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Nasdaq violated market rules by being poorly prepared for the launch, the SEC said. Exchanges have an obligation to ensure that their systems and contingency plans are strong enough to manage an IPO without disrupting the market. The SEC said Nasdaq officials believed they had fixed the design flaw by removing a few lines of computer code and opted not to delay the start of trading in Facebook. But they failed to understand the root cause of the problem, the SEC said. The $10 million penalty had been expected. Nasdaq said last month that it might have to pay that amount to resolve the matter with regulators. In its administrative order issued Wednesday, the SEC also censured Nasdaq. Censure brings the possibility of a stiffer sanction if the alleged violation is repeated. On Wednesday, Facebook shares fell 78 cents, or 3.2 percent, to close at $23.32
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