By Nick Baker and Nikolaj Gammeltoft
You think you had a bad day?
Bats Global Markets Inc. (BATS), the six-year-old equity exchange, saw its debut as a public company go haywire, as system errors that caused its computers to spew bad quotes and halted Apple Inc. (AAPL) forced the cancellation of its first day of trading.
“It’s a pretty inauspicious start,” Sam Ginzburg, a partner and head of capital markets at First New York Securities LLC, a New York-based proprietary trading firm, said today in a phone interview.
Data received by Bloomberg showed Bats’s shares, the first ever to be listed on its Lenexa, Kansas-based market, traded for pennies following the initial public offering at $16. Those transactions were later voided and Bats said no trades in its stock today would stand. At the same time, a single execution on its venue of 100 shares of Apple, the world’s most valuable company, triggered a circuit breaker that paused the shares.
global markets inc., first new york securities llc, apple inc., bloomberg, kansas, new york, lenexa, usd, sam ginzburg, financial markets, proprietary trading, business, computing, electronics, bloomberg l.p., head of capital markets
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