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

(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.


Regulators, including the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and Massachusetts Secretary of the Commonwealth William Galvin are now looking into how the IPO was handled. The U.S. Senate Banking Committee is also reviewing the matter.

(Reporting By John McCrank; Writing by David Randall; Editing by Walden Siew and Kenneth Barry)

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

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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