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Wall Street’s 5 Biggest Tech Fails

As the Knight Capital trading fiasco once again proved, in the race to be first, crashes will happen. But slowing down today’s high-speed marketplace would be akin to going back to the Stone Ages for market participants. High-speed trading is here to stay, and strategies will continue to grow more complex. But over the past two years, there have been a number of high-profile incidents in which an inability to harness the latest technologies that power our markets has cost industry players
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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

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