BATS Global Markets’ Failed IPO, March 23, 2012
Before Facebook went public, BATS’s initial public offering was known as the worst IPO of all time. In a scene that conjured images of the Flash Crash, the exchange operator withdrew its IPO after a rogue algorithm drove down the stock’s price from $15.25 to about 2 cents in less than one second. It also led conspiracy theorists to speculate about whether a malicious algo was set off on purpose to keep BATS from going public, where it would compete directly with Nasdaq and the New York Stock Exchange for corporate listings.
[BATS Flash Crash: Here's What Happened]
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio