NEW YORK (Reuters) - Nasdaq OMX Group Inc is telling brokers it plans to submit on Wednesday the first step in the exchange group's bid to compensate investors for problems tied to Facebook Inc.'s IPO last month, the Wall Street Journal reported, citing people familiar with the matter.
The filing with the U.S. Securities and Exchange Commission is expected to come with details from Nasdaq on plans to make up some losses sustained by banks and trading firms, which collectively have been estimated above $100 million, the newspaper said, citing those sources.
Nasdaq declined to comment on Tuesday.
Facebook shares have fallen 32 percent since the IPO when technical glitches resulted in a 30-minute delay of the IPO, unconfirmed trades and losses by market makers and retail investors.
Nasdaq OMX's plan to pay back brokers has been slowed by regulatory questions centered on exchanges' ability to compensate customers, the WSJ reported, according to people familiar with the matter.
The newspaper said that a total of $13 million earmarked by Nasdaq for Facebook losses likely would not come close to appeasing brokers and market-making firms that have privately expressed frustration with a slow-moving process that has left them in a holding pattern for more than two weeks.
"We don't have a clear line of sight yet from the Nasdaq," a broker-dealer executive told the Journal.
(Edited by Walden Siew)
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