On May 25, Nasdaq OMX said its board of directors elected Börje Ekholm for serving as the chairman of the exchange operator, replacing Furlong Baldwin, who retired.
Chief executive of Nordic-based industrial holding company Investor AB and Nasdaq's No. 2 shareholder, Ekholm, steps into the position a week after technical glitches at Nasdaq caused a series of problems in Facebook's highly anticipated initial public offering.
Last Friday, a software error delayed the market debut of the social networking company by 30 minutes that caused significant losses to some investors and traders as the stock price dropped.
Four of the major market makers of the Wall Street involved in the IPO expect their losses as a result of the problems to be around $115 million while other firms are also expected to report additional losses from the IPO of Facebook that would potentially add millions of dollars in cumulative claims including a loss of under $1 million by E*Trade Financial, sources have said.
Regulators, including the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and Massachusetts Secretary of the Commonwealth William Galvin are presently evaluating into how the IPO was handled while the U.S. Senate Banking Committee is also reviewing the matter.