NEW YORK (Reuters) - Nasdaq OMX Group Inc's proposed $62 million compensation plan for the fallout from the Facebook IPO is "inadequate to address the magnitude of Nasdaq's unprecedented failures", UBS Securities LLC said in a letter to U.S. regulators.
UBS (UBSN.CH)Securities, an arm of Swiss bank UBS AG, said it alone lost over $350 million when the lack of timely order confirmations due to Nasdaq technical malfunctions during the IPO caused UBS's systems to re-enter orders multiple times.
UBS also said the types of claims for trading losses that Nasdaq agrees to compensate "should be expanded to include the full extent of losses caused by Nasdaq, and that the requirement that participants in the program release other legitimate claims they may have against Nasdaq is fundamentally unfair".
"Simply put, Nasdaq's proposal to pay $62 million in the aggregate for all Facebook-related claims is woefully inadequate," UBS said in the letter to the U.S. Securities and Exchange Commission dated August 22.
(Reporting by John McCrank; Editing by Dale Hudson)
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