Facebook (FB)于2012年5月第一次挂牌交易时，纳斯达克系统失灵了，这是真的。纳斯达克的电子设备不堪重负，结果造成了严重的混乱。纳斯达克最终遭到了美国证券交易委员会（SEC）1000万美元的罚款。这也是该委员会针对这类事件所开出的最高罚单。

    当时，有人预计，Facebook的遭遇会让今后的新发行商选择纽约股票交易所挂牌上市。但是，并没有出现这种情况。事实上，纳斯达克反而迎头赶了上来。

    2011年1月-2012年4月期间，在纳斯达克上市的首次公开募股（IPO）公司有92家，在纽交所上市的IPO公司有119家。2012年6月到现在，纳斯达克挂牌的IPO公司达到了100家，而纽交所为110家。换句话来说，就发行商数量而言，纳斯达克实际上获得了更多的市场份额。

    似乎各大公司已经接受了纳斯达克(NDAQ)新上市公司业务部门给出来的两个理由：(1)Facebook案列实属反常，引发这一故障的罪魁祸首是它创纪录的交易量，而大多数其他公司的挂牌上市都不会有这么大的交易量；(2)就算再次达到这样的交易量也无妨，因为我们已经解决了技术故障。

    话音刚落，然而就在上周四，纳斯达克整个系统再次停摆三个多小时。这次既没有Facebook或苹果（Apple）或亚马逊（Amazon）股票交易，也没有期权交易。什么特殊情况都没有。

    纳斯达克上市业务部的员工这回又能拿什么理由来搪塞？不止是那些超级火爆的股票受到了影响，纳斯达克系统中的每一家公司都未能幸免于难。而这是两年以来的第二次重大技术故障。即便这一次故障得到了解决（截至发稿时，问题已经逐步得到解决），纳斯达克又能拿什么来担保这种故障不会在不久的将来再次出现。难道有关公司愿意冒这种风险，成为第二个Regado Biosciences吗？这家公司昨晚宣布了小规模IPO的定价，但在第一天交易时就发现自己陷入了进退两难的境地。

    纳斯达克曾创造过一次奇迹，但是这一次真的是难上加难……（财富中文网）  

    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...