InfoAnda - BATS exchange withdraws IPO after stumbles |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

U.S. ready for talks and sanctions for North Korea | International | | 18 July 2009
And the ballots go to ... 5,810 Oscar voters | 29 January 2009
Booming Chinese economy snaps at Japan's heels | 22 January 2010

EBay forecast pleases as PayPal, auctions gain users | | 28 April 2011

Forum Views () Forum Replies ()

Read more with google mobile : BATS exchange withdraws IPO after stumbles |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Obama gets personal over killing of black Florida teenager | 23 Mar 2012 White supremacist runs for sheriff in Idaho, raising hackles 23 Mar 2012 Facing heat over gas price rise, Obama vows to speed pipeline's southern leg 22 Mar 2012 Apple's new iPhone will use bigger 4.6-inch display: report 21 Mar 2012 Kim Kardashian Flour Bombed As Protesters Step Up Assaults 23 Mar 2012 Discussed 197 Dozens arrested at Occupy’s 6-month anniversary rally 161 Marine sergeant faces discipline for Facebook critique of Obama 159 Republican budget plan seeks to play up tax reform Watched No lights, no signs, no accidents - future intersections for driverless cars Thu, Mar 22 2012 Kim Kardashian gets doused in flour at perfume launch Fri, Mar 23 2012 Sarkozy pledges crackdown on Internet hate sites Thu, Mar 22 2012 BATS exchange withdraws IPO after stumbles Tweet Share this Email Print Related News BATS blames software bug for IPO breakdown Fri, Mar 23 2012 Analysis & Opinion Chart of the day, flash-crash edition Whatâ€™s Facebook really worth? Related Topics Tech » Joe Ratterman, CEO of BATS Global Markets, speaks at the Reuters Exchanges and Trading Summit in New York March 29, 2010. Credit: Reuters/Natalie Behring By Olivia Oran, Chuck Mikolajczak and Carrick Mollenkamp NEW YORK | Sat Mar 24, 2012 11:07am EDT NEW YORK (Reuters) - In a breakdown that resembled a mini version of the 2010 "flash crash," a series of blunders hit the market debut of BATS Global Markets Exchange Inc on Friday, causing the company to take the extremely rare step of withdrawing its initial public offering of shares. The problems Friday morning caused BATS shares briefly to trade for less than a penny, confusing investors and potentially threatening the future of the fledgling exchange itself. The glitches also fouled a trade in shares of Apple Inc, the world's most valuable company, and caused a temporary halt in the stock. Prices plunged shortly after BATS shares began their first day of trading on the BATS exchange, a start-up that in a few years has captured about 11 percent of U.S. equity market volume and 3 percent of equity options volume. "The one thing they would have guarded against is the integrity of their platform on the day they went public," said Francis Gaskins, president of IPO research site IPOdesktop.com, in Los Angeles. The exchange operator had priced 6.3 million shares at $16 per share late Thursday in an initial public offering sold by lead underwriters Citigroup Inc, Morgan Stanley and Credit Suisse Group. Several former or current Credit Suisse bankers serve on BATS' board, according to a BATS regulatory filing. As trading began on Friday, BATS stock dipped to $15.25. Then extreme turbulence hit. A slew of bad trades at less than a penny sent the stock plunging. Though the trades were later voided, the plunge unnerved investors. Around the same time, a bad trade for 100 shares of Apple also went through, triggering a circuit breaker that temporarily halted trading of Apple. At 11:07 a.m. EDT the BATS exchange said it was investigating system issues with trading in symbols in the range "A" through "BF," which include Apple and BATS. The problems caught the company flatfooted and unable to provide a detailed statement. A series of updates on its website noted but did not explain "system issues." At 3:10 p.m. EDT, the company said shares will not resume trading on Friday and that 'all executions in the opening auction will be canceled.' BATS officials declined repeated requests for comment. The IPO was an embarrassment for the lead underwriters, and late in the day BATS announced that the IPO would be withdrawn. Spokespersons for the banks either declined to comment or were not available for comment. Market participants lost little time criticizing the exchange, and the debacle lit up the Twittersphere. "It's just another black eye for the fragmented equity structure," said Joe Saluzzi, co-head of equity trading at Themis Trading in Chatham, New Jersey, and a frequent critic of U.S. equities market structure. "Every day we see things like flash crashes and now IPOs that can't get off the ground." On StockTwits.com, a stock-related Twitter site, commentators took aim at the company. "Man are those investors who participated in the IPO breathing a sigh of relief right now," wrote one. The BATS exchange was forced to declare "self-help," which means an exchange is dealing with internal problems processing trades and needs to send trades through other venues, such as Nasdaq. The erroneous trades were later canceled by Nasdaq. BATS said on its website that trading on its exchange would resume at 1:20 p.m. (1720 GMT), but later said there was another delay. It set no time for a resumption, and eventually said trade would not resume. The glitch on the first day did little to encourage investors. "The last thing you want to do as a listing exchange is mess up your introduction to the public investment world - the IPO," said Jason Weisberg, managing director at Seaport Securities Corp. The failed debut comes as regulators, led by the Securities and Exchange Commission, have been cracking down on exchanges and looking at the relationship between high-frequency trading systems and the exchanges. The trading snags also came on the same day The Wall Street Journal printed a front-page story saying BATS was the subject of an SEC probe of high-frequency trading. More investigations against exchanges are pending, according to a person familiar with the matter. BATS, headed by 45-year-old Joe Ratterman, was formed in 2005 by major banks and trading firms looking to break the stranglehold that the NYSE and Nasdaq had on U.S. stock trading, forcing the traditional venues to modernize their technology. Last November, BATS acquired pan-Europe equity exchange Chi-X Europe for $300 million to challenge that region's dominant exchanges with faster and cheaper trading services. According to BATS' offering documents, the BATS exchange has an 11.3 percent share of the U.S. equity market and a 3.1 percent share of the U.S. equity options market. BATS was scheduled to be the first IPO to list on the exchange. Its difficult debut on Friday led some traders to question whether the exchange is reliable to compete with its bigger rivals. "I think some companies might say ‘If they can't handle the IPO of their own stock, how can they handle the IPO of our stock?'" said Dennis Dick, a Detroit-based market structure consultant and trading member at Bright Trading LLC. "There is going to be a confidence issue of listing on BATS." (Editing by Alwyn Scott, Dan Grebler and Leslie Adler) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Saturday, 24 March 2012
U.S. soldier in Afghan killings faces 17 murder charges |
Russia's Medvedev warns West over missile shield |
White House confirms Obama, Pakistan prime minister to meet |
Italy won't rush disputed labor reform |
Bahraini protesters battle police outside Manama |
Egyptians learn fast in campaign for historic vote |
Apple's devoted shareholders get rich, and hang on |
Nokia Siemens, German unions agree on 1,600 job cuts |
RIM to give out prototype BlackBerry device |
Web address controversy deepens after U.S. warning |
Akamai CEO sets $5 billion revenue target by 2020 |
Hollywood showbiz bible Variety up for sale |
Game show host Bob Barker pays elephants' airfare |
Kim Kardashian laughs off flour-bomb attack |
TV's Simon Cowell ready for challenge of The Voice |
U.S. soldier charged with 17 murders in Afghan killings |
Mali hit by looting after coup, president safe |
North Korea to hold first parliament session under new leader |
Pope's trip sparks hopes for change in Cuba |
Europe bishops slam Saudi fatwa against Gulf churches |
France to resume election race after gunman's death |
Indian Maoists kidnap lawmaker during Italian hostage talks |
Egyptians learn fast in campaign for historic vote |
Gangs in crime-plagued El Salvador call a truce |
BATS exchange withdraws IPO after stumbles |
Facebook, lawmakers warn employers not to demand passwords |
HP hikes dividend by 10 percent |
AOL hires Evercore to sell patent portfolio: report |
KIT Digital: 4 directors quit; shares slide |
Apollo set for major 'Big Brother' stake |
1980s comedian Gallagher says he will retire |
Hunger Games midnight madness lures $19.7 million |
Anti-Kony campaign in turmoil after filmmaker's breakdown |
Stan Lee puts himself into his latest comic book |
TV's Simon Cowell ready for challenge of The Voice |
Homs pounded, Syrian tanks enter northern town |
African Union launches U.S.-backed force to hunt Kony |
Mali junta leader Sanogo denies counter-coup rumors |
Deadly clashes in Egypt after soccer club banned |
Tunisia to elect post-uprising parliament by March |
Palestinian PM says freed U.S. aid to help ease crisis |
BATS exchange withdraws IPO after stumbles |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01