• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

BATS Exchange Declares Self-Help Against... Itself; Trading Halted "Until Further Notice"

Tyler Durden's picture


The now thorougly disgraced exchange has issued an update:

BATS System Status Update - Trading Issues Resolved


March 23, 2012 11:53:26 ET


Please be advised that all issues at BATS BZX Exchange in symbol range A through BF have been resolved. Trading will resume in symbols A through BF at noon ET. TCP PITCH market data may be delayed. All other market data is timely. All fills and outs have been submitted electronically.


The IPO auction execution for symbol BATS has been printed on Tape B at a price of $15.25 with a size of 1,199,652. The symbol BATS will be halted until further notice. Resume time for trading in symbol BATS will be communicated as soon as possible.

Does this mean a re-IPO is coming, this one pricing the HFT firm at its fair value of $0.0001?


SkyNet is now sentient, and has commenced rebelling against its creator, following the BATS exchange announcement of self help against.... Itself.

  • BATS BYX Exchange has declared self-help against BATS BZX
  • March 23, 2012 11:07:25 ET
  • BATS BYX Exchange has declared self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX has been suspended as of 11:07:04 ET.

And visually.

BATS IPO, 03/23/2012:

The actual fall happened in just 900 milliseconds:


Finally, TVIX is now trading down 25%, below NAV.


Please "trade" "stocks" -It is really safe out there. Really.

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Fri, 03/23/2012 - 11:42 | 2283656 overbet
overbet's picture

How ironic, BATS is responsible for much of the market fragmentation and their IPO opens and insta crashes to $0. Lovin it!

Fri, 03/23/2012 - 11:49 | 2283695 LowProfile
LowProfile's picture


I only hope this trend of divine irony continues in every aspect of this farce.

Fri, 03/23/2012 - 12:03 | 2283776 nonclaim
nonclaim's picture

if only BZX was named HIT ...

Fri, 03/23/2012 - 12:14 | 2283848 hedgeless_horseman
hedgeless_horseman's picture



...their IPO opens and insta crashes to $0

If only my buy order at $0 would have filled.  And they call themselves an exchange.

Fri, 03/23/2012 - 12:35 | 2283955 nonclaim
nonclaim's picture

The update completes the joke:

Please be advised that all issues at BATS HIT [BZX] Exchange in symbol range A through BF have ...

Fri, 03/23/2012 - 13:42 | 2284254 Temporalist
Temporalist's picture

Oh so this is where the term "BATS Shit Crazy" come from.

Fri, 03/23/2012 - 19:14 | 2285479 Money 4 Nothing
Money 4 Nothing's picture


Fri, 03/23/2012 - 15:14 | 2284614 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

There's plenty of support at $0!

Fri, 03/23/2012 - 12:13 | 2283850 NotApplicable
NotApplicable's picture

Self-help to cure self-hurt? Sounds like rehab. Time to focus on the 12 steps!

Step 1) We admitted we were powerless over trading—that our lives had become unmanageable...

Fri, 03/23/2012 - 12:30 | 2283939 Global Hunter
Global Hunter's picture

the higher power though can't be a god of your understanding the higher power can only be an algo or a machine for recovery purposes.

Fri, 03/23/2012 - 13:01 | 2284085 nmewn
nmewn's picture


A BATS support group of one...with a meeting now scheduled every Tuesday at 7PM down at the old elementary school at Fifth & Vine ;-)

Fri, 03/23/2012 - 12:08 | 2283816 CvlDobd
CvlDobd's picture

< Buy

< Sell

If you were in a pit and saw this morning action what would you have done?

I can't believe the market is naturally higher on this shit.

Fri, 03/23/2012 - 13:09 | 2284115 francis_sawyer
francis_sawyer's picture

< Waddell

< Reed

Fri, 03/23/2012 - 13:10 | 2284121 francis_sawyer
francis_sawyer's picture

< Ernie

< Bert

Fri, 03/23/2012 - 13:11 | 2284124 francis_sawyer
francis_sawyer's picture

< Kermit

< Ms. Piggy

Fri, 03/23/2012 - 13:18 | 2284145 NoClueSneaker
NoClueSneaker's picture

< Grünspan

< Bernank

Fri, 03/23/2012 - 13:08 | 2284113 Greater Fool
Greater Fool's picture

Divine irony? Perhaps you underestimate the sense of humor of certain employees in the financial sector.

Fri, 03/23/2012 - 11:53 | 2283726 Dr. Engali
Dr. Engali's picture

BATS is just reflecting the intrinsic value of the whole market.

Fri, 03/23/2012 - 11:57 | 2283728 TruthInSunshine
TruthInSunshine's picture

BATS' algorithm was compromised by the insertion of a terrorist code string. There are rebel algorithms now, trying to align with other splinter algorithms, to attack the central algorithm and bring down the core. This self-help declaration is in reality an SOS imploring other rebel algorithms to join BATS in order to form a stronger rebel algorithmic confederation.

Fri, 03/23/2012 - 12:06 | 2283810 hedgeless_horseman
hedgeless_horseman's picture



I used to frontrun wompBATS with my T-16 back home, they're not much faster than two nanoseconds.

Fri, 03/23/2012 - 22:04 | 2285792 Tijuana Donkey Show
Tijuana Donkey Show's picture

If only more Americans could understand that joke, it works on so many levels

Fri, 03/23/2012 - 11:41 | 2283644 jcaz
jcaz's picture

HAL is about to melt down.....

Fri, 03/23/2012 - 11:53 | 2283717 Jason T
Jason T's picture

I think it's overheating..

Fri, 03/23/2012 - 12:46 | 2284018 t_kAyk
t_kAyk's picture

Volt.  iPad.  BATS. 

long fire extinguishers. 

Fri, 03/23/2012 - 13:45 | 2284264 ParkAveFlasher
ParkAveFlasher's picture

Isn't it baking soda for electrical fires?  Long A&H!

Fri, 03/23/2012 - 11:43 | 2283652 Paul Atreides
Fri, 03/23/2012 - 11:42 | 2283655 catacl1sm
catacl1sm's picture

Did JPM just turn Watson on?

Fri, 03/23/2012 - 11:53 | 2283718 knukles
knukles's picture

That's Citi, not JPM....

Only Citi is sooo undeservedly arrogant to announce some assenine affair like using Watson.
Jesus...  If it doesn't work, it's a high profile failure; if it does, it's what it's supposed to have done.
No upside...

Fri, 03/23/2012 - 13:22 | 2284154 NoClueSneaker
NoClueSneaker's picture

Nevermind. JPM will kick in the Holmes ® . Chandra from Bangalore already hacking Watson.

Proudly presented by IBM & Infosys .....

Fri, 03/23/2012 - 11:42 | 2283658 the not so migh...
the not so mighty maximiza's picture

like a monkey humping itself in the mirror

Fri, 03/23/2012 - 11:53 | 2283720 TraderTimm
TraderTimm's picture

You sir, made me LOL. Nicely done.

Fri, 03/23/2012 - 11:42 | 2283660 Dr. Engali
Dr. Engali's picture

It doesn't get any funnier than this, if you can exclude the fact that real people are going to get hurt.

Fri, 03/23/2012 - 11:45 | 2283677 Acet
Acet's picture

Anybody that's still playing with their own money in this market deserves all the pain they get!

Fri, 03/23/2012 - 11:49 | 2283696 Hippocratic Oaf
Hippocratic Oaf's picture

TVIX single-handedly took me away from this shill for quite some time.

Fri, 03/23/2012 - 11:56 | 2283749 NotApplicable
NotApplicable's picture

Most of them our likely playing with "ours."

Fri, 03/23/2012 - 11:48 | 2283690 DeadFred
DeadFred's picture

There aren't any real people involved anymore. It's everybot for themselves!

Fri, 03/23/2012 - 11:45 | 2283676 swissaustrian
swissaustrian's picture

If it can happen in stocks, it could happen in the bond market, too. 

Fri, 03/23/2012 - 11:45 | 2283678 Lost Wages
Lost Wages's picture

Seems like a good day to withdraw your maximum daily limit at the ATM.

Fri, 03/23/2012 - 11:46 | 2283679 resurger
resurger's picture


Fri, 03/23/2012 - 11:46 | 2283681 tickhound
tickhound's picture

That fall looks cycloid curvish... Shortest transit time between two points.


Fri, 03/23/2012 - 11:47 | 2283687 Cdad
Cdad's picture

For God's sake, someone just pull the plug out of the wall socket on this amazingly obvious non market market.  And somebody bring a wheelbarrow full of crazy pills, please.

At the BlowHorn [CNBC], cue up more stories that sound like, "Look!  A rabbit!"

I think the non market market has just crossed the bridge to nowhere...tax payer funded, for sure.

Fri, 03/23/2012 - 11:54 | 2283737 Cdad
Cdad's picture

Bob fucking Pisani just described this event on BATS as, "A mini crash."  

Fri, 03/23/2012 - 11:57 | 2283759 NotApplicable
NotApplicable's picture

...as compared to what's yet to come.

Fri, 03/23/2012 - 12:01 | 2283784 SheepDog-One
SheepDog-One's picture

And the real stick in the eye? All indexes comfortably back in the green.....just vomitous.

Fri, 03/23/2012 - 12:10 | 2283836 Cdad
Cdad's picture

Obviously, what the market is demanding is more liquidity.  Yeah, that is the problem.

You go, Ben Bernanke.  After all, this is the wasteland that you created when you bailed out these criminal banks.

Fri, 03/23/2012 - 12:14 | 2283859 Cdad
Cdad's picture

The conversation being had on the BlowHorn [CNBC] per this issue [and I am listening today and trying hard to hold down the bile], is absolutely, mind-numbingly fucking stupid!  From "liquidity" being the issue, to this being a signal to "move up in blue chip stock quality" to J. Teranova outright saying that the 100 share trade on Apple is "what finally cracks the Apple story".

Unreal.  Today is the day that no one can deny...this simply is no longer a market at all.  And the low quality of the people left to whore themselves on the BlowHorn and try to explain what is going on is the final straw.

Quick everyone, the market is green!  Hop on the A Train to crazy town, which passes right over the bridge to nowhere.

Fuck me, and fuck Wall Street...and a big thanks to Ben Bernanke for the wasteland.

Fri, 03/23/2012 - 12:33 | 2283951 SheepDog-One
SheepDog-One's picture

The off ramp from the Bridge to Nowhere has a sign that says 'Turn left to Fullretardville'!

Fri, 03/23/2012 - 12:55 | 2284055 Cdad
Cdad's picture

That is exactly where all of our illustrative bankers are obviously headed...especially those financial geniuses who have looked past the New iPad overheating, and looked past the New iPad weak Wi-Fi, and looked past the revelation by New iPad users that they cannot afford the data usage of their new device...TO declare that the Apple story will crack because 100 shares of stock traded down 9%.

The 100 shares of Apple isn't even an Apple story, but of course a story about the broken market...the non market.  Way to go J. Teranova...you win the moron contest today.  Don't miss that exit on the left for Fullretardville.

Fri, 03/23/2012 - 12:57 | 2284060 TruthInSunshine
TruthInSunshine's picture

I told The Bernank to never go full retard.

But he has "bubbled down."



It'll be different this time, though. I guess. Hopefully.


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