Chinese trade data is stunning … but this is Unbelievable

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I’m reading this, but I can’t believe it … surely not??? A “programming issue”???

Bats Global Markets Inc., the third- largest U.S. stock exchange operator, said it discovered a programming issue with the computers underpinning its markets that allowed trades that violated U.S. guidelines intended to ensure all investors get the best possible price…. The trades at inferior prices, called trade-throughs because they trade through or ignore the best available bid or offer, may have happened 433,000 times, an average of 410 a day from October 2008 to January 2013

Oh, so it was only a programming issue for four and a half years…

Bats Says System Errors Caused Pricing Problems Over 4 Years



Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.


All|Asia Pacific

Eamonn Sheridan


  1. “Bats”. Lol, sounded like Gotham’s dark knight figured it out…

  2. how powerful is the high frequency and alternative trading venue lobby really? Why does no politician care to introduce bills to regulate this obscure market which is so littered with market abuse it should not even be called a “fair” market anymore. Nothing is easier to win votes than showing in public that one is fighting for the small guy. There must be a lot of money exchanged under the tables.


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