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Bats CEO Blaming Code Stirs Concern on Market Complexity

The software error that derailed the initial public offering of Bats Global Markets Inc., where 11 percent of all U.S. stock trading occurs, rattled investors concerned about the growing complexity of financial markets.

Joe Ratterman, the chief executive officer, canceled the March 23 IPO after a computer malfunction kept Bats from trading on its own platform and forced a halt in Apple Inc., the world’s biggest company by market value. Transactions in Apple and trades for more than 1 million Bats shares were later canceled.