Nasdaq to pay $62m over Facebook glitches

The Securities and Exchange Commission on Monday approved a 62-million-dollar compensation payment by the Nasdaq stock exchange for glitches which hampered the Facebook initial public offering last May, Nasdaq said Monday. The glitch prevented trades in the fevered IPO from being executed and could have cost brokerages as much as 500 million dollars, according to the Wall Street Journal, which reported that many companies will proceed with further legal action against the stock exchange. The report said Swiss banking giant UBS, which alone claimed to have lost 356 million dollars due to the glitch, planned to recover all its losses from the incident and had filed a demand for arbitration, dpa reported.