Nasdaq Aims to Pay Up In SEC Facebook Probe
Nasdaq OMX Group Inc. plans to set aside $10 million in anticipation of settling a regulatory investigation into its handling of Facebook Inc.'s stock-market debut, according to people familiar with Nasdaq internal discussions.</br></br>The move follows months of back-and-forth between the exchange operator and the Securities and Exchange Commission over technical errors that plagued Facebook's public offering on the Nasdaq Stock Market almost a year ago.</br></br>A penalty near $10 million would be the biggest imposed by the SEC on a stock exchange and just the second time the regulator has fined a bourse.</br></br>Nasdaq executives had been angling for a settlement closer to $5 million, according to people involved in the discussions.</br></br>As talks with the SEC advanced and the regulator focused on a higher amount, Nasdaq executives, including Chief Executive Robert Greifeld, showed a willingness to pay up to move on, according to people involved in the discussions.