Reuters – 21 mins ago NEW YORK (Reuters) - Nasdaq OMX Group Inc said it is changing its initial public offering trading procedures following glitches in Facebook Inc's market debut that left some traders unsure if their orders for shares had been completed.
The exchange operator said in a statement on Monday that modifications to its IPO procedures would prevent a repetition of the Friday problems with Facebook.
Nasdaq Chief Executive Robert Greifeld said in a conference call with reporters on Sunday that there had been a malfunction in the trading system's design for processing order cancellations.
That led to a delay of about 30 minutes in Facebook's debut, following which some traders were unable to find out if their buy and sell orders had been executed.
The Securities and Exchange Commission said it was investigating the issues.
Nasdaq said on Monday it has engaged federal regulators to untangle the problems that occurred, which could eventually result in financial restitution for investors who did not get shares at the desired price.
The Financial Industry Regulatory Authority will review requests from investors whose orders were not filled at the opening price of $42 or were filled at a lower price, Nasdaq said in a statement.
Shares of Facebook tumbled below their issue price of $38 on Monday and were down 12.3 percent at $33.52 in Monday trade.
Facebook was the first U.S. company to go public with a valuation greater than $100 billion.
(This story corrected Facebook trading delay to about 30 minutes from more than 40 minutes, in 4th paragraph)
(Reporting By John McCrank; Editing by Gerald E. McCormick and John Wallace)
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