But the proposed compensation, subject to approval by regulators, drew sharp criticism from rival exchanges for its use of rebates and from clients claiming losses far in excess of what Nasdaq is offering.
Nasdaq said on Wednesday US$13.7 million would be paid to its affected member firms and the balance would be credited to members to reduce trading costs, with all benefits expected to be awarded within six months.
'We have been embarrassed and certainly we apologised to the industry, but the important thing we have to do is focus on the future,' Nasdaq chief executive Robert Greifeld said in an interview on CNBC on Wednesday.
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