納斯達(dá)克再次停擺，IPO業(yè)務(wù)又懸了
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????Facebook (FB)于2012年5月第一次掛牌交易時(shí)，納斯達(dá)克系統(tǒng)失靈了，這是真的。納斯達(dá)克的電子設(shè)備不堪重負(fù)，結(jié)果造成了嚴(yán)重的混亂。納斯達(dá)克最終遭到了美國(guó)證券交易委員會(huì)（SEC）1000萬(wàn)美元的罰款。這也是該委員會(huì)針對(duì)這類事件所開(kāi)出的最高罰單。 ????當(dāng)時(shí)，有人預(yù)計(jì)，F(xiàn)acebook的遭遇會(huì)讓今后的新發(fā)行商選擇紐約股票交易所掛牌上市。但是，并沒(méi)有出現(xiàn)這種情況。事實(shí)上，納斯達(dá)克反而迎頭趕了上來(lái)。 ????2011年1月-2012年4月期間，在納斯達(dá)克上市的首次公開(kāi)募股（IPO）公司有92家，在紐交所上市的IPO公司有119家。2012年6月到現(xiàn)在，納斯達(dá)克掛牌的IPO公司達(dá)到了100家，而紐交所為110家。換句話來(lái)說(shuō)，就發(fā)行商數(shù)量而言，納斯達(dá)克實(shí)際上獲得了更多的市場(chǎng)份額。 ????似乎各大公司已經(jīng)接受了納斯達(dá)克(NDAQ)新上市公司業(yè)務(wù)部門給出來(lái)的兩個(gè)理由：(1)Facebook案列實(shí)屬反常，引發(fā)這一故障的罪魁禍?zhǔn)资撬鼊?chuàng)紀(jì)錄的交易量，而大多數(shù)其他公司的掛牌上市都不會(huì)有這么大的交易量；(2)就算再次達(dá)到這樣的交易量也無(wú)妨，因?yàn)槲覀円呀?jīng)解決了技術(shù)故障。 ????話音剛落，然而就在上周四，納斯達(dá)克整個(gè)系統(tǒng)再次停擺三個(gè)多小時(shí)。這次既沒(méi)有Facebook或蘋果（Apple）或亞馬遜（Amazon）股票交易，也沒(méi)有期權(quán)交易。什么特殊情況都沒(méi)有。 ????納斯達(dá)克上市業(yè)務(wù)部的員工這回又能拿什么理由來(lái)搪塞？不止是那些超級(jí)火爆的股票受到了影響，納斯達(dá)克系統(tǒng)中的每一家公司都未能幸免于難。而這是兩年以來(lái)的第二次重大技術(shù)故障。即便這一次故障得到了解決（截至發(fā)稿時(shí)，問(wèn)題已經(jīng)逐步得到解決），納斯達(dá)克又能拿什么來(lái)?yè)?dān)保這種故障不會(huì)在不久的將來(lái)再次出現(xiàn)。難道有關(guān)公司愿意冒這種風(fēng)險(xiǎn)，成為第二個(gè)Regado Biosciences嗎？這家公司昨晚宣布了小規(guī)模IPO的定價(jià)，但在第一天交易時(shí)就發(fā)現(xiàn)自己陷入了進(jìn)退兩難的境地。 ????納斯達(dá)克曾創(chuàng)造過(guò)一次奇跡，但是這一次真的是難上加難……（財(cái)富中文網(wǎng)）?? |
????When Facebook (FB) first tried to trade as a public company in May 2012, it didn't work. Literally. The NASDAQ machinery was overwhelmed, causing so much chaos that the exchange eventually paid out $10 million in the largest SEC penalty of its kind. ????At the time, some speculated if the Facebook experience would cause future new issuers to choose The New York Stock Exchange. But it didn't come to pass. In fact, NASDAQ actually made up ground. ????Between January 2011 and April 2012, there were 92 NASDAQ IPOs and 119 NYSE IPOs. Between June 2012 and the present, there have been 100 NASDAQ IPOs and 110 NYSE IPOs. In other words, NASDAQ actually has been gaining market share when it comes to number of issuers. ????Seems that companies accepted two arguments being put forth by NASDAQ's (NDAQ) new listings department: (1) The Facebook situation was an anomaly caused by record-breaking volume that would not be applicable to most other listings; and (2) Even if such volume is repeated, we fixed the glitch. ????All of which brings us to today, when NASDAQ's entire system went dark for more than three hours. No trading of Facebook or Apple (AAPL) or Amazon (AMZN). No trading of options. No nothing. ????How on earth are NASDAQ's listings folks supposed to spin this? Every single company on the exchange has been affected, not just the super-popular ones. And this is the second major technical problem in two years. Even if this one is fixed -- and it is beginning to be as of this writing -- what assurances can be made that another isn't just around the corner. Does anyone want to risk becoming the next Regado Biosciences (RGDO), which priced a small IPO last night and found itself stuck in limbo during its first day of trading? ????NASDAQ pulled a rabbit out of its hat once, but this time it will be much more difficult... |
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