BATS Proves It’s Just As Technologically Inept As NYSE, Nasdaq, CME

BATS Proves It’s Just As Technologically Inept As NYSE, Nasdaq, CME

With its second snafu in as many months, BATS Global Markets has amply demonstrated that it’s ready to join the big boys.

The smaller electronic stock exchange run by BATS Global Markets halted trading for more than an hour Thursday morning as staff investigated “internal network issues,” according to the company.

Other exchanges, including the Nasdaq Stock Market and the all-electronic stock exchange Arca owned by NYSE Euronext (NYX), ceased sending stock orders to the affected BATS exchange, called BYX. A spokesman for BATS said the company was advising traders and exchanges to send business elsewhere.

A notice sent to traders by BATS said the exchange had cleared out all stock orders “stuck” on the BYX exchange while its staff worked to resolve the problem. Trading halted on the BYX market at 9:44 a.m. EDT, according to a notice.

Meanwhile, Londoners dying to do their futures trading with the CME Group are going to have to wait a little longer still due to, you guessed it, a “technical issue.”

CME Group Inc. (CME), the world’s largest futures exchange, delayed the introduction of its planned London-based market for the second time because of a “technical issue around the delivery of physical currencies.”

The company said it is working with U.K. regulators to gain recognition for the exchange, known as CME Europe, and gave no new start date for the venue, according to a notice to customers obtained by Bloomberg News today. CME said in June that the venue would begin operations on Sept. 9. Earlier this month it pushed back the date to Sept. 29.

Tech Issue Hits Smaller BATS Exchange [WSJ]
BATS Prepares to Take On Big Bell Ringers [WSJ]
CME Delays European Exchange for Second Time [Bloomberg]



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