US regulators are facing growing pressure to reject Nasdaq OMX’s proposed $62m settlement for its members following the glitch-ridden debut of Facebook on its stock exchange.
UBS and Citigroup have become the latest Nasdaq clients to criticise publicly the size of the exchange operator’s voluntary all-cash offer, submitted to regulators for approval last month. Citi is considering legal action, according to people close to the situation.
Three weeks ago UBS said it lost SFr349m ($358m) during the bungled trades while Citi suffered about $20m in losses, according to people familiar with the situation.
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