As fallout from Friday's glitch-laden Facebook public launch intensifies, NASDAQ has announced that it will work with the Securities Exchange Commission and the Financial Industry Regulatory Authority on a plan that could include financial restitution for unfilled orders.

“As a result of a technical error occurring during the Facebook IPO electronic opening cross process, some orders, otherwise expected to be eligible for execution, were not executed or were executed at prices other than the opening cross price of $42,” a statement issued on Monday reads. “Exchange members impacted by the error are reminded that they may seek financial accommodation from NASDAQ (pursuant to NASDAQ Rule 4626) if they submitted IPO cross-eligible orders between 11:11 and 11:30 AM Friday, May 18, that were marketable at the opening cross price of $42.00 and those orders either did not execute or were executed at an inferior price.

Pending review by the SEC, FINRA and NASDAQ officials, the exchange plans” to implement a procedure through which FINRA will review all accommodation requests and related data.”

After this review, FINRA will provide a report regarding the total value of all valid claims. The total amount of an accommodation pool will be approved by the NASDAQ OMX and NASDAQ Stock Market Boards, “in their sole discretion,” after reviewing this report.

The accommodation pool will “include all unintended gains from NASDAQ's assumption of transactions during the cross due to the technical error,” NASDAQ said.

Claims must be submitted in writing to NASDAQ by noon on Monday, May 21, 2012. Supporting data will be requested in a format to be determined.

A “post mortem” released by NASDAQ on May 18 detailed the software problems that left brokers stuck without knowing  whether trades were completed or not. The tumultuous day of trading included two” single stock circuit breaker” halts to trading of Zynga, a game company whose stock plummeted amid the chaos and Facebook's lackluster trading debut.

Moving forward, NASDAQ announced it has “modified its IPO and Halt Cross application to no longer accept cross-eligible order modifications after the auction's final calculation has begun and before the trade is printed to the tape.”

“This will prevent the race condition experienced Friday from re-occurring,” the exchange said in a statement.