BATS Admits Glitches In Its Trading System That Go Back To October 24, 2008

 
The SEC has a rule that mandates orders to go to the best bid or offer in the market. The systems glitch caused some orders to be executed at prices equal to or less than the so-called best national bid and offer price.
 
BATS says the price differences amounted to less than $500,000 and it had received no customer complaints as a result.
 
But the issue is the latest in a series of technical problems that are undermining investor confidence in the markets.
 
The BATS issue is also another example of how glitches in the system can go undetected for long periods of time.
 
The problems BATS cited go back as far as October 24, 2008. BATS could be subject to a regulatory penalty as a result.

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