Reuter – Citadel LLC urged regulators to approve Nasdaq OMX Group’s $62 million compensation plan for firms harmed by Facebook’s May 18 glitch-ridden initial public offering.
Citadel’s market making unit bought and sold over $3.8 billion worth of Facebook stock during the IPO and “incurred losses protecting retail investors from the problems caused by Nasdaq,” the firm said in a letter to the U.S Securities and Exchange Commission on Tuesday [Aug. 21].
