Facebook investors left guessing after Nasdaq glitch
2:38 pm ET 05/18/2012 - Reuters
By John McCrank and Jonathan Spicer
May 18 (Reuters) - Individual investors were left guessing for more than two hours on Friday about whether their buy and sell orders for newly issued Facebook shares were actually executed.
Exchange operator Nasdaq OMX Group had problems sending electronic messages back to the brokerages that handle orders from individual, or "retail," investors orders, said sources with direct knowledge of the situation.
Because the acknowledgements didn't come back from the exchange, the brokers were unable to tell their clients that trades had been executed.
"Nasdaq's delay in passing back executions is causing a lot of heartburn on the Street," said one source.
The Nasdaq stock market, where Facebook trades, said at 1:57 p.m. Eastern time that trade execution messages were finally delivered to brokers and market makers. The stock started trading about 11:30 a.m.
Nasdaq was not immediately available to comment. (Reporting by Jonathan Spicer; Editing by Steve Orlofsky)
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