Saturday, March 24, 2012

BATS Global Market Exchange IPO: Revenge Hacking Crash ?

Yesterday the slimey BATS Global Exchange IPO got slimed. It's the focus of an SEC investigation of what's wrong with volatile modern day equity markets . Was a 'software bug" to blame? An exchange spokeman said it was. Anyone want to believe a spokeman for a controversial high frequency trading platform whose controversial front running order strategies range to hated? Or was it a hacking revenge event in the publics interest by a dwindling ,fed up minority of honest Wall Street operators ?.The IPO was pulled. It's tough to pull on slime. But where's there's a will there's a way. The offering was priced at $ 16. Moments later it traded at less than a penny. That's ironic because BATS makes mischief by parsing pennies. Slime handlers , Credit Suisse , Citi Group and Morgan Stanley underwriters had to withdraw the offering from the very  exchange that BATS started in 2005. Since that time BATS has grown to handle 11% of toatal equity volume and 3% of option equity contracts in U.S. They got rich. But the SEC and others are wondering what the slime ball firm does for the public interest?

Thank you to ever pulled this sliming off.

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