Reuters: Regulatory News: BATS blames software bug for IPO breakdown

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BATS blames software bug for IPO breakdown Mar 23rd 2012, 23:41 NEW YORK, March 23 | Fri Mar 23, 2012 7:41pm EDT NEW YORK, March 23 (Reuters) - BATS Global Markets said a "software bug" derailed the U.S. exchange operator's initial public offering and set off a series of embarrassing glitches that ultimately led it to cancel the IPO. The bug rendered opening orders for BATS stock inaccessible, the exchange said in a "post-mortem" late on Friday. Once it decided Friday afternoon to withdraw the IPO, it "torn down" the original trade in BATS stock, broke other trades, and let all affected parties know about the decision, BATS said.

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