SEC Could Seek Nasdaq Upgrading

Emmanuel Dunand/AFP/Getty Images

Jenny Strasburg and Jacob Bunge of The Wall Street Journal report that Nasdaq OMX may be forced by securities regulators to upgrade its trading systems in the wake of last month’s glitch ridden stock sale by Facebook.

The Securities and Exchange Commission is investigating what caused the mishaps that plagued the Nasdaq Stock Market during Facebook shares’ debut on May 18 and the effects on brokers and investors who lost money.

As part of the deepening inquiry, regulators are weighing demanding that Nasdaq agree to revamp its processes for developing, changing, testing and implementing the computer code used in initial public offerings and other exchange functions, according to people familiar with the investigation. The SEC hasn’t decided yet whether to take any enforcement action against the company.

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