The U.S. Securities and Exchange Commission charged the Nasdaq stock exchange with violations of securities law for its ?poor systems and decision-making? during Facebook?s initial public offering, the agency has announced.
Nasdaq has agreed to pay $10 million, the largest SEC settlement with a stock exchange, to settle the agency?s charges, the SEC said in a press release.
A design flaw in Nasdaq?s trading system disrupted Facebook?s IPO in May 2012, despite anticipation that the social network?s IPO would be the largest in history, the SEC said. When that happened, Nasdaq officials ?made a series of ill-fated decisions,? the agency said in a statement.
?Exchanges have an obligation to ensure that their systems, processes, and contingency planning are robust and adequate to manage an IPO without disruption to the market,? the SEC said.
To read this article in full or to leave a comment, please click here
INTERNATIONAL RECTIFIER INTERNATIONAL GAME TECHNOLOGY INTERNATIONAL BUSINESS MACHINES (IBM) INTERDIGITAL COMMUNICATIONS
No comments:
Post a Comment