Trading in Facebook shares began Friday on Nasdaq -- after a 30-minute delay.
(Credit: Sarah Tew/CNET)
Design problems with Nasdaq's technology interfered with Facebook's IPO, the stock exchange's chief executive acknowledged today.
Tests conducted ahead of Friday's highly anticipated offering failed to detect problems with order cancelation, Robert Greifeld told reporters in an interview reported by The Wall Street Journal. He said Nasdaq was "humbly embarrassed" by the problems.
"This was not our finest hour," he said, adding that Nasdaq's board met Saturday to discuss the matter.
Greifeld's comments were the first public admission by the exchange that technical glitches may have contributed to confusion among traders after the IPO's opening was delayed 30 minutes on Friday. Traders complained they were not able to confirm changes or cancellations made to Facebook orders starting as early as 4:30 a.m. PT. Later on in the morning, some traders said they had not received confirmation from Nasdaq that transactions had actually been completed.
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