You think you had a bad day? Bats Global Markets Inc, the six-year-old equity exchange, saw its debut as a public company go haywire as a system error caused incorrect price quotes and Apple Inc. (AAPL) was halted due to a transaction on its platform. “It’s a pretty inauspicious start,” Sam Ginzburg, a partner and head of capital markets at First New York Securities LLC, a New York-based proprietary trading firm, said today in a phone interview. Data received by Bloomberg showed Bats’s shares, the first ever to be listed on its Lenexa, Kansas-based market, traded for pennies following the initial public offering at $16. Nasdaq OMX Group Inc. later said they were canceled and Bats suspended its own stock until further notice. At the same time, a single trade of 100 shares of Apple, the world’s most valuable company, triggered a circuit breaker that paused the stock. [Bloomberg]
- 28 Aug 2014 at 8:00 AM
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