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See more | Photo caption Never too old A look at seniors living life and proving that "you are as young as you feel." Slideshow Lindsay Lohan's woes Lindsay Lohan was arrested for leaving the scene of an accident in lower Manhattan. Slideshow Nasdaq defends Facebook compensation plan-letter to SEC Tweet Share this Email Print Related News Knight accepts Nasdaq's $62 million Facebook payback plan Thu, Aug 30 2012 UBS says Nasdaq's Facebook compensation plan inadequate Thu, Aug 23 2012 REFILE-UPDATE 2-Citigroup slams Nasdaq's Facebook compensation plan Wed, Aug 22 2012 Citadel urges U.S. to okay Nasdaq's Facebook IPO payback plan Tue, Aug 21 2012 Analysis & Opinion Can the SEC ever improve? Related Topics Tech » 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 Ashley Lau Wed Sep 19, 2012 4:38pm EDT (Reuters) - Nasdaq OMX Group Inc stood by its proposed $62 million plan to compensate firms affected by the fallout from Facebook's botched initial public offering, taking aim at UBS AG, Citigroup Inc and other parties that derided the payback plan. In a letter to the U.S. Securities and Exchange Commission dated September 17, Nasdaq said the proposed compensation pool "goes well beyond what is required under current Nasdaq rules." It noted that if the proposal is not approved, the applicable limit of liability under the approved rule would instead be $500,000 - less than 1 percent of the proposed pool. Major market makers and broker dealers say they lost upward of $500 million because of technical glitches during Facebook's May 18 stock market debut. Nasdaq's plan to offer $62 million in cash to compensate those who lost money was an increase from earlier discussions, which would have included a $40 million payback fund, made up mostly of trading rebates. The proposal prompted a series of letters to the SEC in late August from concerned market makers, brokers, a trade group and lawyers who criticized Nasdaq's plan. Many called for changes or the outright rejection of the plan. UBS Securities, an arm of the Swiss bank, said it lost more than $350 million in the botched IPO, and called the plan "woefully inadequate" in a letter to the SEC dated August 22. The firm said the types of claims for trading losses that Nasdaq agreed to compensate "should be expanded to include the full extent of losses caused by Nasdaq." UBS said technical malfunctions from the IPO caused its systems to re-enter orders multiple times and left it with a huge position of unwanted stock. Citi expressed similar discontent in its own scathing letter to the SEC in August in which it said Nasdaq's actions on the day of the IPO amounted to "gross negligence." The No. 3 U.S. bank's market-making arm, Automated Trading Desk, is said to have lost around $20 million in the IPO. Both UBS and Citi declined to comment. Nasdaq defended its use of a 45-minute window to determine a benchmark reference price to assess the amount owed on orders qualifying for accommodation after some market participants argued that the amount should take into account trading beyond the release of cross transaction reports at 1:50 p.m. that day. The exchange said the timeframe "should have been ample time for a reasonably diligent member to identify any unexpected losses or unanticipated positions and take steps to mitigate or liquidate them." Nasdaq said the purpose of the proposal is not to compensate all losses incurred on May 18 from Facebook's botched IPO, but to modify the $500,000 liability limit in order to make additional funds available for compensation in certain categories of loss outlined in its proposal. The eight-page letter was signed by Nasdaq Senior Vice President and Corporate Secretary Joan Conley. (Reporting by Ashley Lau in New York; Editing by Richard Chang and Dan Grebler) Tech 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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