27 February 2017
visit dh.com

Bats reveals system error has caused long term pricing problem

10 January 2013  |  6101 views  |  0 Stock exchange screen up and down arrows

Bats Global Markets has warned traders that its systems have carried out hundreds of thousands of transactions over the last four years at prices that were not the best available.

The operator's computers allowed some trades on its two US equity exchanges and its options exchange to be processed at prices equal to or less than the national best bid or offer price, in violation of SEC rules.

The problem dates back to October 2008 and has affected nearly 450,000 trades, costing customers $420,360 in inferior prices, a spokesman Randy Williams told Bloomberg.

In a notice on its Web site, the operator says it is working to have the issue fixed by 25 January.

Last year Bats was forced to pull its planned initial public offering after a humiliating technical breakdown on the opening day of trading.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bats Chi-X Europe seeks UK exchange license

Bats Chi-X Europe seeks UK exchange license

08 November 2012  |  3923 views  |  0 comments | 1 tweets
Bats chief Ratterman stripped of chairmanship

Bats chief Ratterman stripped of chairmanship

28 March 2012  |  5128 views  |  0 comments
Bats pulls IPO following technical meltdown

Bats pulls IPO following technical meltdown

23 March 2012  |  5872 views  |  0 comments
Bats files for IPO

Bats files for IPO

13 May 2011  |  5873 views  |  0 comments
Bats launches second US equities exchange

Bats launches second US equities exchange

15 October 2010  |  6474 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.com http://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13328 views comments | 52 tweets | 74 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8758 views comments | 40 tweets | 34 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7462 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7236 views 1 | 18 tweets | 7 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
7086 views comments | 19 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job