Home > Uncategorized > IPO went wrong: reason- arrogance

IPO went wrong: reason- arrogance

Nasdaq’s chief executive says “arrogance” and “overconfidence” among the stock exchange’s staffers contributed to Facebook’s mishandled IPO last month.

Robert Greifeld said Sunday that the stock exchange simulated high trading volumes on the trading systems before the May 18 IPO but was unprepared for the number of canceled orders just before the offering. “Testing didn’t account for the increasing volume at which cancellations can come in,” he told a conference of corporate directors at Stanford University’s Law School, according to a Wall Street Journal account of the event.

(Source: Cnet)

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