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BATS Exchange Declares Self-Help Against... Itself; Trading Halted "Until Further Notice"
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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Great times!
http://www.calibratedconfidence.com/2012/03/what-you-saw-in-apple-and-what-we-saw.html
http://www.calibratedconfidence.com/2012/03/high-frequency-traders-throw-house.html
How ironic, BATS is responsible for much of the market fragmentation and their IPO opens and insta crashes to $0. Lovin it!
Perfect.
I only hope this trend of divine irony continues in every aspect of this farce.
if only BZX was named HIT ...
If only my buy order at $0 would have filled. And they call themselves an exchange.
The update completes the joke:
Please be advised that all issues at BATS HIT [BZX] Exchange in symbol range A through BF have ...
Oh so this is where the term "BATS Shit Crazy" come from.
A B.A.T.S. IPO?
There's plenty of support at $0!
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...
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.
Perfect!
A BATS support group of one...with a meeting now scheduled every Tuesday at 7PM down at the old elementary school at Fifth & Vine ;-)
< 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.
< Waddell
< Reed
< Ernie
< Bert
< Kermit
< Ms. Piggy
< Grünspan
< Bernank
Divine irony? Perhaps you underestimate the sense of humor of certain employees in the financial sector.
BATS is just reflecting the intrinsic value of the whole market.
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.
I used to frontrun wompBATS with my T-16 back home, they're not much faster than two nanoseconds.
If only more Americans could understand that joke, it works on so many levels
HAL is about to melt down.....
I think it's overheating..
Volt. iPad. BATS.
long fire extinguishers.
Isn't it baking soda for electrical fires? Long A&H!
Daisy.....Daaaisyy....http://www.youtube.com/watch?v=OuEN5TjYRCE
Did JPM just turn Watson on?
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...
Nevermind. JPM will kick in the Holmes ® . Chandra from Bangalore already hacking Watson.
Proudly presented by IBM & Infosys .....
like a monkey humping itself in the mirror
You sir, made me LOL. Nicely done.
It doesn't get any funnier than this, if you can exclude the fact that real people are going to get hurt.
Anybody that's still playing with their own money in this market deserves all the pain they get!
TVIX single-handedly took me away from this shill for quite some time.
Most of them our likely playing with "ours."
There aren't any real people involved anymore. It's everybot for themselves!
If it can happen in stocks, it could happen in the bond market, too.
Seems like a good day to withdraw your maximum daily limit at the ATM.
fuck!
That fall looks cycloid curvish... Shortest transit time between two points.
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.
Bob fucking Pisani just described this event on BATS as, "A mini crash."
...as compared to what's yet to come.
And the real stick in the eye? All indexes comfortably back in the green.....just vomitous.
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.
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.
The off ramp from the Bridge to Nowhere has a sign that says 'Turn left to Fullretardville'!
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.
I told The Bernank to never go full retard.
But he has "bubbled down."
http://www.bearishnews.com/wp-content/uploads/2010/10/bernanke-bubble.jpg
It'll be different this time, though. I guess. Hopefully.
I've said it before - these fuckers are making bets with each other as to who can fuck the system hardest (biggest bullshit story accepted at face value by the media, most ridiculous, egregious trade pulled off that gets accepted as 'normal' by MSM, etc.). So this is just the logical conclusion.
Trader A - I bet you 50 grand I can break AAPL below 550, and the media will call it a fat finger (does it)
Trader B - Nice, but watch this - double-or-nothing, I can run BATS to 0. Go ahead, put your .05 bid in, you can use it to cover your loss to me. Now check this out(does it)
Trader A - Very nice! OK, here's your $50,000, now lets get some lunch.
Mortimer, the acceptable bet size is $1. You know the rules quite well. Now go turn the machines back on ...
Add a few more players here with tangential motivations, and I think you've just given the most succinct story of how it is, ever.
actually they said:
Fixed it for ya -- demons don't do lunch.
Watching the series of market clusterfucks unfold this morning has been highly entertaining.
Will someone please call 911, we have a bunch of muppets in critical condition.
Ouch. That's gotta hurt.
"TURN THE DAMN THING OFF! JUST UNPLUG IT FOR GODS SAKE!"
LOL
Haha that reminded me of The Jetsons:
http://youtu.be/pRyrcpe74Yg?t=1m22s
We can't it's like the internet...where is it?
If you had a machine that printed 100s of thousands or more a day would you really turn it off?
100's of thousands of what? Worthless dollars?
Jumping the gun a bit arent ya. Last I checked theyre still good.
jobs? hope? gobstoppers?
Well at least on that time scale it would appear they managed a soft landing.
I imagine they were beating that thing with a stick.
... no fuckin' way. Ever seen an power switch on the cheapo printer / scanner / dildo ( power supply )?
It's not a bug .....
Hint: Cruise missile in the power plant supplying dat HFT SkyNet Whorehouse would do the job.
Tomahawks long .... b...
_________________________________
Makes me think about an old joke, a peasant masturbates with an milk machine. It stops automatically after a gallon or two.
Can someone exlpain what happened here in simple terms that you don't have to be a lying thief to understand?
What in the hell does it mean to claim "self help" against itself?
And WTF is the BATS exhange? And what does it do / monitor / destroy?
I'm serious too...I am sure there are alot of people who have no idea what this is or means (other than it is just another example of how truly broken the so called market it - we all know that very well'
BATS operates two stock exchanges in the U.S., the BZX Exchange and the BYX Exchange (The BATS Exchanges), which currently account for about 11-12% of all U.S. equity trading on a daily basis. Driven by its mission of "Making Markets Better," BATS has become synonymous with great technology, aggressive pricing and outstanding customer service while catering to the needs of the broker-dealer and trading community. "
Yea, sure.....
No kidding, I've been series 7 licensed since 1998 and I still don't know what this stuff means.
From what I can tell, it was a technical glitch and doesn't mean anything. The affected trades will be cancelled, tech problems will be fixed, BATS will muddle through the embarrassment, and the party will continue...
Do I have that about right?
We all make mistakes, but some are not easily forgotten.
I think this is one of those dye your hair and move to another state kind of situations - imagine it's your job to spin this one.
It's like with Greece, they complied with the letter of the law (apparently) but the true nature of the market was planely revealed.
I hear ya...I'm series 7 licensed and I still don't know what this means.
You have plenty of company at the SEC....
I swear this was written by fucking Lewis Carroll:
BATS Global Markets (BATS) will IPO next week on the BATS exchange under the ticker symbol BATS. The BATS stock IPO will be the first IPO not listed on the NYSE or NASDAQ. The BATS IPO will be a hot one and an IPO that I have been looking forward to in 2012. BATS stock is expected to open for trading either March 21, 22, or 23, 2012.
"Beware the Jubjub bird, and shun the frumious IPO BATS!"
"Reaction time is a factor in this, so please pay attention"
Holy shit Batshit!
WTF are they using over there at BATS a Commodore 64?
PS3.
Seems someone got an advanced copy of "MLB The Show 12" and they had to restart the console for it to recognize the controller ...
the trick is that when you copy the tapes, you shouldn't use "high speed dubbing"
No wonder the market struggles above 13k, they must have the Dolby clicked on.
I think you'll find they're using Dobly.
(June Chadwick -Spinal Tap 198*)
---
No, Raspberry Pi
http://www.youtube.com/watch?v=7LOVzgwRwAY&feature=fvst
Did Goldman tell clients to go long BATS at $16 with a stop at .00000001?
Batting 1000.
BATS has declared self-help against another market center, or is actively investigating an issue. Further information will be provided below as it becomes available.
Yea REAL GOOD here Ben, dont worry, just keep your grade school lecture circuit going we got it all under control on this end!
Just turn the go_ _amn thing off! You can't turn if off. ... in 10 minutes it's going to launch the next flash crash for all we know.
(war games)
Lol! @ Jason.. Thanks, now I have an image of Tommy Boy stuck in my head.
Look, their getting Techware Bob on the horn to straighten this whole thing out before it launches missles out of N. Korea.
We all know not to download that new iBATS application.
iBATSick. Urrgh.
Can we send a Terminator back in time to get rid of the Federal Reserve & taxes? The T1000 should look like a young Ron Paul & we can send it after Greenspan & Bernanke too!
get rid of taxes? That's noble.
Why don't you go back 500,000 years and kill every primate that resembles Mr Magoo. That would fix everything.
Guess we will soon hear how Banks/HedgeFunds have been using BATS to game the system since inception.
My hunch, this time they will not be able to cover up the truth.
Doesn't matter. They'll just create the next memory hole if things get bad enough.
This is just a prelude to next week, the shit hawks are comin!
http://www.youtube.com/watch?v=Ozmz_3VdDSg
naturally this is bullish
Can they de-list, go private and try the IPO again, or something else desperate like that..??
They just did, good call. Muppets are going to re-IPO it.
I believe the underwriters did force them to include "No Takesy Backsies" language. However, I'm not sure how the "I'm Rubber and You're Glue" rider applies in this instance, since it would appear to create an infinite regression of bouncing off of me and sticking onto you.
Might need a federal court to sort this one out.
"They just did, good call. Muppets are going to re-IPO it."
I appologise in advance, that's the story they floted, now, their closing the IPO for good.
-JP
No kidding, I've been series 7 licensed since 1998 and I still don't know what this stuff means.
Word Cloud for 2012.
Corzined or Corzinated.
Vaporized.
Muppets.
I'm shocked, just shocked!
Found innocent.
Not responsible.
Avoided arrest.
Record Bonus.
Retirement.
Batshit software.
Now, for the CNBS question of the day.. Did Jon Corzine lie to Congress about the "Vaporization" statement? Duuh? These people are so far behind the curve, they think their up front.
I'm going to have to say.. Yes! According to what Tyler Durden posted about the emails to JP Morgan transfers to London, and Corzine approved it. Spot on! again!
Thanks Zero Hedge for the un varnished truth. Is that too much to ask for these days?
you know, every day I wake up and I think to myself there is no way today can be anymore absurd, surreal or retarded that the previous day...
and every day I am proven wrong.
Marcus,
The currency printers in Zimbabwe, who were told to add a few zeros to the press plates every day, probably said the same thing a few years...
What happens when the absurd becomes commonplace...???
we are defiantly about to find out...
I can't predict the future, but I have a strong feeling none of us will be needing shades...
That's what happens when the inmates takeover the asylum. Institutuitialized idiocy that grows by the instant.
I could'nt agree more...sigh....where's the scotch?
An epic IPO. Has that ever happened before? HAHAHAHAH
Can they move to the NONEX where nothing happens? No trades, no value, just commissions?
Trading with symbols A through BF have been resumed, does that mean that if a ticker starts with C or even BG its still halted? In any event I am enjoying this after all the destruction these modern bankers/markets have brought upon us, the suffering in my own life (which I've walked away from) I get one day to gloat and laugh hysterically at them. Justice served and more coming me thinks.
I can only hope that all of Congress managed to in early on this one.
"Did you ever take that test yourself, Decker?"
Chart looks like a Red Bull Flugtag flight....like this video...only this is the BEST flugtag flight ever (in Minnesota, natch)
http://www.youtube.com/watch?v=5Im8VtLQgh4&hd=1
World record flight at Red Bull Flugtag Minneapolis St Paul 2010This quote was very funny to me. Spit out my lunch. Thank you. I needed that. Flutag... haha
I'd take BATS for negative one billion, Alex.
B.A.T.S. stands for BATShit
Fucking Christ. I'm done. I should have played craps instead.
Thank god I have that hunk of metal in closet.
Even Skynet knows not to be a bag holder.
But the "Vector Vest" shows everything is GREEN!!! LOL!!
Stay in cash or even better, cash in and convert. This shit show is going down and the entire global financial house of cards goes with it.
the symbol charts I am using use bats and it sucks. there are often long delays in some trading data and there is a large discrepancy with the chart real time bats data and my vanguard trading venue.
happening right now, no shares traded when the security moves fast ad they wait a long time between them and vanguard. there is a 20 cent different arb opportunity / share here on bats!!!
"...the smell of Napalm in the morning..."
These fuckers probably coded something in behind the scenes to give the stock a 'nudge' in the right direction after open...oops. Ironic in light of recent acusations.
BATS's IPO comes as the SEC is examining whether some rapid-fire trading firms such as Getco and Tradebot Systems Inc., another BATS investor, have used their close links to computerized stock exchanges like BATS to gain an unfair advantage over other investors.
http://online.wsj.com/article/BT-CO-20120323-708516.html
Funny.. CNBS says the exact opposite. They said it was a "way way low trade that stuck Batshit on stupid" I will take your word for it though.
B.A.T.S. = Binary Algorithms That Suck.
No way my premise could be true because these people are geniuses and geniuses don't make mistakes...oops wait.
NASA lost its $125-million Mars Climate Orbiter because spacecraft engineers failed to convert from English to metric measurements when exchanging vital data before the craft was launched, space agency officials said Thursday.
http://articles.latimes.com/1999/oct/01/news/mn-17288
Anonymous getting an early April Fools prank in. Coz an April Fools prank on April Fools is just too passe
Facebook IPO has been postponed indefinitely. Nobody even talks about it anymore. Zuck has gotten the word from his overlords at Mossad and BOI. "Now is not the time son"
Why shoot the horse when you could ride it a little bit longer?
Can someone explain why is it possible to trade at 0?
Thanks.
You make it up in volume.
Interesting. If this is legit, the HFT guys can write code and suck the exchange dry with this type of trade.
Either:
(1) Really, really bad QA.
Or....
(2) It wasn't actually a trade at zero, but a stub bid at 1e-6 cents or something like that.
Thanks guys.
If it is bad QA. You can pretty much tell the quality of the overall HFT code. It is a simply bug that can be caught with unit test (assert negative). I guess they don't have unit test. But they are really gutsy because of the amount of liquidity they are running on given the quality of their software.
Somebody please post here to set the record straight? There in the dark over there.
http://www.cnbc.com/id/46835129
BATS just wanted to reroute all bids to mega millions tickets for tonight...
Oh god, noooo! It has become self aware and will attempt to procreate (have sweet sweet sexual relations) with it's programmer's hot wife.
Even God has a sense of humor.
This crap must stop...we need to do away with BATS, HF trading, algo computer driven trading. It is no wonder that we cannot bring back the retail suckers/traders back into the market...they are scared crapless, we should be too..........hit the destruct button and bring down SkyNet !!!!
All the Retail crowed folded tent last year. All sheep to the shear now. Mom and Pops investments. Sad, they should have followed ZH.
I'm soo excited. I have patiently looked and never found such an appropriate place to use this... LMFAO!
There are so many jokes that can be said. I am going to leave this one alone.
Too easy.
According to the Director of the NYSE, (can't remember foreign last name) He is going to leave it up to B.A.T.S. to explain WTF happened.