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October 30, 2012 1:50 am
The Securities and Exchange Commission said that it needed further time to review concerns put forward in eight comment letters received after Nasdaq filed its $62m accommodation offer.
“The concerns articulated by commenters ... raise questions about whether the accommodation proposal would promote just and equitable principles of trade, protect investors and the public interest, and not be designed to permit unfair discrimination between market participants,” the SEC said in an update posted to its website on Monday.
Regulators have faced pressure to reject the offer from some brokers, including Citigroup and UBS, which are seeking to recover their entire losses from the glitch-ridden flotation and have previously said they may pursue legal action against the exchange. In all, brokers say they have lost about $500m from the event.
The SEC now has until early next year to approve the planned offer. Nasdaq declined to comment.
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