One Year Later, BATS Is Doing Just Fine
BATS, an upstart electronic exchange, is stealing market share from the NYSE and Nasdaq—despite mistakes that could have killed it
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Long after the markets closed on Jan. 9, Joe Ratterman, the chief executive officer of BATS Global Markets, was in his office trying to figure out how to keep a small computer error from killing his business. His programmers had just discovered a glitch in the company’s code that, over a period of four years, had caused hundreds of thousands of transactions to be bought and sold at the wrong price.