Nasdaq OMX Group Inc said on Wednesday it agreed to buy Thomson Reuters Corp's investor relations, public relations, and multimedia services units for USD 390 million, as the exchange operator builds businesses that do not depend on trading.
It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook's USD 16 billion initial public offering.
The Nasdaq is planning to revamp its systems for handling stock offerings after acknowledging that technology problems had affected trading in millions of newly issued Facebook shares on Friday, the Wall Street Journal reported.