Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, March 23, 2012

Problems at BATS

The IPO of BATS Global Markets did not get off to a good start today.  BATS operates two electronic exchanges in the U.S. which account for about 11-12% of all U.S. equity trading.  Selling sharerholders are offering about 6.3 million shares, which were priced Thursday at $16 per share.  The Wall St. Journal's lead story today reports on an SEC investigation into whether high-frequency traders use connections with computerized exchanges to gain an unfair advantage and specifically names BATS.  WSJ, SEC Probes Rapid Trading.  Then the IPO was halted on Friday morning after Nasdaq reported "erroneous trades" in BATS stock, and BATS itself reported problems with trading errors in Apple stock.  WSJ, BATS IPO Halted After Erroneous Trades

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