BATS Withdraws IPO

Tyler Durden's picture

The caped crusader will not save the day:


Sheer humiliation for SkyNet (and all those momos who had hoped to flip their BATS shares, but were bailed out by a bidless HFT market once again) which just blew its own foot off.

From Bloomberg:

Bats Global Markets Inc. said it withdrew its initial public offering, according to an e-mailed statement. The company priced the deal yesterday.


“Although our affected market has reopened, in the wake of today’s technical issues, which affected the trading of certain stocks, including that of Bats, we believe withdrawing the IPO is the appropriate action to take for our company and our shareholders,” Joe Ratterman, the company’s chief executive officer, said in a statement.


Asked if the statement meant Bats isn’t going public, Randy Williams, a company spokesman, replied by e-mail, “Yes, that’s correct.”

And from the official PR:

"Although our affected market has reopened, in the wake of today's technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the IPO is the appropriate action to take for our Company and our shareholders," said Joe Ratterman, chairman, president and CEO of BATS Global Markets.

No Waddell And Reed was scapegoating in the making of this epic HFT farce.

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overbet's picture

Bats exchange regretfully wish to inform all invitees to tonights celebratory events at cipriani wall street, that this event is now cancelled. Awwwwww .......... Hahaha

ShankyS's picture

Was Sault involved? I'm sure it is all Raymond James' fault. 

Xibalba's picture

"You 'muppets' just got Corzined!"

Manthong's picture

long guano

short belfries

What does it all mean's picture

Wait, if this is an IPO and it's the first day of trading...  Who placed the offer?

Where do they get the locate for such short?

What happen to lock-up period?

Are the option market makers skirting the rules as usual?

Since BATS yanked the IPO, all sell long/sell short orders are ILLEGAL and NEED to be investigated.

Of course, SEC will ignore all this and that is why they pulled the IPO.

Ahmeexnal's picture

wall street got pwned by a bunch of script kiddiez running their opensource HFT.

What does it all mean's picture

BATS CEO is now saying that they had problem with the auction process... and tried to bury the fact that there were more than 1 Million shares TRADED that day.

GETCO has about 1 million shares... the plot thickens... 

Id fight Gandhi's picture

I think corzined means to just outright steal your clients money to pay your lenders and hope you don't get caught.

To get BATS'ed your rigged market is too rigged to rig your own IPO churn payday.

Cdad's picture

Deeper and deeper down the rabbit hole the criminal syndicate known as Wall Street tumbles.  Now introducting the UNpo.  Uh huh.  Because the market could not be rigged so that the shares soared out of the gate, the "investors" who bought in are only too happy to be a part of the UNpo and get their cash back.  

So for BATS, I guess, it is onward into obfuscating the SEC per all of its HFT market manipulations that they carry out on a daily basis.  Great.  

All following on from the Great TVIX debacle, which, btw, was a scam that provided much needed support for the zero volume melt up equity rally.  And of course, the TVIX was just another set up for folks, and is absolutely certain to have "created out of nowhere" shares for syndicate firms to sell into oblivion, even as the collapse resulted from no shares being created.  I'm sure the SEC will get right on this one, as well.

I'm sure if rabbit hole activity continues apace, millions of average Joes everywhere will flock to the non market to plunk their hard earned dollars down in the syndicate's safe keeping.  After all, who doesn't just love J. Dimon and L. Blankfien?  Who doesn't trust them to be caretaker of American wealth?

The Greater American depression will simply roll on and on until such time as these banks and broken exchanges are finally purged, broken up and dumped, so that real capital formation can actually occur.

What a complete joke.

FreeNewEnergy's picture

I'll stick to the ponies. It's much safer and you actually get paid when you win.

johnQpublic's picture

the borgata will be happy to see me back in their poker room

dark pools of soros's picture

you mean the other players... the house just pinches from the winners

Stax Edwards's picture

The really sad thing was that looking at order flow prior to the open there was a lot of demand to BTFD on TVIX this morning.  A sucker is born every minute by god.

Cdad's picture

I'm sure there was, as TVIX is below NAV now...but since criminal syndicate banks can sell millions of shares that do not exist, the BTFD camp never had a chance.  TVIX will bounce, though, I suspect.  And probably violently so...not that this will comfort those who have been holding it for more than a week.

Sudden Debt's picture

And now it's up to Robin to ride alone...

StychoKiller's picture

"To the Bat-ticker, Robin!"  :>D

vast-dom's picture

public at $0.00000000000000000000000000000000000001 +/- $0.000000000000000000000000000000000000000000000000000000000000000000000000001


what's the short again?

CitizenZeus's picture

Maybe, BATS and MERS could merge and form a super debacle conglomerate IPO (with MF Global serving as counsultants).  As a sweetener they're going to be selling in the negative numbers.  They'll pay you to try them and buy them. Just be prepared to have that money rescinded and promised to 20 other people.  

bag holder's picture

What about the million shares that already traded? Are they seriously taking a mulligan? Doesn't that fly in the face of the rule of law? Do you get to undo your IPO just because the market priced it to zero?

Comay Mierda's picture

this and other recent debacles should make 2012 a bullish year for lawyers

SheepDog-One's picture

You'd think that with just 2012 market events the whole thing would be flooded with lawsuits to the point the markets would have to be shut down.

Idiot Savant's picture

"Even though BATS had priced its IPO, it was still able to withdraw the deal because the trades weren't scheduled to settle until March 28."

Is this excuse legit?

smiler03's picture

Is this excuse legit?

Here's a clue: "Wall Street"

Al Huxley's picture

It's like a do-over.  It's what you let your young children do to make them feel good when they're trying hard to learn some new skill and don't quite have it yet.  Or what fucking Wall Street crooks do when shit turns against them and they start losing.

veyron's picture

The technical term is etch-a-sketch

dark pools of soros's picture

training wheels cant save that fat bat tard from driving its new IPO

LongSoupLine's picture

Doesn't that fly in the face of the rule of law? "Hello you've reached the SEC.  We're too busy punching the clown to some midget porn right now, please call later"!

DCFusor's picture

No, when your stock goes under 2c, you buy it all....then try again.

aerojet's picture

What else can they do?  They crashed and burned on the world stage. It's all over. 

Eisenhorn's picture



WTF_247's picture

don't worry the CEO and management will still get their big bonuses.  They can blame tech errors for the valuation at 0...

mendigo's picture

Leeeeeeeroy Jeeenkins!!!

LawsofPhysics's picture

Wait what?  Will all the money be returned to investors?  What the fuck is this?  Will the NYSE simply stand up and say "Just kidding".  This should do wonders for market CONfidence.  That explains why the VIX went down, not.

Id fight Gandhi's picture

I would hope everyone is made whole immediately. Otherwise this another lump they'll take. It's obviously the worst IPO in history already,

Oh they can say its just a tech error, but shit, its their own stock on their own exchange.

blu's picture

The money will simply "vanish"

johnQpublic's picture

i believe the term is 'evaporate'

Oh regional Indian's picture

Actually I think it's re-evapottycated.


RacerX's picture

Lemme guess. It was the early spring, right?

Global Hunter's picture

are you implying they could seasonally adjust the prints at 0.00 back to say 16.75?

Seize Mars's picture

Ha ha ha ha hahahahahahah HAHAHAHAH HA HAAAAAAAAA!!!!!

TruthInSunshine's picture



BATS is overthrown by rebel code embedded in its own algorithm, and is forced into "strategic retreat" from market on IPO day.


BATS will re-IPO shares when rebel defecting code fomenting rebellion is quashed, which CEO pledges will be "very soon."

resurger's picture

What is this chip?

are they going to implant this shit in you!!!

fuck that

smiler03's picture

Hi resurger, welcome to the 21st Century.

If you bothered to read the Wiki link you posted then you would know that this technology was patented 28 years ago and is alive and kicking in your local Walmart ;O) Wakey Wakey!

LongSoupLine's picture



...and the markets are green...what a complete and total monkeyshit of a farse this "market" is.

We should be limit down across the board!!!

SheepDog-One's picture

Theyve made the 'markets' 100% fake....this is what we get now till 'the next thing' happens. That thing being of course bankers losing money.

Global Hunter's picture

its clear they're trying to sucker retail back in but most investors have left the ship a long time ago I suspect.  Its just them playing with themselves literally.  WW3 could break out, billions dead and the Dow could go to 50,000...or maybe it will go to zero and they'll just close it down for the day and have a do over the next day.  The indices are just arbitrary numbers made up by a select group of bankers.

qussl3's picture

It's obama's fault.

It's bush's fault.

Oh fuck it.