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UPDATE: BATS (BATS) Implodes on IPO Day

March 23, 2012 11:55 AM EDT Send to a Friend
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(Updated - March 23, 2012 12:15 PM EDT)

BATS (OTC: BATS) had the worst possible IPO debut any manager could come up with in their worst nightmare.

BATS, a stock exchange, choose to brings its stock public via its own exchange Friday. That's when the problems started.

At 10:45AM - the IPO for BATS opened $15.25, the stock was halted shortly after amid widespread system issues. On other exchanges, the stock was trading as low as $0.038.

At 10:48 - the BATS system issued an alert saying it is currently investigating system issues trading in symbols ranging A through BF.

At 10:57AM - a bad trade on BATS triggered a trading halt for NASDAQ-traded Apple (Nasdaq: AAPL).

At 11:07AM - BATS BYX Exchange declared self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX was suspended as of 11:07:04 ET.

The company said the stock will remain halted until further notice.

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