• News

    BATS Proves It’s Just As Technologically Inept As NYSE, Nasdaq, CME

    With its second snafu in as many months, BATS Global Markets has amply demonstrated that […]

    / Sep 27, 2013 at 4:54 PM
  • News

    Some Exchanges Had Some Problems Yesterday

    Nobody noticed.

    / Aug 7, 2013 at 1:35 PM
  • batsglobalmarkets


    BATS: We’ve Sort of Been Allowing Illegal Trades On-and-Off For, Oh, Four Years, Give Or Take

    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:

    / Jan 10, 2013 at 12:34 PM
  • News

    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 Because what’s weird here is not a withdrawn IPO but a withdrawn IPO that had already priced.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.

    / Mar 23, 2012 at 6:09 PM