August 1, 2012 |
NEW YORK — Facebook Inc.'s botched IPO has claimed its biggest Wall Street casualty so far: Swiss banking giant UBS. The Nasdaq Stock Market has been roundly criticized for its handling of the social network's May 18 initial public offering of stock. UBS said it lost $357 million when it bought more shares than it intended because of Nasdaq's trading glitches. UBS criticized Nasdaq's "gross mishandling" of Facebook's IPO — the largest ever for a U.S. technology company — and vowed to take legal action to recoup the "full extent of our losses," the bank said in a strongly worded statement.
March 7, 2012 |
The New York Stock Exchange and Nasdaq are battling it out far from home - at Facebook Inc.'s Silicon Valley headquarters - to see which market will snag the hottest stock listing in years. As the social-networking giant prepares for a blockbuster initial public offering expected this spring, a guessing game has emerged over where it will call home. The Nasdaq has lured many other technology companies, while the Big Board has pushed hard in recent years for more tech offerings.
May 30, 2013 |
NEW YORK - Nasdaq OMX Group will pay $10 million for botching Facebook's initial public stock offering last year, a debacle that shook investors' confidence in Wall Street. Nasdaq's penalty would be the biggest ever paid by an exchange, said the Securities and Exchange Commission, which faulted the firm's "poor systems and decision-making" during one of the most-watched IPOs of all time. Nasdaq's systems had a design flaw that failed to properly match orders to buy and sell Facebook shares on their May 18, 2012, public debut, causing havoc in how the stock traded.
March 25, 2009 |
Chief executives from four U.S. stock exchanges sent a joint letter to the Securities and Exchange Commission seeking to have new rules instituted to restrict short selling. In a letter to SEC Chairwoman Mary Schapiro, the heads of NYSE Euronext, Nasdaq OMX Group Inc. and two smaller exchanges proposed a rule that would curb "abusive" short selling, which "destroys the overall confidence in our capital markets." The new rules would go beyond the previous "uptick" rule curbing short selling, which had been in place since the 1930s until being rescinded in 2007.
August 3, 2009
MONDAY * The Institute for Supply Management releases its manufacturing index for July. * Major automakers report U.S. sales for July. * Commerce Department releases construction spending report for June. * Quarterly earnings reports expected from Anadarko Petroleum, Centex, Humana, Marathon Oil, MGM Mirage, Molson Coors Brewing, Pulte Homes and Tyson Foods. TUESDAY * Commerce Department releases personal income and spending report for June. * National Assn.
June 8, 2012 |
For all the grief the glitchy Facebook IPO has caused Nasdaq (or is it the other way around?), the exchange operator has still managed to woo major companies away from its competitor, the New York Stock Exchange. Nasdaq OMX Group Inc.'s newest prize isKraft Foods Inc., which said Friday that it is abandoning NYSE to list on Nasdaq instead. The KFT ticker will make the jump on June 26. But it won't last long in that form: Kraft - which makes brands such as Cadbury, Maxwell House, Oreo and Trident - is in the middle of spinning off its North American grocery business.
August 7, 2009 |
The operator of the Nasdaq stock market said Thursday that it would stop a practice that gives some brokerages a split-second advantage in buying or selling stocks. Nasdaq OMX Group Inc. is voluntarily ceasing the practice, known as flash-order trades, on Sept. 1. Flash orders give certain members of exchanges, including Nasdaq, Direct Edge and BATS, the ability to buy and sell order information for milliseconds before that information is made public.
March 25, 2013 |
The Securities and Exchange Commission has approved Nasdaq OMX Group Inc.'s proposal to pay brokerages as much as $62 million as compensation for last year's botched Facebook Inc. initial public offering. Nasdaq's trading system was overwhelmed by high volume on the first day that Facebook's stock traded, delaying trade confirmations and contributing to a chaotic and costly day for investors in the social media company. By some accounts, Wall Street firms lost as much as $500 million because of Nasdaq glitches during the Facebook IPO last May. Brokerages complained that they didn't get confirmation that trades were going through, leaving investors in the dark about whether they owned the stock, or at what price.
June 29, 2011 |
The London and Toronto stock exchanges have abandoned plans for a $3.4-billion tie-up, leaving both in play in a world facing a wave of exchange consolidation. The failure of the bid from the London Stock Exchange for TMX Group opens the door to a hostile offer for the operator of the Toronto Stock Exchange from Canada's Maple Group consortium, a made-in-Canada alternative to a takeover that would have put a big domestic asset in foreign hands. It also turns the spotlight on the London Stock Exchange as a target as exchanges consolidate to grow and broaden their geographic reach, as well as to fight off rivals and new market entrants.