Bats Global Markets Inc.’s shares traded for pennies following the initial public offering at $16. Nasdaq OMX Group Inc. told Bloomberg in an e-mail that the trades in Bats shares that it drove it below 1 cent will be canceled. The Bats website shows its shares changed hands on the company’s exchange for $15.25 at 10:45 a.m. New York time.
A single trade for 100 shares executed on a Bats venue briefly sent Apple down to $542.80, triggering a circuit breaker that paused the shares, Bloomberg reported. The order was executed at 10:57 a.m. New York time. Two more transactions, which sent the stock back above $598, were made before the halt. The stock stayed around that level once trading resumed.
Bats sent a notice about 10 minutes before the Apple trade saying it was investigating “system issues” affecting companies with ticker symbols ranging between A and BF. Apple’s is AAPL. Bats’s ticker is BATS.
The third-largest U.S. stock exchange operator raised $100.7 million in its initial public offering Thursday after selling shares at the bottom of the proposed range. Bats sold 6.3 million shares for $16 each on behalf of existing stockholders. The company had offered them for $16 to $18, according to a regulatory filing.