NASDAQ OMX Group Inc. (NDAQ) aims to submit a plan next week to the Securities and Exchange Commission detailing how it will compensate market makers who lost money during the troubled trading debut of Facebook, Reuters news agency reported Wednesday on its website, citing an unnamed source.
Nasdaq has proposed to address about $40 million in losses through a combination of cash and discounted trading fees.
The plan might also point out that internal issues at market-makers had contributed to their losses, in particular UBS AG (UBS), the report said, adding that UBS declined comment.
Nasdaq and SEC have been working together to ensure the language of the proposal is acceptable, the report quoted the source as saying. The SEC can take up to 240 days to consider Nasdaq's plan, the report said.
Nasdaq didn't immediately respond to a request for comment, while the SEC declined comment, Reuters said.
(END) Dow Jones Newswires
June 27, 2012 20:55 ET (00:55 GMT)
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