Nasdaq hopes to update its Facebook status soon.
The tech-heavy stock exchange is in talks with regulators about a potential settlement over its handling of Facebook’s bungled initial public offering.
Nasdaq was blamed for a number of technical glitches last May that put a damper on the social network’s first day of trading.
Nasdaq is discussing a potential $5 million fine with the Securities and Exchange Commission, which would be a rare monetary penalty for a stock exchange, according to WSJ.com.
“We are working with the SEC to resolve issues that arose from the events of May,” a Nasdaq spokesman said.
“We continue to believe we acted appropriately and in the best interest of investors under challenging circumstances and we have volunteered an accommodation plan supported by many exchange members.”
The SEC declined a request for comment.
Exchange officials are trying to move beyond the damaging episode that delayed trading in the shares and caused its customers to complain that they lost money when their orders weren’t properly executed.
In addition to a possible SEC fine, Nasdaq has proposed paying the trading firms that make up its customer base $62 million for losses stemming from Facebook debacle. The SEC has set a date of March 29 to weigh in on the “accommodation” plan.
Nasdaq upped the amount after initially offering $42 million in cash and discounts to irate customers in June of last year.
Some observers believe that the SEC could reach a settlement with Nasdaq before it makes a final decision on the exchange’s proposed accommodation plan, expected at the end of March.