The new, publicly traded, Facebook got off to a very shaky start on Friday, as firstly the volume of orders caused a cascade of errors at NASDAQ which delayed the beginning of trade, and then the company's underwriters had to intervene twice to prevent the price falling below the $38 price set on Tuesday, says New Statesman.
Facebook's stock was expected to start trading at 11 am but didn't open until 11:32 am, and some investors didn't learn for hours whether their orders went through.
Business Insider reports that investors were rather angry at the glitch and some of them were taking their anger out Nasdaq demanding that the exchange return their losses incurred during the botched Facebook IPO, according to Firstpost.
Greifeld also said extensive testing that was performed ahead of the deal failed to spot this problem.
Nasdaq officials said the company is planning to redesign its IPO systems, according to the Journal, although it did not give further details.
Investor confidence in the equity markets, where trading is largely computer-driven, has wavered since the "flash crash" in May 2010 when $1 trillion in shareholder equity was temporarily wiped out in a matter of minutes.
In March, the botched IPO of BATS Global Markets, the third-largest US stock exchange, refocused attention on the potential for marketplace mishaps. A series of unforeseen glitches hit the company's market debut on its own exchange and caused it to take the extremely rare step of withdrawing its IPO, informs Times of India.
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