Nasdaq blames human error for botched WhiteHorse IPO

Nasdaq blames human error for botched WhiteHorse IPO

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.

Comments: (0)