Monday, March 26, 2012
What could be more humiliating than to be a stock exchange whose system fails on the day it is going public? This is the PR nightmare facing the CEO of BATS Global Markets who issued a public apology yesterday for a system breakdown and for being forced to unwind the company's IPO. What else could he do? When cock-ups are so spectacular, there is little one can say or propose but to take the blame and move on. It is like a baseball player striking out in the bottom of the ninth in the seventh game of the World Series with a man on third. People don't forget it. BATS may come again to the public markets, but one can be sure that it will sweat every detail when it does. No exchange could withstand another blowup like this one.