Nasdaq's Facebook Debacle Has CEO Wanting Life To Get Back To Normal

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Bloomberg reports that Nasdaq's plan to earmark $40m for brokers whose orders were mishandled in Facebook’s initial public offering will hurt competition, according to NYSE Euronext.

The second-biggest U.S. stock-exchange operator said Wednesday that it would pay $13.7m in cash, with the rest of the money credited through lower trading fees for members who took losses. That step was criticized by the New York Stock Exchange owner, which said it compels customers to trade on Nasdaq to get refunds. The Securities and Exchange Commission must approve Nasdaq’s plan before it can be implemented.

'This is tantamount to forcing the industry to subsidize Nasdaq’s missteps and would establish a harmful precedent', NYSE Euronext said in an e-mailed statement. 'We intend to strongly press our views that Nasdaq’s proposal cannot be allowed to permit an unjust and anti-competitive situation'.

In the meantime, Fox Business Network reports that Nasdaq chief Robert Greifeld is pretty confident that he will keep his job following the botched Facebook IPO, but he concedes that episode has come at a tremendous personal and professional cost.

'I can’t wait for my life to get back to normal', Greifeld conceded to a friend during a member golf tournament this weekend at the posh Trump National Golf Club in Bedminster, NJ., FOX has learned.

 

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