Software issue in the First day of trading of Facebook’s shares in Nasdaq
Nasdaq Stock Market said that a technology problem resulted in affected trading in millions of Facebook shares. It has been reported that “Poor design” in Facebook’s IPO software has caused delays and mishandled orders in the first day of trading.
[hana-code-insert name='StumbleUpon' /][hana-code-insert name='Reddit' /]“This was not our finest hour,” said Nasdaq OMX Group Chief Executive Robert Greifeld. Nasdaq delayed the trading process of Facebook by 30 minutes on Friday because the group was trying to fix the glitch. He noted that the issues arising from the late order of cancellations slowed the start of trading in Facebook. The glitch caused some traders to be unknown of their shares whether their orders have been cancelled or honored.
It has been reported that more than 200 million shares were exchanged in the first hour of trading while more than 570 million shares were exchanged in the day.
Some of the investors said that they have lost money as a result of the glitch and Nasdaq should have to compensate for their losses. Eric Noll, Nasdaq’s executive vice president for transaction services, said that the company is working on to determine which investors have to be compensated.
Facebook’s shares ended 23 cents higher value at $38.23 in the first trading session.