

BATS Cancels Its IPO After a Day of Glitches - twakefield
http://online.wsj.com/article/SB10001424052702304636404577299560502440118.html

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twakefield
Article 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.

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doug1001
remarkably this article was not from The Onion.

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hollerith
Maybe now that an IPO has failed because of software bugs, we will see a
little more emphasis on QA.

