Nasdaq to file voluntary accommodation program for Facebook IPO

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The NASDAQ OMX Group (NDAQ) and The NASDAQ Stock Market announced that it will file a proposed voluntary accommodation program with the Securities and Exchange Commission, SEC,for qualifying members who were disadvantaged by technical problems that arose during the Facebook (FB) IPO on May 18. After carefully examining the trading activity that day and in consultation with market participants, NASDAQ OMX has decided to modify the preliminary accommodation program announced on June 6 in several significant ways: The program provides for a priority of accommodation to customers of members. All accommodations will be paid in cash, simplifying the process and eliminating trading credits from the earlier proposal. After careful analysis, the program has broadened the eligibility by adding a new class of orders to be accommodated in addition to the three classes that were announced in June. The program creates a $62M fund for voluntary accommodations, which is $22M larger than the June proposal.

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