BATS

With its second snafu in as many months, BATS Global Markets has amply demonstrated that it’s ready to join the big boys. Read more »

  • 07 Aug 2013 at 1:35 PM

Some Exchanges Had Some Problems Yesterday

Nobody noticed. Read more »

As we have seen, the largest and second-largest U.S. stock exchanges have been having some trouble with little things like IPOs and processing and reporting trades. Now, it’s the third’s turn: Read more »

  • 23 Mar 2012 at 6:09 PM

That’s Some Latency

BATS apparently reeeaally wanted those first few trades to be practice trades. This is amazing:

Bats Global Markets Inc., the six- year-old equity exchange, canceled its initial public offering, stunning Wall Street after errors on its own computer systems derailed trading in the stock and forced a halt in Apple Inc. (AAPL)

“We believe withdrawing the IPO is the appropriate action to take for our company and our shareholders,” Joe Ratterman, the chief executive officer, said in a statement. Asked if that meant Bats is no longer going public, Randy Williams, a company spokesman, replied by e-mail, “Yes, that’s correct.”

It’s nice to see Bloomberg as incredulous as I am – that paragraph means: the CEO said “we are withdrawing our IPO” and Bloomberg emailed to ask “wait, no, REALLY?” And got the response, “yes, really.” Because what’s weird here is not a withdrawn IPO but a withdrawn IPO that had already priced. And opened for trading – for a few seconds anyway – to print a few trades at $15.25 (down from last night’s IPO price of $16) at around 10:45 this morning before halting, unwinding those trades and ultimately unwinding the IPO. Read more »