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 - 11:49 | 2283693 Al Huxley
Al Huxley's picture

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.

Fri, 03/23/2012 - 12:10 | 2283835 brooklynlou
brooklynlou's picture

Mortimer, the acceptable bet size is $1. You know the rules quite well. Now go turn the machines back on ...

Fri, 03/23/2012 - 12:15 | 2283869 DCFusor
DCFusor's picture

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.

Fri, 03/23/2012 - 12:19 | 2283889 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

now lets get some lunch.

actually they said:

now let's get some coke and hookers

Fixed it for ya -- demons don't do lunch.


Fri, 03/23/2012 - 11:51 | 2283698 Atomizer
Atomizer's picture

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.

Fri, 03/23/2012 - 11:51 | 2283701 El
El's picture

Ouch. That's gotta hurt.

Fri, 03/23/2012 - 11:51 | 2283704 tekhneek
tekhneek's picture


Fri, 03/23/2012 - 11:53 | 2283719 SheepDog-One
SheepDog-One's picture


Fri, 03/23/2012 - 14:50 | 2284537 Temporalist
Temporalist's picture

Haha that reminded me of The Jetsons:

Fri, 03/23/2012 - 11:56 | 2283745 Dr. Engali
Dr. Engali's picture

We can't it's like the internet...where is it?

Fri, 03/23/2012 - 12:17 | 2283884 overbet
overbet's picture

If you had a machine that printed 100s of thousands or more a day would you really turn it off?

Fri, 03/23/2012 - 12:33 | 2283956 SheepDog-One
SheepDog-One's picture

100's of thousands of what? Worthless dollars?

Fri, 03/23/2012 - 14:04 | 2284348 overbet
overbet's picture

Jumping the gun a bit arent ya. Last I checked theyre still good.

Fri, 03/23/2012 - 12:49 | 2284028 t_kAyk
t_kAyk's picture

jobs?  hope?  gobstoppers? 

Fri, 03/23/2012 - 13:15 | 2284137 mendigo
mendigo's picture

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.

Fri, 03/23/2012 - 13:32 | 2284194 NoClueSneaker
NoClueSneaker's picture

... 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.

Fri, 03/23/2012 - 11:51 | 2283705 Shock and Aweful
Shock and Aweful's picture

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'

Fri, 03/23/2012 - 11:56 | 2283746 J 457
J 457's picture
"About the BATS Exchanges

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.....

Fri, 03/23/2012 - 12:04 | 2283799 crghill
crghill's picture

No kidding, I've been series 7 licensed since 1998 and I still don't know what this stuff means.

Fri, 03/23/2012 - 12:11 | 2283841 El
El's picture

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?

Fri, 03/23/2012 - 13:37 | 2284235 mendigo
mendigo's picture

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.

Fri, 03/23/2012 - 12:09 | 2283832 crghill
crghill's picture

I hear ya...I'm series 7 licensed and I still don't know what this means.

Fri, 03/23/2012 - 12:18 | 2283892 rosiescenario
rosiescenario's picture

You have plenty of company at the SEC....

Fri, 03/23/2012 - 12:26 | 2283927 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

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.

Fri, 03/23/2012 - 13:34 | 2284223 Greater Fool
Greater Fool's picture

"Beware the Jubjub bird, and shun the frumious IPO BATS!"

Fri, 03/23/2012 - 11:52 | 2283710 Burr's 2nd Shot
Burr's 2nd Shot's picture

"Reaction time is a factor in this, so please pay attention"

Fri, 03/23/2012 - 11:52 | 2283712 Nothing To See Here
Nothing To See Here's picture

Holy shit Batshit!

Fri, 03/23/2012 - 11:52 | 2283715 SheepDog-One
SheepDog-One's picture

WTF are they using over there at BATS a Commodore 64? 

Fri, 03/23/2012 - 12:12 | 2283846 brooklynlou
brooklynlou's picture


Seems someone got an advanced copy of "MLB The Show 12" and they had to restart the console for it to recognize the controller ...

Fri, 03/23/2012 - 12:14 | 2283854 HelluvaEngineer
HelluvaEngineer's picture

the trick is that when you copy the tapes, you shouldn't use "high speed dubbing"

Fri, 03/23/2012 - 14:26 | 2284445 ParkAveFlasher
ParkAveFlasher's picture

No wonder the market struggles above 13k, they must have the Dolby clicked on.

Fri, 03/23/2012 - 15:53 | 2284724 theprofromdover
theprofromdover's picture

I think you'll find they're using Dobly.

(June Chadwick -Spinal Tap 198*)

Fri, 03/23/2012 - 13:14 | 2284127 TruthInSunshine
TruthInSunshine's picture



"WTF are they using over there at BATS a Commodore 64?"

No,  Raspberry Pi

Fri, 03/23/2012 - 11:53 | 2283725 Slope of Hope
Slope of Hope's picture

Did Goldman tell clients to go long BATS at $16 with a stop at .00000001?

Fri, 03/23/2012 - 11:54 | 2283732 William113
William113's picture

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.

Fri, 03/23/2012 - 11:54 | 2283736 SheepDog-One
SheepDog-One's picture

Yea REAL GOOD here Ben, dont worry, just keep your grade school lecture circuit going we got it all under control on this end!

Fri, 03/23/2012 - 11:54 | 2283738 Jason T
Jason T's picture

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)

Fri, 03/23/2012 - 12:54 | 2283760 Money 4 Nothing
Money 4 Nothing's picture

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. 

Fri, 03/23/2012 - 11:56 | 2283747 Atomizer
Atomizer's picture

We all know not to download that new iBATS application.

Tue, 03/27/2012 - 18:43 | 2295878 SAT 800
SAT 800's picture

iBATSick.  Urrgh.

Fri, 03/23/2012 - 11:57 | 2283751 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

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!

Fri, 03/23/2012 - 12:04 | 2283803 InconvenientCou...
InconvenientCounterParty's picture

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.

Fri, 03/23/2012 - 11:57 | 2283755 firstdivision
firstdivision's picture

Guess we will soon hear how Banks/HedgeFunds have been using BATS to game the system since inception.

Fri, 03/23/2012 - 12:08 | 2283821 Atomizer
Atomizer's picture

My hunch, this time they will not be able to cover up the truth.

Fri, 03/23/2012 - 12:17 | 2283877 NotApplicable
NotApplicable's picture

Doesn't matter. They'll just create the next memory hole if things get bad enough.

Fri, 03/23/2012 - 11:59 | 2283767 Paul Atreides
Paul Atreides's picture

This is just a prelude to next week, the shit hawks are comin!

Fri, 03/23/2012 - 12:02 | 2283787 Comay Mierda
Comay Mierda's picture

naturally this is bullish

Fri, 03/23/2012 - 12:03 | 2283792 bobola
bobola's picture

Can they de-list, go private and try the IPO again, or something else desperate like that..??

Fri, 03/23/2012 - 12:10 | 2283818 Money 4 Nothing
Money 4 Nothing's picture

They just did, good call. Muppets are going to re-IPO it.

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