NYSE Calls Nasdaq's $40M Facebook Plan Anti-Competitive

Law360, New York (June 7, 2012, 7:45 PM EDT) -- NYSE Euronext on Wednesday lashed out against rival stock exchange operator Nasdaq OMX Group Inc., saying its plan to allot $40 million to settle claims by investors affected by technical glitches in Facebook Inc.’s now infamous initial public offering could be anti-competitive.

NYSE argued that the proposed offer could drive customers to take their trading to Nasdaq in order to benefit from the proposed fund, bringing Nasdaq the incidental advantage of a boost in market share, according to a statement by the operator.

“We believe it...
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