24 December 2015


Justin Schack

Managing Director    

Anish Puaar


Katie Kolchin

Vice President    

Rosenblatt Securities Inc.    
New York +1 212 607 3100    

Rosenblatt's Market Structure News Digest

Bats Resurrects IPO Plan Three Years After a Botched Attempt
—Bloomberg News

Bats Global Markets Inc., which runs U.S. and European stock markets, resurrected plans for an initial public offering three-and-a-half years after an error in the company’s trading software wrecked a previous attempt to list its shares.

Our Take: It’s been clear for some time that BATS was gearing up for another try at going public, after a much-publicized technological glitch forced the company to withdraw its 2012 IPO just as its shares were set to begin secondary trading. The company is electing once again to list its shares on its own BZX exchange, which has never successfully executed a corporate IPO (though it does list dozens of exchange-traded products). And it is taking steps to ensure the IPO auction goes smoothly. In the days since the IPO news broke it has announced plans to enhance Limit Up Limit Down functionality to reduce volatility around IPO auctions and and simplify its IPO auction process by reducing the number of acceptable order types during these auctions.

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