BATS Fixes Mispricing Problem
January 25, 2013
BATS Global Markets said it “deployed a permanent change” to its computer systems, that corrects an order handling problem that mispriced more than 400,000 transactions over the course of four years.Telstra Global offers HKEx-based financial services organizations access to EPL Express. Cross River Fiber completes dark fiber route between Weehawken and Secaucus, NJ. Nasdaq OMX to power new East Africa Exchange. Fixnetrix announced London to Frankfort microwave network.
BATS: BATS Global Markets said it “deployed a permanent change” to its computer systems, that corrects an order handling problem that mispriced more than 400,000 transactions over the course of four years.
In early January, BATS said its computers allowed trades that violated rules intended to ensure all investors get the best prices for equities over a period of four years.
Machines that match orders for two BATS equity exchanges and an options venue allowed some trades to occur at prices inferior to the best available bid or offer and enabled others to violate rules for short sales, or bearish bets, the company said in a notice published on its website yesterday. Customers lost $420,360, because of rule violations, according to BATS.
Tetstra Global: The supplier of managed network and hosting services, has announced the launch of a low latency connection to the Hong Kong Exchanges and Clearing Ltd.;s markets, making it one of the first network service providers present at a new hosting center at the stock exchange’s next generation data centre at Tseung Kwan O. Financial services organizations based in HKEx will have access to Telstra Global’s low latency service EPL Express, allowing fast and reliable connectivity into major financial capitals around the world.
EPL Express service eliminates the need for additional local access for connectivity. Telstra Global customers globally can also access the exchange by relying on EPL Express as a mission-critical operational backbone. With the EPL Express service Telstra is seeking to bring services hubs closer together, and by adding stock exchange connectivity in key centers such as Hong Kong, it further increases the proximity between the end-user and the exchange. Telstra Global’s EPL Express customers already have high speed connectivity supporting customers in the financial centers of Chicago, New York, Sydney, London, Frankfurt, Tokyo, Hong Kong, Seoul and Singapore.
Cross River Fiber: The New Jersey-based, boutique dark fiber optic and telecommunications solutions provider, announced the completion of construction on a direct end-to-end dark fiber route between Weehawken and Secaucus, New Jersey. The ultra-low latency route interconnects two key data center hubs servicing the New York metro financial services community. The 5.94 km distance attempts to achieve the lowest fiber latency between these two key data center hubs.
This network extension also provides access to Cross River Fiber's network, connecting nearly a dozen markets throughout New Jersey. The Secaucus to Weehawken route is currently available, and customers can be turned-up within 10 days.