Jan 9 (Reuters) – US-based stock-exchange operator BATS
Global Markets Inc said a system error led to hundreds of
thousands of transactions being executed at prices that were not
the best available.
The error dating back to 2008 caused some short-sale orders
to be executed at prices that were equal to or less than the
national best bid or offer price (NBBO), the company said in a
statement on its website Wednesday.
Exchanges and broker dealers are required to execute
transactions at the best price available, under the regulation
also known as NBBO.
BATS said it was working to correct the error by January
25th.
Representatives from BATS and the U.S. Securities and
Exchange Commission were not immediately available for comment.
(Reporting by Sagarika Jaisinghani and Himank Sharma in
Bangalore; Editing by Stephen Coates)
