Bob Greifeld, chief executive of exchange Nasdaq OMX, today dismissed criticism of a compensation plan for the troubled Facebook IPO which would consist of both cash and discounted trading fees.

Yesterday, Nasdaq announced a plan to pay $40m to compensate brokers for losses connected to the Facebook IPO. The plan involves $13.7m in cash, with the remaining $26.3m in reduced trading fees. The plan is awaiting approval from the Securities and Exchange Commission.