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Nasdaq OMX Group Inc. Chief Executive Robert Greifeld said Sunday that "arrogance" and "overconfidence" among Nasdaq staffers contributed to problems with Facebook Inc.'s initial public offering last month.
Addressing a conference of corporate directors at Stanford University's Law School, Mr. Greifeld said Nasdaq had tested its systems extensively before the May 18 IPO, simulating higher trading volumes than actually occurred. But he said Nasdaq was unprepared for increasing numbers of canceled orders in the hours leading up to Facebook's debut.