NASDAQ OMX (NDAQ) CEO Robert Greifeld acknowledges the trade confirmation and order cancellation...

NASDAQ OMX (NDAQ) CEO Robert Greifeld acknowledges the trade confirmation and order cancellation issues that plagued the Facebook (FB) IPO, and which may have hurt its performance by preventing institutions from buying in. He adds the NASDAQ plans to change its IPO auction process on account of the woes. Update: Greifeld adds up to 30M shares worth of trades were affected by the glitches, a small percentage of the 580.6M shares that were traded.

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Comments (10)
  • Ron Myers
    , contributor
    Comments (255) | Send Message
    I thought it was all the people looking to dump this stock for a quick flip since it's 3x overvalued and the greenshoe support can only last so long, but I guess not. Long as a day trade was probably the most obvious trade of the year after the open on friday, basically there was no way to lose on the trade as long as you closed your position by day-end but that was not guaranteed thing I suppose.


    In any case I'm sure institutions will be rushing in to get their hands on this amazing issue once all the confirmation issues are sorted out.
    20 May 2012, 09:37 PM Reply Like
  • dividend_growth
    , contributor
    Comments (2895) | Send Message
    If institutions were that willing to dump or flip, you would not see so many negative sentiments in financial media.


    The latest Barron's issue just gloated over the "failed" Facebook IPO.
    20 May 2012, 09:58 PM Reply Like
  • C Michael Croston
    , contributor
    Comments (203) | Send Message
    Spin. The stock dropped like a stone when they were late opening (because of the many BUY orders? I think not.) They had to prop up the stock at $38. I tried to get out at $42 and $41. After a long day of many complications, I finally got confirmation after hours. Just think if GS was running the show.
    20 May 2012, 10:28 PM Reply Like
    , contributor
    Comments (10786) | Send Message
    Word was one of the institutions - Goldman I think - had a billion $ in support trying to keep a floor under the price.


    All in all....then tell me how the HFT guys can seem to get their job done, but the IPO gets worked over by the "theoretically" best systems in the world.
    20 May 2012, 10:50 PM Reply Like
  • sicktick
    , contributor
    Comments (5) | Send Message
    I bought at 40.00 but couldn't track it till it was 42.00. it wouldn't show up. Tried to cancel the order and was turned down saying it REALLY came in at 38.00 but the Nas didn't show it up till 42.00.The blame put on the Nas. sharebuilder wouldn't take any responsibility for the errors. I Now am selling it at a small loss and will wait a long time b4 I re-invest. Hard to believe that the system couldn't hold up. Worked in computers too long to buy that totally.
    20 May 2012, 11:42 PM Reply Like
  • Bosco_pcs
    , contributor
    Comments (87) | Send Message
    Mr Greifield's only 30MM affected misses the point. It is the trading psychology. Whenever there is a glitch, people back off. Thus the sluggishness. Just a minor cut doesn't mean you won't get infected
    21 May 2012, 06:02 AM Reply Like
  • MJPK
    , contributor
    Comments (3) | Send Message
    What do you expect from a $9.00 stock.
    In 90 days, when the insiders can sell it could get back to the
    real price of $9.00-$10.00 a share.
    21 May 2012, 09:04 AM Reply Like
  • Billy K
    , contributor
    Comments (48) | Send Message
    Billy K to MJPK


    I expect a fair and honest buy and sell order when I execute a trade. $9 Dollars or $90 Dollars is all the same. FAIR AND HONEST!
    21 May 2012, 10:33 AM Reply Like
  • TwistTie
    , contributor
    Comments (2429) | Send Message
    21 May 2012, 02:22 PM Reply Like
  • bordrlnepoverty
    , contributor
    Comment (1) | Send Message
    If the NASDAQ can't handle the trade volume then maybe they should crash all the ipo's, also I wonder who's pocket got lined for this? It sure was not yours or mine.
    22 May 2012, 08:41 AM Reply Like
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