Nasdaq to Boost Payback in Facebook Case to $62 Million Cash -Source

Date : 07/20/2012 @ 6:22PM
Source : Dow Jones News
Stock : Nasdaq, Inc. (MM) (NDAQ)
Quote : 74.71  0.0 (0.00%) @ 6:52AM

Nasdaq to Boost Payback in Facebook Case to $62 Million Cash -Source

Nasdaq, Inc. (NASDAQ:NDAQ)
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   By Jacob Bunge 
 

Nasdaq OMX Group Inc. (NDAQ) plans to boost its planned payback package for brokers that lost money trading shares of Facebook Inc. (FB) to $62 million, according to a person familiar with the plan.

The revamped compensation scheme, expected to be filed with regulators late Friday, will be all cash, versus the previously planned $40 million plan that incorporated about $27 million in discounted trading fees, the person said.

Nasdaq OMX's effort to repay brokers and traders that lost as much as $500 million due to technology problems that hampered Facebook's public market debut comes more than two months after the glitch-ridden May 18 offering.

Changes to the plan follow an outcry among brokers that felt Nasdaq OMX's earlier offering in June did not come close to covering their losses. Rival exchanges also objected to offering payback via cheapened trading fees, which they saw as a ploy to lure more market share to Nasdaq OMX's stock markets.

-Write to By Jacob Bunge at jacob.bunge@dowjones.com

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