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NYSE Chief: Stand Up and Be Accountable Nasdaq

It seems Nasdaq isn’t winning anyone with their current plan to compensate clients for losses associated with the Facebook debacle.

In an interview on CNBC’s Halftime Report, NYSE Euronext CEO Duncan Niederauer compared Nasdaq's current response to an egregious response from BP during the Gulf Oil spill.

“We think it’s the same as BP saying after the oil spill, instead of compensating you for your losses we’re going to give you a voucher for cheap gas but you have to come to our pumps,” he said.

Niederauer is referring to the initiative from Nasdaq in which the exchange offered to cut fees on future trades to compensate for some Facebook related losses.

“Don’t hide behind what you’re legally allowed to do,” Niederauer added. “Stand up and be accountable.”

Niederauer as well as much of the Street is also less than impressed with Nasdaq’s offered $40 million to compensate financial firms that suffered losses from the mishandled trades; it's an amount far less than many on the Street think is fair.

Knight Capital CEO Tom Joyce told Fast Money earlier in the week, “They’re not even in the ball park with what they’re proposing. The number I came up with – that the Street has come up with - is well over $100 million.”

Niederauer said the Street is largely looking for three things - “Accountability, clarity and fairness – hallmarks of our industry, and they appear to be lacking (in the Nasdaq proposal).”

“The fate that befell one of our competitors could befall any one of us on any day – when it happens you’d like to say we’d stand up and be accountable.”

According to Rich Repetto of Sandler O’Neill it’s unlikely the Nasdaq’s current plan will be approved by the SEC. “I think it’s going to be a problem," he said. "There’s enough market push back – they don’t want people reimbursed by trading fees.”

The Nasdaq’s actions have also triggered speculation that Facebook could move the stock off Nasdaq and over to the NYSE but Niederauer told CNBC, “I have not spoken to Mark (Zuckerberg) or Sheryl (Sandberg) – they’re the customer, let them decide what to do.”

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 8, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long FIO CALL SPREADS; Jon Najarian is long ARNA CALL SPREADS; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long HLF CALL SPREADS; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long DDMG; Jon Najarian is long GLUU; Brian Kelly is long QQQ Calls; Brian Kelly is long JPM Calls; Patty Edwards is long AAPL; Patty Edwards is long GLD; Patty Edwards is long INTC; Patty Edwards is long JOY; Patty Edwards is long SBUX; Patty Edwards is long COP; Patty Edwards is long AMZN; Patty Edwards is long FB; Patty Edwards is long MCD; Mike Murphy is long LULU

For Richard Repetto
Nothing to disclose

For Sara Senatore
Nothing to disclose

CNBC.com with wires.