SEC Stunned To Discover No One Wants To Pay To Be Surveilled
"Hey, pay for this thing you hate" is apparently not the best enforcement mechanism.
The SEC’s Ultra-High-Tech Insider Trading Robot Leaves No Plumber Unprosecuted
The SEC's got a cool new toy.
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 Because what's weird here is not a withdrawn IPO but a withdrawn IPO that had already priced.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.