31 July 2014

Nasdaq blames human error for botched WhiteHorse IPO

06 December 2012  |  5205 views  |  0 stocks

Nasdaq OMX insists that human error, rather than technology, was behind its latest botched initial public offering (IPO).

WhiteHorse Finance was set to make its debut at 11:00 am on Wednesday but a human error saw the Nasdaq put it back to 3:00 pm.

The exchange had had agreed with WhiteHorse and its underwriter to push trading beyond the 11:00 am slot but instead of extending the IPO, someone on the market surveillance team cancelled it.

According to a Reuters' source: "This was a human error, this wasn't a trading system or a computerised glitch."

The mix up comes as Nasdaq tries to repair the reputational damage caused by its bungled Facebook IPO in May, where a series of technical issues cost investors tens of millions of dollars.

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