BATS Gets It Right This Time

Never underestimate the power of tenacity and bizarre timing when pricing a new stock.

The second time proved the charm for BATS Global Markets today. It managed to go public without screwing up anyone else’s listing, and has even been rewarded for it.

BATS’s stock gained 18 percent to $22.51 at 10:26 a.m. in New York. The shares are listed on BATS’s own BZX Exchange, the first to do so since the company was founded 11 years ago as an alternative trading site to the New York Stock Exchange and Nasdaq Stock Market.

So after failing to go public in one of the hottest IPO markets ever, BATS has successfully in a veritable IPO wasteland. Hooray for alternative trading and irony!

BATS Shares Climb in I.P.O., Avoiding Debacle of 2012 Listing [DealBook]
BATS Tries Again With I.P.O. on Its Own Exchange [NYT]


BATS Owns It

If you're looking for contrition from BATS Global Markets following its revelation that it's been screwing up hundreds of thousands of trades and violating rules for about four years, you'll be disappointed. The latest exchange forced to publicly admit incompetence says it's going to try to fix things, but that customers (and, presumably, the SEC) occasional snafu.