After causing a brief crash in Apple stock, sparking investor confusion and withdrawing its own initial public offering Friday, the high frequency trading exchange BATS Global Markets seems to be glitch-free Monday.
But it must’ve been a rough weekend for executives at the Better Alternative Trading System, one of the largest stock exchanges in the U.S., where more than 10% of trading happens.
BATS, which is based in Kansas City and has offices in New York and London, had expected to be riding high after using its own platform Friday to launch its stock. Instead, a “devastating” software bug in the BATS system disrupted trading, alarming investors with its similarity to the larger “flash crash” in May 2010.
Companies with ticker symbols A through BF were impacted, the exchange said in a statement Sunday.
That included BATS’ own symbol, which sent its share price from $16 to less than a penny at one point before the company canceled trading. (New shareholders hadn’t actually traded any money or shares because BATS’s offering wasn’t set to close until Wednesday.)