* BATS says problem affected around 12,000 trades, not
* Impact to customers was $17,000, not the over $420,000
* Exchange operator says successfully deployed fix to
problem on Friday
NEW YORK, Jan 25 A systems error at U.S. stock
market operator BATS Global Markets that led to a number of
trades not being executed at the best possible price over a
four-year period, was not as wide-spread as originally thought,
BATS said on Friday.
The coding problem led to around 12,000 transactions being
executed at prices that were not the best available, in
violation of U.S. Securities and Exchange Commission rules, not
the more than 440,000 transactions that BATS had originally
disclosed earlier this month, a spokesman said.
The actual cost to BATS customers was around $17,000, not
the around $420,000 originally thought, spokesman Randy Williams
BATS, which is the third-largest U.S. stock exchange by
volume, behind NYSE Euronext and Nasdaq OMX Group
, also said it successfully deployed a fix for the
problem on Friday.
The problem had existed from the time BATS became an
exchange in 2008, and was difficult to detect because the
transactions in question were a small fraction of the 12.1
billion trades on BATS options and equities markets during the
time frame, BATS said earlier in January.
BATS discovered the problem in a routine self-audit of its
data and self reported it.