“By now anybody who reads the business pages knows that BATS Global Markets screwed up its initial public offering big time Friday by mangling trades in a bunch of stock symbols at the top of the alphabet, including Apple (AAPL) and BATS, its own stock,” Philip Elmer-DeWitt reports for Fortune.
“Apple’s shares briefly fell by more than $55 per share,” P.E.D. reports. “BATS, which had been trading for more than $15, fell to less than 4 cents. NASDAQ quickly erased all those trades and BATS was allowed to cancel its IPO.”
P.E.D. reports, “The official explanation for what happened — or at least the one BATS and the Security Exchange Commission worked out Friday — is that software in a server covering stock symbols from A to BFZZZ went a little haywire, spitting out what are known on the Street as ‘false prints.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “David G.” for the heads up.]