NEW YORK (

TheStreet

) --

Nasdaq

I:IXIC

is paying a $10 million fine to the

Securities and Exchange Commission

for charges related to the

Facebook

(FB) - Get Report

IPO debacle.

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

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