facebook When It Opened

    There is much to ponder about Nasdaq’s slow-moving plans to compensate the people it screwed by taking its time confirming trades on the day Facebook opened.* Here’s a fun thing I didn’t quite understand, from Reuters: Nasdaq’s liabilities for a trading glitch are limited through regulation and a contract with its customers to $3 million […]

    / Jun 6, 2012 at 10:47 AM
  • News

    So Things Hit A Rough Patch And Facebook Is Ready To Throw In The Towel?

    Is that how it is?

    NYSE Euronext and Facebook have exchanged phone calls and e-mails about the possibility of the company switching its listing from Nasdaq OMX Group, according to a person familiar with the matter. Facebook, which listed on the Nasdaq Stock Market on May 18 after completing the world’s biggest initial public offering by a technology company, is listening to the New York Stock Exchange, said the person, who asked not to be named because the discussions are private.

    Facebook Said To Have Talked With NYSE About Exchange Switch [Bloomberg]

    / May 23, 2012 at 5:19 PM
  • jaredwhitewsj


    Area Man Likens Almost Buying Shares Of Facebook To Near-Death Experience

    The Facebook IPO left some investors seething. For Jared White, it left him feeling very lucky. “I seriously got struck by lightning and survived,” the 31-year-old Austin, Texas, trader said of his experiences amid the confusion that engulfed one of the highest-profile initial public offerings ever. At around 10:45 a.m. Friday, Mr. White says, he […]

    / May 21, 2012 at 5:30 PM
  • News

    How Many Times Will The Nasdaq Get Rejected By The NYSE Before It Stops Asking?

    So far we’re up to two rejections and, in the instance of the last one, the NYSE didn’t feel the need to let the Nasdaq down gently.

    / Apr 21, 2011 at 1:51 PM
  • News

    Exchanges Look to Impose Uniform Speed-Bumps

    Executives from the nation’s various trading venues convened are holding meetings in Washington today to devise new rules that aim to prevent the dramatic 1,000-point drop in the Dow that shocked the markets last week.

    / May 10, 2010 at 2:10 PM
  • News

    Rules Were Meant To Be Broken

    When you were younger the world was probably pretty flexible. Someone wasn’t with you all the time to see if you looked both ways when you crossed the street. Perhaps you ate a few extra cookies from the cookie jar here or there. But then there was that kid you knew from school who lived […]

    / Oct 21, 2008 at 2:19 PM
  • News

    Phenomenal News…

    …for all the cross-dressing enthusiasts in the audience (survey says 37 percent). Oscar De La Hoya will be ringing the closing bell at the NASDAQ this Thursday. Will he play it safe in a standard issue silk shorts and robe combo (the appearance is to promote pretty boy’s May 3rd fight), or sate all your […]

    / Feb 27, 2008 at 11:39 AM

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