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BATS Global Markets goes public, then halts trading, all in 1 day
NEW YORK (AP) ' It wasn't the stock market debut that BATS Global Markets was hoping for.
The stock exchange operator on Thursday night announced it would sell 6.3 million shares at $16 apiece when it went public the following morning. Then, the next day, the shares plunged to 4 cents before trading was halted.
The reasons weren't immediately clear. The exchange issued a statement on its website saying it would cancel all orders for stocks in the symbol range of A to BFZZZ for 10 minutes in the early afternoon.
The Wall Street Journal reported Friday that the Securities and Exchange Commission is investigating the rapid-fire, computerized stocks trading platforms and whether they give traders an unfair advantage. The Journal, which cited people familiar with the matter, said the investigation includes BATS.