The software glitch that torpedoed BATS own IPO Friday happened because the company failed to test a specific scenario with an order type called regular hours only orders. [link]
Bats CEO Says Computer Glitch `Unfortunate'
Mar. 26, 2012 - March 26 (Bloomberg) -- Joe Ratterman, chief executive officer of Bats Global Markets Inc., talks about the software error that derailed the company's initial public offering and outlook for the third-biggest U.S. stock exchange operator. Ratterman speaks with Julie Hyman on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg) (Bloomberg)
CEO Cedes Chairman Role
March 28 (Bloomberg) -- Directors at Bats Global Markets Inc. won't consider redoing the exchange operator's initial public offering for at least a quarter, according to a person with direct knowledge of the matter.
The decision was made during a board meeting yesterday, according to the person, who declined to be identified because the talks were private. Bats said in a statement that Chief Executive Officer Joe Ratterman will give up his chairman role after the company withdrew the IPO on March 23 because its computers couldn't get the shares trading.
Randy Williams, a Bats spokesman, declined to comment on the directors' meeting. [More]
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