Facebook's debut was supposed to be Nasdaq's ultimate coup.
Facebook上市对纳斯达克 (Nasdaq) 来说本应该是一步好棋。
But in the weeks since the social network's much-ballyhooed - and ultimately botched - initial public offering, the relationship has soured.
In Facebook parlance, it's complicated.
Executives at the Internet company are pinning much of the blame on Nasdaq, according to several people close to the company and its underwriters, who spoke on the condition of anonymity because of continuing shareholder lawsuits. Tensions remain so high that Facebook is still considering switching exchanges and is weighing the costs of such a move, these people said.
一些熟悉该公司及其承销商内情的人透露，这家互联网公司的高管们把上市后出现的问题归罪为纳斯达克 。因为来自股东诉讼仍在继续，他们是在匿名情况下接受采访的。他们称，Facebook 与纳斯达克的关系依然紧张，以至于前者还在考虑更换交易所，并正在权衡此举的代价。
As the drama plays out, Nasdaq, the first electronic stock market, faces one of its hardest tests since it was founded 41 years ago.
For years, the exchange, considered friendly to start-ups, was the preferred place for up-and-coming technology companies. Now, Nasdaq is trying to salvage its reputation with Facebook and the rest of Silicon Valley while also fending off the advances of its archrival, the New York Stock Exchange, which has ramped up efforts in the industry.
多年来，纳斯达克一直被认为是一个适合创业公司的交易所，因此也一直受新兴技术公司的青睐。目前，纳斯达克正在一边试图挽回它在Facebook 和硅谷其他公司中的声誉，一边还要抵御来自劲敌纽约证券交易所 (New York Stock Exchange) 的竞争，后者已经开始在新兴技术产业发力。
"Nasdaq will be wearing that albatross for quite a while," said Lise Buyer, founder of Class V Group, an advisory firm for initial public offerings. "The errors associated with Facebook's I.P.O. will now be part of Nasdaq's conversations."
“纳斯达克在很长一段时间里都要背着这个罪名，” 为企业首次公开募股 (initial public offerings) 提供咨询的Class V Group 公司的创始人莉泽·拜尔（Lise Buyer）称。“现在人们谈到纳斯达克，就会谈到 Facebook 上市中出现的差错。”
Nasdaq, for its part, has expressed contrition, with its chief executive, Robert Greifeld, publicly acknowledging the firm's arrogance during the I.P.O. The exchange has also agreed to set aside $40 million for broker losses. Even so, Nasdaq defends its position as a major player in technology listings.
纳斯达克这方面也已经表示出了悔意。其首席执行官罗伯特·格赖费尔德（Robert Greifeld）公开承认该公司在 Facebook首次公开募股期间表现得太自负。此外，纳斯达克也已经同意拿出4000万美元赔偿股票经纪人的损失。。但即便如此，该公司仍然坚持维护自己在科技股市场上所扮演的重要角色。
"For more than two decades, Silicon Valley has played a vital role in Nasdaq's evolution," said Joseph G. Christinat, a Nasdaq spokesman. "Nasdaq will always strive to be part of the Valley's start-up ecosystem."
“过去20几年来，硅谷对纳斯达克的发展起到关键作用，”纳斯达克发言人约瑟夫·克里斯蒂娜特（Joseph G. Christinat）称。“纳斯达克将始终致力于成为硅谷公司创业生态的一部分。”
Nasdaq's troubles come at a challenging time for the industry.
The Securities and Exchange Commission is pressing exchanges to bolster controls, with open investigations on Nasdaq, N.Y.S.E. and others. Authorities are focusing on the Facebook I.P.O., trying to determine if Nasdaq acted improperly as it scrambled to push Facebook live and clear orders. So far, Nasdaq has not been charged with any wrongdoing.
美国证券交易委员会正在给证交所施加压力，要求它们加强管理，同时还对纳斯达克、纽约证交所等机构展开公开调查。有关方面正在关注Facebook 上市事件，看纳斯达克是否因为急于推动 Facebook 上市，完成交易量而出现违规操作。目前为止，纳斯达克还没有受到任何指控。
Facebook and its underwriters have been criticized for being too aggressive on the size and price of the offering. Still, many experts argue that it's impossible to discount the psychological impact of Nasdaq's problems.
In recent weeks, the divide between Nasdaq and Facebook has deepened, as both face a bundle of shareholder lawsuits. Shares of Facebook, which hit a low of $25, currently trade around $31.10, well below the offering price of $38.
Facebook is upset about Nasdaq's lack of communication, according to people close to the company. Executives were left out of important decisions like whether the stock should begin trading at all given the crush of early issues. Once trading did begin on May 18, Nasdaq did not contact Facebook's chief financial officer, David Ebersman, who was the main point person for the I.P.O.
了解该公司的人士称，Facebook不满纳斯达克的缺乏沟通 。像何时开始交易这样的重大决定，公司高管都被排除在外。5月18日股票开始交易时，纳斯达克也没有和Facebook IPO的核心人物——首席财务官大卫·埃伯斯曼（David Ebersman）联系。
Executives at the social network have also grown frustrated by the technology problems. Many order confirmations were delayed. These were eventually released hours later, along with stock that ended up in a separate Nasdaq account. But the unexpected flood of shares looked like a giant order of roughly 11 million shares, weighing on the stock, according people with knowledge of the matter.
Facebook executives believe Nasdaq added to the woes the next week. Before the second trading day, Nasdaq alerted traders to file claims by noon if they wanted financial "accommodations" for the I.P.O. Executives believe the notice encouraged investors to dump shares to prove a loss on Facebook, prompting the stock to fall more than $4 in the first hour of trading that day.
Facebook的高管们认为，在接下来的一周里，纳斯达克让问题更加严重。在第二个交易日开始之前，纳斯达克提醒交易者，如果需要在 IPO 中得到资金“融通”，需要在中午以前提出要求。高管们相信，这则通知促使投资者抛售股份，以证明Facebook股价下跌。这导致在当天交易的第一个小时里，该公司的股价下跌了4美元以上。
Perhaps most disconcerting was Nasdaq's conference call with reporters on Sunday, just days after the I.P.O. On the call, Mr. Greifeld, Nasdaq's chief, assured the press that Nasdaq's errors had not affected the stock's performance.
"It would lead a reasonable person to conclude that it didn't have an impact on the stock price," he said.
The statement was tantamount to an act of betrayal, according to those close to Facebook. Once again, the Facebook team was baffled. Why didn't the exchange warn them about Mr. Greifeld's comments? Incensed, a Facebook executive told Mr. Greifeld, "You don't understand the hole you're in."
据熟悉 Facebook 的人说，这个声明简直就等于背叛。Facebook再一次感到困惑。为什么纳斯达克不事先提醒他们格赖费尔德会那么说？一位Facebook高管愤怒地对格赖费尔德说，“你不知道你们的问题有多严重。”
Many industry insiders interviewed believe Nasdaq will move quickly to improve its controls. It is currently working with I.B.M., for instance, to review its entire technical system.
Still, the fumbles are ugly blemishes for an exchange that has prided itself on its tech heritage. After dominating technology listings for the last decade, Nasdaq's ranking has slipped. So far this year, Nasdaq has accounted for 11 of the 24 technology listings, with the rest going to N.Y.S.E., according to Renaissance Capital, an I.P.O. advisory firm.
Amid mounting pressure, Mr. Greifeld made one more visit to Menlo Park three weeks ago.
In a meeting with Mr. Ebersman and other executives, he apologized, according to people briefed on the meeting. He acknowledged that he had said that Nasdaq's problems did not impact Facebook's price, but conceded that that assessment did not fully factor in the psychology of the market.
After that, a chill settled in the room, as several executives quietly scrawled his statement on their notepads.