Trading Problems Persisted After Opening for Facebook's IPO

The opening trading for Facebook Inc.'s initial public offering was delayed by about 30 minutes Friday on the Nasdaq Stock Market as traders experienced trouble changing or canceling orders.

Problems persisted after trading in the stock began at approximately 11:30 a.m. EDT, according to people familiar with the matter.


Though Facebook shares began to change hands, Nasdaq's exchange systems had yet to send electronic reports back to traders and firms to confirm that shares had been bought or sold. That was causing backup problems for traders about 20 minutes after the stock went live for trading, one trader said.

"People need a message saying they bought or sold it," said the trader. "Clients are frustrated because they can't get those reports back…basically, they're blind."

Another trader said his clients were calling but he had to keep telling them he had no reports for market-sell tickets, and clients' concerns intensified as Facebook's price dropped. "They're in the dark," he said.

Representatives for exchange operator Nasdaq OMX didn't immediately comment.

Nasdaq OMX's own share price declined as the wait for the Facebook IPO dragged on. After trading up to $23.55, shares recently were $22.65, down 1.5% and underperforming other U.S. exchange companies.