Swiss bank UBS is considering legal action against the Nasdaq stock exchange amid reports the beleaguered bank lost as much as $350 million (SFr336 million) on the botched Facebook share float last month.
In a statement, UBS confirmed that the bank made a loss due to Nasdaq's technical issues when the social networking company's stock began trading on May 18.
The bank declined to disclose the amount of its losses but said it was "not material". It said UBS was considering its options for recovering its losses but had “not yet taken legal action”.
"Given the size of our United States equities business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," the bank said. Full story...
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In a statement, UBS confirmed that the bank made a loss due to Nasdaq's technical issues when the social networking company's stock began trading on May 18.
The bank declined to disclose the amount of its losses but said it was "not material". It said UBS was considering its options for recovering its losses but had “not yet taken legal action”.
"Given the size of our United States equities business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," the bank said. Full story...
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