BATS statement on systems issue, BATS Global Markets withdraws IPO
First Published 23rd March 2012
BATS Global Markets withdraws initial public offering in wake of technical issues
Kansas City - This morning at 10:45 a.m. ET, BATS BZX Exchange experienced a systems issue affecting trades in securities in symbol range A through BF.
As a result of this systems issue, three erroneous trades occurred on the BATS BYX Exchange in Apple Inc. (APPL), one of which caused a volatility halt in that stock. The erroneous trades were broken under BATS' clearly erroneous trade policy.
The systems issue was rectified at 12:50 p.m. ET at which time trading in the securities in symbol range A through BF resumed. BATS Global Markets has announced it has withdrawn its planned initial public offering (IPO), which was scheduled to close on March 28, 2012.
"Although our affected market has reopened, in the wake of today's technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the IPO is the appropriate action to take for our Company and our shareholders," said Joe Ratterman, chairman, president and CEO of BATS Global Markets.