SkyNet Is Now Cannibalizing Itself: BATS IPO Flash Crashes

Tyler Durden's picture

Presented with little comment - except the irony is simply too much to bear as BATS crashes from $15.75 to $0.038 in minutes...perhaps reflecting the WSJ article on HFT abuse and that BATS is being investigated for HFT abuse (ahem) on the day it goes public. We note that there were some trades executed at $0.00! The reason for the crash apparently is because BATS stock is ony trading on the BATS exchange, where apparently the APPL halt second before also happened. Pretty much tells us all we need to know about the stability of broken market structure. In other news, the stock, and exchange, have now been renamed BATShit - perhaps the VVIX can trade there next or something... And they wonder why nobody trades this farce of a market any more.

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HedgeAccordingly's picture

perfect because bats has had quote issues for two weeks now -http://hedge.ly/GIAJwV

vast-dom's picture

BATS making billions on that $0.00000000 to $0.000000000000001 manipulated trade. If this is viable biz model then we all deserve the great crash more at apocalypse.

johnQpublic's picture

glad i sold my shares at 0.00 before they went negative

skistroni's picture

Oh, no. I put a bid at -0.02 for 1,000,000 shares and it was not hit. Would have netted me 20K. 

Likstane's picture

After the gap up from .001415 to .00149, I knew my put options for nov2013 were toast.

Buck Johnson's picture

It's getting funnier and funnier, BATS is done.

I should be working's picture

zero is a pretty good margin of safety

TruthInSunshine's picture

Skynet needs to be medicated (benzodiazepines & lithium).

 

I am sure that retail investors are becoming more comfortable with the notion of 'equity markets' as a stable, fair & non-corrupted (rather than galactically & massively rigged) avenue of asset class investment to help preserve and grow one's wealth. /s

Cdad's picture

Lol...low print on BATS is $.0002.  High print after $16 IPO...lol...$15.75.  Oh...and 1.257 million shares traded.

Nice broken market.  Way to go Wall Street!

Cdad's picture

I guess this is what folks get for getting in on the IPO...or getting long flash crashers.  Quick, on with BlowHorn [CNBC] programing that has nothing to do with anything.

Cdad's picture

This is fucking hysterical!  Watching the book on it, it is utterly broken.  Can't seem to clear that ASK at 13 cents.

Confidence inspiring!

Cdad's picture

LOL!  Turned on the BlowHorn radio stream just in time to hear Bob Pisani say, "This is just a liquidity problem."  LOOOOOOOOOOOOL!  HOOOOOTINANY!!

Yeah, that's right...liquidity.  Plenty now though, at 13 cents.  All fixed.

Good grief!

Time for a market holiday?

Hippocratic Oaf's picture

Cdad.....the name is Bob Pissonme. And don't you forget it.

TruthInSunshine's picture

No one need fret.

The Wall Street Pond Scum Journal is on top of the story (with perhaps the most understated title of the year):

 

BATS Swings Lower At IPO Open

SheepDog-One's picture

Dont worry! We've got The Bernank out telling school kids how kewl the FED is, as the last resort to anyone who might still believe him!

 

TheCanimal's picture

I show only 100 shares traded @ .0384.  No further trades yet.

Sutton's picture

The Detroitization of markets  grows apace.

 

Melin's picture

+1 for the use of "apace."

By "Detroitization" do you mean that the "helping hands" of the do-gooders are crushing the markets as just as they did Detroit?

LongSoupLine's picture

 

 

 

"Holy SkyNet BATSman!! - Robin

Lost Wages's picture

The computers know what this market is worth: $0. The computers are smarter than the economists!

dwdollar's picture

Fat finger warfare?

spekulatn's picture

Buy with both barrels, bitchez.

The Axe's picture

I had a bid in at  at .03876    wtf     i want a fill lol  

disabledvet's picture

That's what I was thinking. "it ain't broken unless they break my trade.". And lest we forget this happened to Exxon/Mobil as well. Anywho..."the structure is fine...but the architecture is all wrong." For example i prefer my gargoyles on the ledge myself...not inside the building flying around again.

Dr. Engali's picture

That's a clear sign of a deep and liquid market no?

Schmuck Raker's picture

I'm running low on derisive, cynical jokes today. TGIF

prains's picture

your plunge protection has kicked in

LongSoupLine's picture

 

 

Note how the "market" ramping hard (gaps up) on these bad trades hitting.

 

Now, if there were "real people" in the market, tell me what would be happening...

AGuy's picture

Could BATS and AAPL be linked. They both experienced a sudden drop at the same time. Or very close to the same time.

Interesting way to manipulate the market:

1. Buy a small amount of shares, perhaps a few thousand

2. Short the same stock

3. Sell off the shares at a steeply discounted prices. Make several trades with with the steeply discounted price

4. cover your shorts.

Lose Money on the shares you sold, but make money on the shorts.

 

 

Matt's picture

Yes, like BATS admitted, they had a technical problem involving ticker symbols between A and BF. If only there was a way to know which range of letters will be affected next ...

 

EDIT: Its Sasame Street Markets; today's crash is brought to you by the Letter A, the Letter B, and the Number 0.

Global Hunter's picture

just cancel all the trades below 15.74 and call a do over.  Golfers call it a mulligan i think.

Dr. Engali's picture

As an avid golfer I pefer to call it cheating.

Global Hunter's picture

thank you for clearing that up, while I"m not a golfer I can understand the concept of cheating.  Simple really.

TruthInSunshine's picture

In 'the markets,' the Mulligan only cancels the losing side of the trade, bitchez.

Dapper Dan's picture

I thought you said cannibisize, if that was the case then super size me ;]

Al Huxley's picture

This is one efficient market - TVIX yesterday, AAPL 'fat fingered' flash crash, now this.  Really inspires confidence in the general fairness of the markets.  Honestly, I trust carnis running games on the midway more than the fuckers behind these markets.

SheepDog-One's picture

Even shifty carnies know you must let the rubes win once in a while or they go away.

memyselfiu's picture

Can I use that? That's spectacular

brooklynlou's picture

Dear Goldman employee. Please desist from referring to Goldman Sachs clients as "rubes". The correct and approved term is "muppets". See memo 032112-0235 for instructions and examples of use.

youngman's picture

But zero is probably a good price for this exchange....

I am a Man I am Forty's picture

fucking fidelity, when I put an order in on the ask at 0.0488 i expect you to do your job and fill it

jus_lite_reading's picture

As any smart investor can see, this shows the safest place to store your retirement money is in the ponzi stock markets which ARE REAL money... unlike that yellow disgusting metal that is only a tradition and can not be used to buy iPads