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Bats Withdraws IPO

Equity exchanges debut as public company thwarted by computer errors.

By Nina Mehta, Nick Baker and Nikolaj Gammeltoft, Bloomberg | Updated on March 23, 2012

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.”

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