Debiut Facebooka - ustalenia SEC

Być może ktoś z Was pamięta, napisałem rok temu tekst o IPO Facebooka, gdzie między innymi poruszyłem temat opóźnienia godziny pierwszego notowania i problemach z tym związanymi link - polecam zerknąć). Dzisiaj natomiast SEC (amerykański odpowiednik KNF) opublikował raport na temat tamtych wydarzeń (link), polecam przeczytać podsumowanie Dealbreaker.com (link), którego fragmenty, trochę z deficytu czasu, umieszczam poniżej (wszystko praktycznie Dealbreaker.com opisuje ze świetnym komentarzem).

"What started the mess is that Nasdaq opens the trading of a newly IPO’ed stock with an opening cross where it compiles quotes for a while and then crosses them in one big opening cross before continuous trading starts. And it uses the following process to do the opening cross:

            1 Get a bunch of orders over a ~20 minute period before trading starts

            2 Use a program called the IPO Cross Application to calculate the clearing price and shares crossed based on those orders, which takes a few milliseconds

            3 Check if any of the orders were cancelled during those milliseconds

            4 If they were, delete those orders and Goto 2

Did you spot the problem?"

"Also Nasdaq accidentally and illegally shorted 3 million shares of an IPO that it was in the process of (...), which is a great idea except for the “illegally” part: the stock went down and Nasdaq made $10.8 million dollars covering its short."

"Anyway Nasdaq got out of its SEC case with a $10 million fine and some undertakings to, like, fix all the bugs. Also some undertakings to institute rules allowing it to do the things that it did illegally during the Facebook IPO, which when you think about it is sort of an amazing way to resolve a regulatory violation. I bet the Libor banks would love to reach a settlement that’s like “from now on, we’ll all just agree that it’s okay to manipulate Libor.”"