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Rating:Fidelity's National Financial Shrugs Off BATS Flap Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, March 26, 2012

Fidelity's National Financial Shrugs Off BATS Flap

News summary by MFWire's editors

Fidelity and other financial services firms are shrugging off glitches in an alternative stock exchange.

Reuters reports that on Friday BATS Global Markets launched and then reversed its initial public offering on its own exchange, with the retraction coming after software glitches stopped trades in Apple's shares and pushed BATS' own shares to zero.

Fidelity Investments did not comment to the wire service on whether or not its giant National Financial clearing unit will continue to use BATS. National Financial used BATS for up to 11 percent of customer orders last quarter, according to Reuters.

"Fidelity has many venues available to our traders, so this will have no effect on us. We monitor the connections to, and the performance of, all trading systems that we interact with," the mutual fund company said in a statement.

Other BATS users include Goldman Sachs and Credit Suisse 

Edited by: HFD


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