Nasdaq CEO Cites 'Poor Design' of IPO Software as Cause of Facebook Launch Delays

Nasdaq

CEO Robert Greifeld said “poor design” in the exchange's software for initial public offerings was responsible for delaying Facebook's

launch. The Nasdaq's computer systems were overwhelmed by order cancellations and changes, Greifeld told reporters in a conference call Sunday. Facebook's launch, originally scheduled for 11:00am on Friday, was delayed several times, before finally opening at 11:30am.