Nasdaq CEO Cites 'Poor Design' of IPO Software as Cause of Facebook Launch Delays
Nasdaq (NASDAQ: NDAQ) CEO Robert Greifeld said “poor design” in the exchange's software for initial public offerings was responsible for delaying Facebook's (NASDAQ: FB) 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.
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