BATS halts electronic trading platform

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The Kansas-based stock exchange BATS Global Markets announced Thursday that trading had halted on one of its two electronic trading platforms, the BATS BYX Exchange, which accounts for about 2% of all stock trading in the U.S.

Bloomberg Businessweek reports that both the New York Stock Exchange and Nasdaq were routing orders away from BATS.

This is the second time in as many months that some kind of malfunction has held up trading at BATS. On 6th August the BATS BZX Exchange shut down for almost an hour because of technical glitches. These glitches pale in comparison with BATS’s most infamous tech flub, in March 2012, when a computer error forced the exchange to cancel its own public offering

The BATS trading halt comes about a month after Nasdaq shut down for three hours when a piece of software responsible for distributing the public data feed crashed. That was the 24th exchange glitch to hit global exchanges in the last 18 months, according to a recent report by Standard & Poor. Two weeks ago exchange executives were summoned to the U.S. Securities Exchange Commission by Chairman Mary Jo White to account for all the screw-ups.

To access the complete Bloomberg Businessweek article hit the link below

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