10:31 AM
Ivy Schmerken
Ivy Schmerken
Connect Directly

Facebook IPO Leads SEC to Scrutinize Nasdaq's Systems

The watchdog is investigating Nasdaq's computer systems and processes related to the flawed Facebook IPO on May 18, and could demand upgrades from the exchange operator.

Any regulatory mandate criticizing Nasdaq's computer systems is a stinging reprimand given that Nasdaq has touted its image as the inventor of the electronic stock exchange, which began in 1971, and as having the fastest matching engine for executing buy and sell orders. With its emphasis on technology, Nasdaq has been able to attract listings from some the most innovative companies in Silicon Valley including Microsoft, Apple, Cisco, Google and most recently Facebook.

The news of the SEC review also turns up the heat on Nasdaq's CEO Bob Greifeld, who was trapped in a plane traveling from Facebook's headquarters in California back to Newark, New Jersey, for five hours and was unable to communicate with his technology team while the breakdowns unfolded that day, including a two-hour delay in printing trade confirmations.

Read the rest of this article on Wall Street & Technology.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
A Wild Ride Comes to an End
Covering the financial services technology space for the past 15 years has been a thrilling ride with many ups as downs.
The End of an Era: Farewell to an Icon
After more than two decades of writing for Wall Street & Technology, I am leaving the media brand. It's time to reflect on our mutual history and the road ahead.
Beyond Bitcoin: Why Counterparty Has Won Support From Overstock's Chairman
The combined excitement over the currency and the Blockchain has kept the market capitalization above $4 billion for more than a year. This has attracted both imitators and innovators.
Asset Managers Set Sights on Defragmenting Back-Office Data
Defragmenting back-office data and technology will be a top focus for asset managers in 2015.
4 Mobile Security Predictions for 2015
As we look ahead, mobility is the perfect breeding ground for attacks in 2015.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.