Fingers crossed an amateur hour screw up on the big day doesn't derail things...again.

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.

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:

At a time when U.S. exchanges seem to have lost the capacity to competently manage an initial public offering, one might expect Hong Kong's securities honchos to sense an opening. They have apparently gotten a different message.

Square's IPO is the best of times, Square's IPO is the worst of times.