"By Nasdaq’s own admission, 30 million Facebook shares were executed improperly because of technical flaws on the exchange, the largest such problem the exchange has experienced. On a normal day, most of the trading would be done by big financial institutions and trading firms, but on Friday an unusually large proportion of the trading was done by ordinary investors, hungry for riches from the biggest Internet initial offering ever, through brokers like Scottrade, Charles Schwab and Fidelity.Small Investors Seek Answers to Facebook Trading Confusion - NYTimes.com
These retail investors have spent much of this week looking for someone to address their losses, or even just to answer questions about where they can take their complaints. The stockbrokers have generally said the problems were caused by Nasdaq, where technical issues delayed the start of trading by 30 minutes and mishandled large numbers of orders to execute or cancel shares."
Friday, May 25, 2012
Small Investors Seek Answers to Facebook Trading Confusion - NYTimes.com
Individual investor == institutional fodder