Both the ramifications of the BATS exchange blunders weren’t entirely clear on Friday, but the headline-grabbing events certainly can’t have helped the company’s image—or that of high frequency trading.
The first problem for BATS came at 10:57 am when 100 shares of Apple[AAPL 596.05 -3.29 (-0.55%) ] hit the tape at $542.80 — a price more than 9 percent off the $598.37 level where the tech titan was priced. Apple trading was halted for a few minutes, then resumed with little price disruption.
Meanwhile, shares in BATS [BATS 15.25 — UNCH ] itself, which trade on Nasdaq, were halted less than an hour later. The stock was already off 4.7 percent at $15.25.