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

Posted on Sunday, May 27, 2012 by Tom Usher

(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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About Tom Usher

Mini-Biography: Vision for the Organization: (We must bring forth fruits worthy of repentance. The giving and sharing economy is the right system for running the whole household of Heaven and Earth.) Arcticles: (Thousands of online articles.) Employment: (2007 - Present: President: RLCC.) (1995 - Present: Independent contracting; Website developing; Writing.) (1993 - 1995: Factors International/Bradbury Hill International Finance.) Education: (City University, Olympia: Bellevue. Graduate Studies: Public Administration. Organizational Theory/Design.) (Arizona State University. BS, Political Science.) (Northern Arizona University.)
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