Bats Global Markets Inc., the six-year-old equity exchange, canceled its initial public offering, stunning Wall Street after errors on its own computer systems derailed trading in the stock and forced a halt in Apple Inc.
“We believe withdrawing the IPO is the appropriate action to take for our company and our shareholders,” Joe Ratterman, the chief executive officer, said in a statement. Asked if that meant Bats is no longer going public, Randy Williams, a company spokesman, replied by e-mail, “Yes, that’s correct.”
“Historically, Bats has been very reliable, but this is a question going forward,” Bruce Weber, dean of the Lerner College of Business and Economics at the University of Delaware in Newark, Delaware, said in a phone interview. “The competition that entrants like Bats has brought is good. They have to provide the reliability investors expect to sustain their role.”