Market Survives Bats' Failed IPO; Will Bats?

Joe Ratterman, Bats Global Markets

As far as bad days go, Bats Global Markets had an all-timer on Friday. The term "perfect storm" was created to describe days like that one.

On March 23, a software bug caused havoc on the exchange operator's trading platform. The bug in question was one connected to the trading of its very own initial public offering (IPO), the result of which forced the company to pull its IPO, a rarity. Erroneous prices were sent out. And if that wasn't bad enough, three erroneous prints, according to Bats

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