Nasdaq admitted today that it mishandled Facebook's record-busting IPO on Friday with maddening delays and technical glitches, the Wall Street Journal reports. "This was not our finest hour," said Nasdaq CEO Robert Greifeld, who called his exchange "humbly embarrassed." Nasdaq's board met today, he said, and will make changes to improve its IPO auction process. But nixing the IPO "never came into" their thoughts.
Trading snafus started with a 30-minute delay Friday morning, and worsened when traders placing major orders for hedge funds and mutual funds had to wait hours to hear whether trades had been confirmed. Some investors pulled out, uncertain what had sold or at what price. Still, Greifeld said he was confident that Nasdaq would continue to increase its market share of IPOs. Nasdaq had competed intensely for Facebook's listing and beat out rival NYSE Euronext.