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See the best of Reuters photography. See more | Photo caption WTC rises again The new World Trade Center surpasses the Empire State Building as the tallest building in New York. Slideshow Striking miners Demonstrations continue as wage talks to end the month-long Lonmin strike fail to start as scheduled. Slideshow Nasdaq unwavering on paybacks for faulty Facebook launch Tweet Share this Email Print Related News Facebook rules out share sale to cover tax bill Wed, Sep 5 2012 Knight accepts Nasdaq's $62 million Facebook payback plan Thu, Aug 30 2012 SEC reviews 'quiet period' IPO rule after Facebook mess Mon, Aug 27 2012 Tiffany expects pressure on profit to ease; shares up Mon, Aug 27 2012 UBS says Nasdaq's Facebook compensation plan inadequate Thu, Aug 23 2012 Analysis & Opinion Can the SEC ever improve? Regulators globally seek to curb supercomputer trading glitches Related Topics Tech » Money » Media » Facebook » The falling price of Facebook's stock is seen on a screen reflected in the window of the Nasdaq building in New York August 16, 2012. Credit: Reuters/Lucas Jackson By John McCrank NEW YORK | Mon Sep 10, 2012 3:23pm EDT NEW YORK (Reuters) - Nasdaq OMX Group Inc stands by its $62 million compensation plan for firms harmed in Facebook Inc's glitch-ridden market debut and is prepared to defend against any potential litigation related to it, Lee Shavel, the company's chief financial officer, said on Monday. The company has received mixed reviews of the plan, filed with regulators in late July. Top retail market-making firms Citadel Securities and Knight Capital Group voiced support, while UBS AG and Citigroup strongly criticized the plan for not going far enough, and asked the U.S. Securities and Exchange Commission reject it. "Clearly there are differences of opinion, and some are more negative on the proposal," Shavel said at the Barclays Global Financial Services Conference in New York. "We continue to believe ... that this addresses the issues that we identified in a very fair, reasonable, and objective manner." At stake is the extent to which an exchange can be liable for technical slip-ups. U.S. exchanges match hundreds of billions of dollars of securities transactions every day. The New York-based exchange operator had originally offered to reimburse up to $40 million in total, with the majority of that in the form of trading rebates. But after a barrage of criticism from trading firms and other exchanges, it increased the amount in its proposal to $62 million, all in cash. Total losses from the May 18 IPO at market-making firms and brokers are estimated at more than $500 million. UBS has said it was looking at its legal options to recover the full extent of the more than $350 million it lost. Shavel said Nasdaq has "robust legal and factual defenses" with regard to any potential litigation. Facebook's eagerly anticipated IPO, which raised $16 billion, was initially delayed by 30 minutes due to a technical glitch at Nasdaq. The exchange then made the decision to get the stock trading by using a secondary system that ended up leading to delays in many clients orders and confirmations, costing some investors and traders steep losses as the stock price dropped after an initial gain. Under the compensation plan, firms that take part must give up their right to sue the exchange for losses associated with the IPO. Knight, which recently had its own technical glitch that cost it $440 million and nearly bankrupted the firm, said in a letter to the SEC that while it supports Nasdaq's efforts, the condition of having to waive the right to sue would "set a harmful precedent." Nasdaq expects a ruling on the plan by the SEC in the fourth quarter. "We are certain that they are giving it all of their attention at this point," Shavel said. Shares of Nasdaq were down 0.3 percent at $23.66 on Monday afternoon. (Reporting by John McCrank; Editing by Tim Dobbyn and Alden Bentley) Tech Money Media Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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