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BATS Cancels Its IPO After a Day of Glitches
- twakefield 15y agoArticle includes a nice TL;DR Thursday, @ 7:30 p.m. BATS prices its IPO at $16 a share, the low end of expected range. 6.3 million shares are priced. Friday, 10:45 a.m.: BATS trading begins with trades occurring at BATS Exchange at $15:25, and seconds later trading stops due to technical issues. 10:48 a.m.: BATS says it is "investigating system issues" in all stock symbols between A and BFZZZ. 10:57: A trade on BATS in Apple shares sends stock falling 9.4% to $542.80. Trading halted. 11:02: Apple shares resume trading. 11:07: BATS declares "self help," an industry term meaning the exchange is having problems and other exchanges can stop routing orders to it. 11:14: BATS reopens trading of its stock and 1.2 million shares are executed at $15.25. 11:14: BATS shares route to Nasdaq and in seconds crash to pennies. 11:14: BATS shares halted. 11:53: BATS resolved issues regarding stocks with symbols A through BFZZZ. 11:55: "Self help" is revoked. 12:21 p.m.: BATS says it is cancelling all open orders in impacted stocks, and that trading would reopen for them at 12:50 p.m. It also says a "resume time" for its shares would be "communicated shortly." 12:41: BATS says it will restart trading of its shares at 1:20 p.m. 1:03: BATS says it will be "further delaying" trading of its stock. 3:10: BATS says its shares won't trade Friday. 3:42: BATS withdraws IPO.
- deleted 15y ago[deleted]
- hollerith 15y agoMaybe now that an IPO has failed because of software bugs, we will see a little more emphasis on QA.
- doug1001 15y agoremarkably this article was not from The Onion.