Reuters: Technology News: Nasdaq to pay $10 million to settle SEC charges on Facebook snafu

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Nasdaq to pay $10 million to settle SEC charges on Facebook snafu May 29th 2013, 17:19 Tweet Share this Email Print Related News Former Goldman banker settles SEC 'pay-to-play' charges Thu, May 23 2013 UPDATE 3-Former Goldman banker settles SEC 'pay-to-play' charges Thu, May 23 2013 Proxy advisory firm settles SEC charges over data breach Thu, May 23 2013 SEC charges Pennsylvania's capital city with fraud Mon, May 6 2013 Court rules for NYSE, Nasdaq in market data-pricing case Tue, Apr 30 2013 Analysis & Opinion Memo to Congress: Increase funding for the SEC Harrisburg joins Jefferson County with muniland corruption charge Related Topics Tech » Facebook » Regulatory News » Breakingviews » A man walks past a sign welcoming Facebook to the NASDAQ Marketsite in New York May 18, 2012. Credit: Reuters/Brendan McDermid WASHINGTON | Wed May 29, 2013 12:24pm EDT WASHINGTON (Reuters) - Nasdaq OMX on Wednesday agreed to pay $10 million, the largest penalty ever levied against a stock exchange, to settle civil charges stemming from mistakes it made during Facebook's initial public offering last year, the U.S. Securities and Exchange Commission said. The SEC said that Nasdaq's series of "ill-fated decisions" on the day of the IPO led to a series of regulatory violations. As a result, more than 30,000 Facebook orders remained stuck in Nasdaq's system for more than two hours when they should have been either executed or canceled, leaving investors in the lurch and causing market makers to lose an estimated $500 million. The exchange operator agreed to settle the charges without admitting or denying the allegations. (Reporting by Sarah N. Lynch; Editing by Kenneth Barry) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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