The Securities and Exchange Commission charged Nasdaq with violations of securities laws resulting from its poor systems and decision-making during Facebook's IPO last May. As a result, Nasdaq has agreed to settle the charges, paying the largest fine ever for an exchange.
In March, Nasdaq agreed to pay Facebook investors $62 million, in a plan approved by the SEC.
"This action against NASDAQ tells the tale of how poorly designed systems and hasty decision-making not only disrupted one of the largest IPOs in history, but produced serious and pervasive violations of fundamental rules governing our markets," said George S. Canellos, Co-Director of the SEC's Division of Enforcement in the press release.The New York-based electronic exchange isn't the first to agree to a fine related to the Facebook IPO debacle. In December, Morgan Stanley (MS - Get Report) also settled, paying $5 million. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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