NYSE set to hold Twitter IPO ‘dry run’ on Oct 26
20 Oct 2013 11:57 PM GMT
The New York Stock Exchange (NYSE) isn't taking any chances with Twitter's initial public offering (IPO). The Big Board said on Saturday that it would allow trading firms to conduct a dry run of their systems to prepare for Twitter's IPO. The exchange seems to want to avoid the technical problems that marred Facebook's debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine. The NYSE test will occur on Saturday, October 26, according to a notice sent out to traders.
Twitter said earlier this week that it had chosen to list with the NYSE over rival Nasdaq. The micro-blogging service is expected to go public sometime in November, possibly before Thanksgiving (November 28). Twitter's IPO is the biggest social media debut since Facebook's. While Nasdaq won Facebook's listing, one of the biggest initial public offerings in years, the debut was hit with trading delays and order failures. As a result, the Securities and Exchange Commission in May fined Nasdaq $10 million, the largest ever levied against an exchange.
Twitter said earlier this week that it had chosen to list with the NYSE over rival Nasdaq. The micro-blogging service is expected to go public sometime in November, possibly before Thanksgiving (November 28). Twitter's IPO is the biggest social media debut since Facebook's. While Nasdaq won Facebook's listing, one of the biggest initial public offerings in years, the debut was hit with trading delays and order failures. As a result, the Securities and Exchange Commission in May fined Nasdaq $10 million, the largest ever levied against an exchange.
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