The New York Stock Exchange (NYSE) has revealed that it carried out a dummy run for the launch of Twitter’s initial public offering (IPO) over the weekend. The move comes after the Nasdaq suffered major embarrassment last year over the sales of Facebook’s shares.
The NYSE said in a widely reported statement that it undertook the test to ensure its systems will be able to cope with high levels of demand when the shares go on sale.
"This morning's systems test was successful, and we're grateful to all the firms that chose to participate,” it said in the statement.
"We're being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."
The tests come after Facebook's launch last year was dogged with technical problems and rumours of pre-launch information being handed to major investment houses. This saw Facebook's share price dive as low as $17.
However, it has since rebounded strongly during 2013 to pass $50, as investors regain confidence in the firm's long-term position, especially as mobile advertising revenues grow.
The Nasdaq was fined $10m as a result of its handling of the launch by the Securities and Exchange Commission earlier this year.
Twitter will be hoping its stock market debut runs more smoothly. The IPO is on track for a 2014 launch with the current valuation of shares set to go on sale for between $17 and $20, valuing Twitter at a cool $11bn.
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