Nasdaq glitches in Facebook IPO to be reviewed by SEC

ANI

Washington, May 19 (ANI): The United States Securities and Exchange Commission (SEC) will look into the glitches in Nasdaq's handling of Facebook's Initial Public Offering (IPO), according to a report.

"As is our practice, staff will review the incident with Nasdaq to determine its cause and steps that will be taken to address it," The Los Angeles Times quoted SEC spokesman John Nester, as saying.

According to the report, brokerages complained of technical issues with the Nasdaq exchange, as investors did not know whether their trades in the highly anticipated stock offering had been executed.

The increasingly computerized nature of Wall Street trading has come under the scanner ever since the May 2010 'flash crash,' where one trillion dollars briefly vanished from the stock market.

Meanwhile, Facebook priced its flotation at 38 dollar a share, valuing the company at 104 billion dollars. (ANI)

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